Foreign Exchange Management Act, 1999
[42 of 1999]
An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Be it enacted by
Parliament in the Fiftieth Year of the Republic of India as follows :—
Short title, extent, application and commencement.
1. (1) This Act may be called
the Foreign Exchange Management Act, 1999.
(2) It extends to the whole of India.
(3) It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and also to any contravention thereunder committed outside India by any person to whom this Act applies.
(4) It shall come into force
on such date as the Central Government may, by notification in the Official
Gazette, appoint1 :
Provided that different dates may be
appointed for different provisions of this Act and any reference in any such
provision to the commencement of this Act shall be construed as a reference to
the coming into force of that provision.
2. In this Act, unless the
context otherwise requires,—
(a) “Adjudicating Authority” means an
officer authorised under sub-section (1) of section 16;
(b) “Appellate
Tribunal” means the Appellate Tribunal for Foreign Exchange established under
section 18;
(c) “authorised
person” means an authorised dealer, money changer, offshore banking unit or any
other person for the time being authorised under sub-section (1) of section 10
to deal in foreign exchange or foreign securities;
(d) “Bench” means a
Bench of the Appellate Tribunal;
(e) “capital account
transaction” means a transaction which alters the assets or liabilities,
including contingent liabilities, outside India of persons resident in India or
assets or liabilities in India of persons resident outside India, and includes
transactions referred to in sub-section (3) of section 6;
(f) “Chairperson”
means the Chairperson of the Appellate Tribunal;
(g) “chartered
accountant” shall have the meaning assigned to it in clause (b) of
sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of
1949);
(h) “currency”
includes all currency notes, postal notes, postal orders, money orders,
cheques, drafts, travellers cheques, letters of credit, bills of exchange and
promissory notes, credit cards or such other similar instruments, as may be
notified1 by the Reserve Bank;
(i) “currency notes”
means and includes cash in the form of coins and bank notes;
(j) “current account
transaction” means a transaction other than a capital account transaction and
without prejudice to the generality of the foregoing such transaction
includes,—
(i)
payments due in connection with foreign trade, other current business,
services, and short-term banking and credit facilities in the ordinary course
of business,
(ii)
payments due as interest on loans and as net income from investments,
(iii)
remittances for living expenses of parents, spouse and children residing
abroad, and
(iv)
expenses in connection with foreign travel, education and medical care
of parents, spouse and children;
(k) “Director of
Enforcement” means the Director of Enforcement appointed under sub-section (1)
of section 36;
(l) “export”, with
its grammatical variations and cognate expressions, means—
(i)
the taking out of India to a place outside India any goods,
(ii)
provision of services from India to any person outside India;
(m) “foreign currency”
means any currency other than Indian currency;
(n) “foreign exchange”
means foreign currency and includes,—
(i)
deposits, credits and balances payable in any foreign currency,
(ii)
drafts, travellers cheques, letters of credit or bills of exchange,
expressed or drawn in Indian currency but payable in any foreign currency,
(iii) drafts,
travellers cheques, letters of credit or bills of exchange drawn by banks,
institutions or persons outside India, but payable in Indian currency;
(o) “foreign security”
means any security, in the form of shares, stocks, bonds, debentures or any
other instrument denominated or expressed in foreign currency and includes
securities expressed in foreign currency, but where redemption or any form of
return such as interest or dividends is payable in Indian currency;
(p) “import”, with its
grammatical variations and cognate expressions, means bringing into India any
goods or services;
(q) “Indian currency”
means currency which is expressed or drawn in Indian rupees but does not
include special bank notes and special one rupee notes issued under section 28A
of the Reserve Bank of India Act, 1934 (2 of 1934);
(r) “legal
practitioner” shall have the meaning assigned to it in clause (i) of
sub-section (1) of section 2 of the Advocates Act, 1961 (25 of 1961);
(s) “Member” means a
Member of the Appellate Tribunal and includes the Chairperson thereof;
(t) “notify” means
to notify in the Official Gazette and the expression “notification” shall be
construed accordingly;
(u) “person” includes—
(i)
an individual,
(ii)
a Hindu undivided family,
(iii)
a company,
(iv)
a firm,
(v)
