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Section 12 - Power of Reserve Bank to inspect authorised person : Foreign Exchange Management Act 1999

 

 

What is the Power of Reserve Bank to inspect authorised person? Section 12 of FEMA Act 1999

Section 12 of Foreign Exchange Management Act 1999 : "Power of Reserve Bank to inspect authorised person"

12. (1) The Reserve Bank may, at any time, cause an inspection to be made, by any officer of the Reserve Bank specially authorised in writing by the Reserve Bank in this behalf, of the business of any authorised person as may appear to it to be necessary or expedient for the purpose of-

(a) verifying the correctness of any statement, information or particulars furnished to the Reserve Bank;

(b) obtaining any information or particulars which such authorised person has failed to furnish on being called upon to do so;

(c) securing compliance with the provisions of this Act or of any rules, regulations, directions or orders made thereunder.

 

(2) It shall be the duty of every authorised person, and where such person is a company or a firm, every director, partner or other officer of such company or firm, as the case may be, to produce to any officer making an inspection under sub-section (1), such books, accounts and other documents in his custody or power and to furnish any statement or information relating to the affairs of such person, company or firm as the said officer may require within such time and in such manner as the said officer may direct.

 

FEMA ACT 1999

Section 2 - Definitions

CHAPTER II
REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE

Section 3 - Dealing in foreign exchange, etc

Section 4 - Holding of foreign exchange, etc

Section 5 - Current account transactions

Section 6 - Capital account transactions

 

 

Section 7 - Export of goods and services

Section 8 - Realisation and repatriation of foreign exchange

Section 9 - Exemption from realisation and repatriation in certain cases

CHAPTER III
AUTHORISED PERSON

Section 10 - Authorised person

 

 

Section 11 - Reserve Bank’s powers to issue directions to authorised person

Section 12 - Power of Reserve Bank to inspect authorised person

CHAPTER IV
CONTRAVENTION AND PENALTIES

Section 13 - Penalties

Section 14 - Enforcement of the orders of Adjudicating Authority

Section 15 - Power to compound contravention

 

 

Section 16 - Appointment of Adjudicating Authority

Section 17 - Appeal to Special Director (Appeals)

Section 18 - Establishment of Appellate Tribunal

Section 19 - Appeal to Appellate Tribunal

Section 20 - Composition of Appellate Tribunal

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