an association of persons or a body of individuals, whether incorporated
or not,
(vi)
every artificial juridical person, not falling within any of the
preceding sub-clauses, and
(vii) any agency, office or branch owned or
controlled by such person;
(v) “person
resident in India” means—
(i) a person
residing in India for more than one hundred and eighty-two days during the
course of the preceding financial year but does not include—
(A) a person who has gone out of India or who
stays outside India, in either case—
(a)
for or on taking up employment outside India, or
(b)
for carrying on outside India a business or vocation outside India, or
(c) for any other
purpose, in such circumstances as would indicate his intention to stay outside
India for an uncertain period;
(B) a person who has come to or stays in
India, in either case, otherwise than—
(a) for or on taking up employment in
India, or
(c)
for carrying on in India a business or vocation in India, or
(c) for any other
purpose, in such circumstances as would indicate his intention to stay in India
for an uncertain period;
(ii) any person or
body corporate registered or incorporated in India,
(iii)
an office, branch or agency in India owned or controlled by a person
resident outside India,
(iv) an office, branch
or agency outside India owned or controlled by a person resident in India;
(w) “person
resident outside India” means a person who is not resident in India;
(x) “prescribed”
means prescribed by rules made under this Act;
(y) “repatriate
to India” means bringing into India the realised foreign exchange and—
(i)
the selling of such foreign exchange to an authorised person in India in
exchange for rupees, or
(ii) the holding of
realised amount in an account with an authorised person in India to the extent
notified by the Reserve Bank,
and includes use of the
realised amount for discharge of a debt or liability denominated in foreign
exchange and the expression “repatriation” shall be construed accordingly;
(z) “Reserve Bank”
means the Reserve Bank of India constituted under sub-section (1) of section 3
of the Reserve Bank of India Act, 1934 (2 of 1934);
(za) “security” means
shares, stocks, bonds and debentures, Government securities as defined in the
Public Debt Act, 1944 (18 of 1944), savings certificates to which the
Government Savings Certificates Act, 1959 (46 of 1959) applies, deposit
receipts in respect of deposits of securities and units of the Unit Trust of
India established under sub-section (1) of section 3 of the Unit Trust of India
Act, 1963 (52 of 1963) or of any mutual fund and includes certificates of title
to securities, but does not include bills of exchange or promissory notes other
than Government promissory notes or any other instruments which may be notified
by the Reserve Bank as security for the purposes of this Act;
(zb) “service” means
service of any description which is made available to potential users and
includes the provision of facilities in connection with banking, financing,
insurance, medical assistance, legal assistance, chit fund, real estate,
transport, processing, supply of electrical or other energy, boarding or
lodging or both, entertainment, amusement or the purveying of news or other
information, but does not include the rendering of any service free of charge
or under a contract of personal service;
(zc) “Special Director
(Appeals)” means an officer appointed under section 18;
(zd) “specify” means to
specify by regulations made under this Act and the expression “specified” shall
be construed accordingly;
(ze) “transfer”
includes sale, purchase, exchange, mortgage, pledge, gift, loan or any other
form of transfer of right, title, possession or lien.
Regulation and management of foreign exchange
Dealing in foreign exchange, etc.
3. Save as otherwise provided
in this Act, rules or regulations made thereunder, or with the general or
special permission of the Reserve Bank1 no person shall—
(a) deal in or
transfer any foreign exchange or foreign security to any person not being an
authorised person;
(b) make any payment to or for the credit
of any person resident outside India in any manner;
(c) receive
otherwise (than)2 through an authorised
person, any payment by order or on behalf of any person resident outside India
in any manner;
Explanation.—For the
purpose of this clause, where any person in, or resident in, India receives any
payment by order or on behalf of any person resident outside India through any
other person (including an authorised person) without a corresponding inward
remittance from any place outside India, then, such person shall be deemed to
have received such payment otherwise than through an authorised person;
(d) enter into any
financial transaction in India as consideration for or in association with
acquisition or creation or transfer of a right to acquire, any asset outside
India by any person.
Explanation.—For the
purpose of this clause, “financial transaction” means making any payment to, or
for the credit of any person, or receiving any payment for, by order or on
behalf of any person, or drawing, issuing or negotiating any bill of exchange
or promissory note, or transferring any security or acknowledging any debt.
Holding of foreign exchange, etc.
4. Save as otherwise provided
in this Act, no person resident in India shall acquire, hold, own, possess or
transfer any foreign exchange, foreign security or any immovable property
situated outside India.
5. Any person may sell or draw
foreign exchange to or from an authorised person if such sale or drawal is a
current account transaction:
Provided that the Central Government
may, in public interest and in consultation with the Reserve Bank, impose such
reasonable restrictions for current account transactions as may be prescribed1.
6. (1) Subject to the
provisions of sub-section (2), any person may sell or draw foreign exchange to
or from an authorised person for a capital account transaction.
(2) The Reserve
Bank may, in consultation with the Central Government, specify1a
(a) any class or classes of capital
account transactions which are permissible;
(b) the limit up to which foreign
exchange shall be admissible for such transactions:
Provided that the Reserve Bank shall
not impose any restriction on the drawal of foreign exchange for payments due
on account of amortization of loans or for depreciation of direct investments
in the ordinary course of business.
(3) Without
prejudice to the generality of the provisions of sub-section (2), the Reserve
Bank may, by regulations, prohibit, restrict or regulate the following—
2 (a) transfer or issue of any foreign
security by a person resident in India;
3(b) transfer or issue of any security by a person
resident outside India;
4(c) transfer or issue of any security or foreign
security by any branch, office or agency in India of a person resident outside
India;
5(d) any borrowing or lending in foreign exchange in
whatever form or by whatever name called;
6(e) any borrowing or lending in rupees in whatever
form or by whatever name called between a person resident in India and a person
resident outside India;
7(f) deposits between persons resident in India and
persons resident outside India;
8(g) export, import or holding of currency or
currency notes;
9(h) transfer of immovable property outside India,
other than a lease not exceeding five years, by a person resident in India;
1(i) acquisition or transfer of immovable property
in India, other than a lease not exceeding five years, by a person resident
outside India;
2(j) giving of a guarantee or surety in respect of
any debt, obligation or other liability incurred—
(i) by a person resident in India and owed to a
person resident outside India; or
(ii) by a person resident outside India.
(4) A person
resident in India may hold, own, transfer or invest in foreign currency,
foreign security or any immovable property situated outside India if such
currency, security or property was acquired, held or owned by such person when
he was resident outside India or inherited from a person who was resident outside
India.
(5) A person
resident outside India may hold, own, transfer or invest in Indian currency,
security or any immovable property situated in India if such currency, security
or property was acquired, held or owned by such person when he was resident in
India or inherited from a person who was resident in India.
(6) Without
prejudice to the provisions of this section, the Reserve Bank may, by
regulation3, prohibit, restrict, or
regulate establishment in India of a branch, office or other place of business
by a person resident outside India, for carrying on any activity relating to
such branch, office or other place of business.
7. (1) Every exporter of goods
shall—
(a) furnish to the Reserve Bank or to
such other authority a declaration in such form and in such manner as may be
specified4, containing true and
correct material particulars, including the amount representing the full export
value or, if the full export value of the goods is not ascertainable at the
time of export, the value which the exporter, having regard to the prevailing
market conditions, expects to receive on the sale of the goods in a market
outside India;
(b) furnish to the Reserve Bank such
other information as may be required by the Reserve Bank for the purpose of
ensuring the realisation of the export proceeds by such exporter.
(2) The Reserve
Bank may, for the purpose of ensuring that the full export value of the goods
or such reduced value of the goods as the Reserve Bank determines, having regard
to the prevailing market conditions, is received without any delay, direct any
exporter to comply with such requirements as it deems fit.
(3) Every
exporter of services shall furnish to the Reserve Bank or to such other
authorities a declaration in such form and in such manner as may be specified4, containing the true and
correct material particulars in relation to payment for such services.
Realisation and repatriation of foreign exchange.
8. Save as otherwise provided
in this Act, where any amount of foreign exchange is due or has accrued to any
person resident in India, such person shall take all reasonable steps to
realise and repatriate to India such foreign exchange within such period and in
such manner as may be specified5 by the Reserve Bank.
Exemption from realisation and repatriation in certain cases.
9. The provisions of sections
4 and 8 shall not apply to the following, namely:—
(a) possession of foreign currency or
foreign coins by any person up to such limit as the Reserve Bank may specify1;
(b) foreign currency account held or
operated by such person or class of persons and the limit up to which the
Reserve Bank may specify2;
(c) foreign exchange acquired or
received before the 8th day of July, 1947 or any income arising or accruing
thereon which is held outside India by any person in pursuance of a general or
special permission granted by the Reserve Bank;
(d) foreign exchange held by a person
resident in India up to such limit as the Reserve Bank may specify, if such
foreign exchange was acquired by way of gift or inheritance from a person
referred to in clause (c), including any income arising therefrom;
(e) foreign exchange acquired from
employment, business, trade, vocation, services, honorarium, gifts, inheritance
or any other legitimate means up to such limit as the Reserve Bank may specify1; and
(f) such other receipts in foreign exchange as the
Reserve Bank may specify.
10. (1) The Reserve Bank may,
on an application made to it in this behalf, authorise any person to be known
as authorised person to deal in foreign exchange or in foreign securities, as
an authorised dealer, money changer or off-shore banking unit or in any other
manner as it deems fit.
(2) An
authorisation under this section shall be in writing and shall be subject to
the conditions laid down therein.
(3) An
authorisation granted under sub-section (1) may be revoked by the Reserve Bank
at any time if the Reserve Bank is satisfied that—
(a) it is in public interest so to do; or
(b) the authorised person has failed to
comply with the condition subject to which the authorisation was granted or has
contravened any of the provisions of the Act or any rule, regulation,
notification, direction or order made thereunder:
Provided that no such authorisation
shall be revoked on any ground referred to in clause (b) unless the
authorised person has been given a reasonable opportunity of making a
representation in the matter.
(4) An
authorised person shall, in all his dealings in foreign exchange or foreign
security, comply with such general or special directions or orders as the
Reserve Bank may, from time to time, think fit to give, and, except with the
previous permission of the Reserve Bank, an authorised person shall not engage
in any transaction involving any foreign exchange or foreign security which is
not in conformity with the terms of his authorisation under this section.
(5) An
authorised person shall, before undertaking any transaction in foreign exchange
on behalf of any person, require that person to make such declaration and to
give such information as will reasonably satisfy him that the transaction will
not involve, and is not designed for the purpose of any contravention or
evasion of the provisions of this Act or of any rule, regulation, notification,
direction or order made thereunder, and where the said person refuses to comply
with any such requirement or makes only unsatisfactory compliance therewith,
the authorised person shall refuse in writing to undertake the transaction and
shall, if he has reason to believe that any such contravention or evasion as
aforesaid is contemplated by the person, report the matter to the Reserve Bank.
1(6) Any person, other than
an authorised person, who has acquired or purchased foreign exchange for any
purpose mentioned in the declaration made by him to authorised person under
sub-section (5) does not use it for such purpose or does not surrender it to
authorised person within the specified period or uses the foreign exchange so
acquired or purchased for any other purpose for which purchase or acquisition
of foreign exchange is not permissible under the provisions of the Act or the
rules or regulations or direction or order made thereunder shall be deemed to
have committed contravention of the provisions of the Act for the purpose of
this section.
Reserve Bank’s powers to issue directions to authorised person.
11. (1) The Reserve Bank may,
for the purpose of securing compliance with the provisions of this Act and of
any rules, regulations, notifications or directions made thereunder, give to
the authorised persons any direction in regard to making of payment or the
doing or desist from doing any act relating to foreign exchange or foreign
security.
(2) The Reserve
Bank may, for the purpose of ensuring the compliance with the provisions of
this Act or of any rule, regulation, notification, direction or order made
thereunder, direct any authorised person to furnish such information, in such
manner, as it deems fit.
(3) Where any
authorised person contravenes any direction given by the Reserve Bank under
this Act or fails to file any return as directed by the Reserve Bank, the
Reserve Bank may, after giving reasonable opportunity of being heard, impose on
the authorised person a penalty which may extend to ten thousand rupees and in
the case of continuing contravention with an additional penalty which may
extend to two thousand rupees for every day during which such contravention
continues.
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.
13. (1) If any person
contravenes any provision of this Act, or contravenes any rule, regulation,
notification, direction or order issued in exercise of the powers under this
Act, or contravenes any condition subject to which an authorisation is issued
by the Reserve Bank, he shall, upon adjudication, be liable to a penalty up to
thrice the sum involved in such contravention where such amount is
quantifiable, or up to two lakh rupees where the amount is not quantifiable,
and where such contravention is a continuing one, further penalty which may
extend to five thousand rupees for every day after the first day during which
the contravention continues.
(2) Any
Adjudicating Authority adjudging any contravention under sub-section (1), may,
if he thinks fit in addition to any penalty which he may impose for such
contravention direct that any currency, security or any other money or property
in respect of which the contravention has taken place shall be confiscated to
the Central Government and further direct that the foreign exchange holdings,
if any of the persons committing the contraventions or any part thereof, shall
be brought back into India or shall be retained outside India in accordance
with the directions made in this behalf.
Explanation.—For the purposes of this
sub-section, “property” in respect of which contravention has taken place,
shall include—
(a) deposits in a bank, where the said
property is converted into such deposits;
(b) Indian currency, where the said
property is converted into that currency; and
(c) any other property which has
resulted out of the conversion of that property.
Enforcement of the orders of Adjudicating Authority.
14. (1) Subject to the
provisions of sub-section (2) of section 19, if any person fails to make full
payment of the penalty imposed on him under section 13 within a period of
ninety days from the date on which the notice for payment of such penalty is
served on him, he shall be liable to civil imprisonment under this section.
(2) No order for
the arrest and detention in civil prison of a defaulter shall be made unless
the Adjudicating Authority has issued and served a notice upon the defaulter
calling upon him to appear before him on the date specified in the notice and
to show cause why he should not be committed to the civil prison, and unless
the Adjudicating Authority, for reasons in writing, is satisfied—
(a) that the defaulter, with the object
or effect of obstructing the recovery of penalty, has after the issue of notice
by the Adjudicating Authority, dishonestly transferred, concealed, or removed
any part of his property, or
(b) that the defaulter has, or has had
since the issuing of notice by the Adjudicating Authority, the means to pay the
arrears or some substantial part thereof and refuses or neglects or has refused
or neglected to pay the same.
(3)
Notwithstanding anything contained in sub-section (1), a warrant for the arrest
of the defaulter may be issued by the Adjudicating Authority if the
Adjudicating Authority is satisfied, by affidavit or otherwise, that with the
object or effect of delaying the execution of the certificate the defaulter is
likely to abscond or leave the local limits of the jurisdiction of the
Adjudicating Authority.
(4) Where
appearance is not made pursuant to a notice issued and served under sub-section
(1), the Adjudicating Authority may issue a warrant for the arrest of the
defaulter.
(5) A warrant of
arrest issued by the Adjudicating Authority under sub-section (3) or
sub-section (4) may also be executed by any other Adjudicating Authority within
whose jurisdiction the defaulter may for the time being be found.
(6) Every person
arrested in pursuance of a warrant of arrest under this section shall be
brought before the Adjudicating Authority issuing the warrant as soon as
practicable and in any event within twenty-four hours of his arrest (exclusive
of the time required for the journey):
Provided that, if the defaulter pays
the amount entered in the warrant of arrest as due and the costs of the arrest
to the officer arresting him, such officer shall at once release him.
Explanation.—For the purposes of this
sub-section, where the defaulter is a Hindu undivided family, the karta
thereof shall be deemed to be the defaulter.
(7) When a
defaulter appears before the Adjudicating Authority pursuant to a notice to
show cause or is brought before the Adjudicating Authority under this section,
the Adjudicating Authority shall give the defaulter an opportunity showing
cause why he should not be committed to the civil prison.
(8) Pending the
conclusion of the inquiry, the Adjudicating Authority may, in his discretion,
order the defaulter to be detained in the custody of such officer as the
Adjudicating Authority may think fit or release him on his furnishing the
security to the satisfaction of the Adjudicating Authority for his appearance
as and when required.
(9) Upon the
conclusion of the inquiry, the Adjudicating Authority may make an order for the
detention of the defaulter in the civil prison and shall in that event cause
him to be arrested if he is not already under arrest:
Provided that in order to give a
defaulter an opportunity of satisfying the arrears, the Adjudicating Authority
may, before making the order of detention, leave the defaulter in the custody
of the officer arresting him or of any other officer for a specified period not
exceeding fifteen days, or release him on his furnishing security to the
satisfaction of the Adjudicating Authority for his appearance at the expiration
of the specified period if the arrears are not satisfied.
(10) When the
Adjudicating Authority does not make an order of detention under sub-section
(9), he shall, if the defaulter is under arrest, direct his release.
(11) Every
person detained in the civil prison in execution of the certificate may be so
detained,—
(a) where the certificate is for a demand
of an amount exceeding rupees one crore, up to three years, and
(b) in any other case, up to six months:
Provided that he shall be released
from such detention on the amount mentioned in the warrant for his detention
being paid to the officer-in-charge of the civil prison.
(12) A defaulter
released from detention under this section shall not, merely by reason of his
release, be discharged from his liability for the arrears, but he shall not be
liable to be arrested under the certificate in execution of which he was
detained in the civil prison.
(13) A detention order may be executed at any place in
India in the manner provided for the execution of warrant of arrest under the
Code of Criminal Procedure, 1973 (2 of 1974).
15. (1) Any contravention under
section 13 may, on an application made by the person committing such
contravention, be compounded within one hundred and eighty days from the date
of receipt of application by the Director of Enforcement or such other officers
of the Directorate of Enforcement and Officers of the Reserve Bank as may be
authorised in this behalf by the Central Government in such manner as may be
prescribed1.
(2) Where a
contravention has been compounded under sub-section (1), no proceeding or
further proceeding, as the case may be, shall be initiated or continued, as the
case may be, against the person committing such contravention under that
section, in respect of the contravention so compounded.
Appointment of Adjudicating Authority.
16. (1) For the purpose of
adjudication under section 13, the Central Government may, by an order
published in the Official Gazette1, appoint as many officers
of the Central Government as it may think fit, as the Adjudicating Authorities
for holding an inquiry in the manner prescribed2 after giving the person
alleged to have committed contravention under section 13, against whom a
complaint has been made under sub-section (3) (hereinafter in this section
referred to as the said person) a reasonable opportunity of being heard for the
purpose of imposing any penalty:
Provided that where the Adjudicating
Authority is of opinion that the said person is likely to abscond or is likely
to evade in any manner, the payment of penalty, if levied, it may direct the
said person to furnish a bond or guarantee for such amount and subject to such
conditions as it may deem fit.
(2) The Central
Government shall, while appointing the Adjudicating Authorities under
sub-section (1), also specify in the order published in the Official Gazette,
their respective jurisdictions.
(3) No
Adjudicating Authority shall hold an enquiry under sub-section (1) except upon
a complaint in writing made by any officer authorized by a general or special
order3 by the Central Government.
(4) The said
person may appear either in person or take the assistance of a legal
practitioner or a chartered accountant of his choice for presenting his case
before the Adjudicating Authority.
(5) Every
Adjudicating Authority shall have the same powers of a civil court which are
conferred on the Appellate Tribunal under sub-section (2) of section 28 and—
(a) all proceedings before it shall be
deemed to be judicial proceedings within the meaning of sections 193 and 228 of
the Indian Penal Code (45 of 1860);
(b) shall be deemed to be a civil court
for the purposes of sections 345 and 346 of the Code of Criminal Procedure,
1973 (2 of 1974).
(6) Every
Adjudicating Authority shall deal with the complaint under sub-section (2) as
expeditiously as possible and endeavour shall be made to dispose of the
complaint finally within one year from the date of receipt of the complaint:
Provided that where the complaint
cannot be disposed off within the said period, the Adjudicating Authority shall
record periodically the reasons in writing for not disposing off the complaint
within the said period.
Appeal to Special Director (Appeals).
17. (1) The Central Government
shall, by notification4, appoint one or more
Special Directors (Appeals) to hear appeals against the orders of the
Adjudicating Authorities under this section and shall also specify in the said
notification the matter and places in relation to which the Special Director
(Appeals) may exercise jurisdiction.
(2) Any person
aggrieved by an order made by the Adjudicating Authority, being an Assistant
Director of Enforcement or a Deputy Director of Enforcement, may prefer an
appeal to the Special Director (Appeals).
(3) Every appeal
under sub-section (1) shall be filed within forty-five days from the date on
which the copy of the order made by the Adjudicating Authority is received by
the aggrieved person and it shall be in such form, verified in such manner and
be accompanied by such fee as may be prescribed1:
Provided that the Special Director
(Appeals) may entertain an appeal after the expiry of the said period of
forty-five days, if he is satisfied that there was sufficient cause for not
filing it within that period.
(4) On receipt
of an appeal under sub-section (1), the Special Director (Appeals) may after giving
the parties to the appeal an opportunity of being heard, pass such order
thereon as he thinks fit confirming, modifying or setting aside the order
appealed against.
(5) The Special
Director (Appeals) shall send a copy of every order made by him to the parties
to appeal and to the concerned Adjudicating Authority.
(6) The Special
Director (Appeals) shall have the same powers of a civil court which are
conferred on the Appellate Tribunal under sub-section (2) of section 28 and—
(a) all proceedings before him shall be
deemed to be judicial proceedings within the meaning of sections 193 and 228 of
the Indian Penal Code (45 of 1860);
(b) shall be deemed to be a civil court
for the purposes of sections 345 and 346 of the Code of Criminal Procedure,
1973 (2 of 1974).
Establishment of Appellate Tribunal.
18. The Central Government
shall, by notification2, establish an Appellate
Tribunal to be known as the Appellate Tribunal for Foreign Exchange to hear
appeals against the orders of the Adjudicating Authorities and the Special
Director (Appeals) under this Act.
19. (1) Save as provided in
sub-section (2), the Central Government or any person aggrieved by an order
made by an Adjudicating Authority, other than those referred to in sub-section
(1) of section 17, or the Special Director (Appeals), may prefer an appeal to
the Appellate Tribunal:
Provided that any person appealing
against the order of the Adjudicating Authority or the Special Director
(Appeals) levying any penalty, shall while filing the appeal, deposit the
amount of such penalty with such authority as may be notified3 by the Central Government:
Provided
further
that where in any particular case, the Appellate Tribunal is of the opinion
that the deposit of such penalty would cause undue hardship to such person, the
Appellate Tribunal may dispense with such deposit subject to such conditions as
it may deem fit to impose so as to safeguard the realisation of penalty.
(2) Every appeal
under sub-section (1) shall be filed within a period of forty-five days from
the date on which a copy of the order made by the Adjudicating Authority or the
Special Director (Appeals) is received by the aggrieved person or by the
Central Government and it shall be in such form, verified in such manner and be
accompanied by such fee as may be prescribed4:
Provided that the Appellate Tribunal
may entertain an appeal after the expiry of the said period of forty-five days
if it is satisfied that there was sufficient cause for not filing it within
that period.
(3) On receipt
of an appeal under sub-section (1), the Appellate Tribunal may, after giving
the parties to the appeal an opportunity of being heard, pass such orders
thereon as it thinks fit, confirming, modifying or setting aside the order appealed
against.
(4) The
Appellate Tribunal shall send a copy of every order made by it to the parties
to the appeal and to the concerned Adjudicating Authority or the Special
Director (Appeals), as the case may be.
(5) The appeal
filed before the Appellate Tribunal under sub-section (1) shall be dealt with
by it as expeditiously as possible and endeavour shall be made by it to dispose
of the appeal finally within one hundred and eighty days from the date of
receipt of the appeal:
Provided that where any appeal could
not be disposed of within the said period of one hundred and eighty days, the
Appellate Tribunal shall record its reasons in writing for not disposing of the
appeal within the said period.
(6) The
Appellate Tribunal may, for the purpose of examining the legality, propriety or
correctness of any order made by the Adjudicating Authority under section 16 in
relation to any proceeding, on its own motion or otherwise, call for the
records of such proceedings and make such order in the case as it thinks fit.
Composition of Appellate Tribunal.
20. (1) The Appellate Tribunal
shall consist of a Chairperson and such number of Members as the Central
Government may deem fit1.
(2) Subject to
the provisions of this Act,—
(a) the jurisdiction of the Appellate
Tribunal may be exercised by Benches thereof;
(b) a Bench may be constituted by the
Chairperson with one or more Members as the Chairperson may deem fit;
(c) the Benches of the Appellate
Tribunal shall ordinarily sit at New Delhi and at such other places as the
Central Government may, in consultation with the Chairperson, notify;
(d) the Central Government shall notify
the areas in relation to which each Bench of the Appellate Tribunal may
exercise jurisdiction.
(3)
Notwithstanding anything contained in sub-section (2), the Chairperson may
transfer a Member from one Bench to another Bench.
(4) If at any
stage of the hearing of any case or matter it appears to the Chairperson or a
Member that the case or matter is of such a nature that it ought to be heard by
a Bench consisting of two Members, the case or matter may be transferred by the
Chairperson or, as the case may be, referred to him for transfer, to such Bench
as the Chairperson may deem fit.
Qualifications for appointment of Chairperson, Member and Special
Director (Appeals).
21. (1) A person shall not be
qualified for appointment as the Chairperson or a Member unless he—
(a) in the case of Chairperson, is or has
been, or is qualified to be, a Judge of a High Court; and
(b) in the case of a Member, is or has
been, or is qualified to be, a District Judge.
(2) A person
shall not be qualified for appointment as a Special Director (Appeals) unless
he—
(a) has been a member of the Indian Legal
Service and has held a post in Grade I of that Service; or
(b) has been a member of the Indian
Revenue Service and has held a post equivalent to a Joint Secretary to the
Government of India.
22. The Chairperson and every
other Member shall hold office as such for a term of five years from the date
on which he enters upon his office :
Provided that no Chairperson or
other Member shall hold office as such after he has attained,—
(a) in the case of the Chairperson, the
age of sixty-five years;
(b) in the case of any other Member, the
age of sixty-two years.
Terms and conditions of service.
23. The salary and allowances
payable to and the other terms and conditions of service of the Chairperson,
other Members and the Special Director (Appeals) shall be such as may be
prescribed :
Provided that neither the salary and allowances nor the other
terms and conditions of service of the Chairperson or a Member shall be varied
to his disadvantage after appointment.
24. If, for reason other than
temporary absence, any vacancy occurs in the office of the Chairperson or a
Member, the Central Government shall appoint another person in accordance with
the provisions of this Act to fill the vacancy and the proceedings may be
continued before the Appellate Tribunal from the stage at which the vacancy is
filled.
25. (1) The Chairperson or a
Member may, by notice in writing under his hand addressed to the Central
Government, resign his office :
Provided that the Chairperson or a
Member shall, unless he is permitted by the Central Government to relinquish
his office sooner, continue to hold office until the expiry of three months
from the date of receipt of such notice or until a person duly appointed as his
successor enters upon his office or until the expiry of term of office,
whichever is the earliest.
(2) The
Chairperson or a Member shall not be removed from his office except by an order
by the Central Government on the ground of proved misbehaviour or incapacity
after an enquiry made by such person as the President may appoint for this
purpose in which the Chairperson or a Member concerned has been informed of the
charges against him and given a reasonable opportunity of being heard in
respect of such charges.
Member to act as Chairperson in certain circumstances.
26. (1) In the event of the
occurrence of any vacancy in the office of the Chairperson by reason of his
death, resignation or otherwise, the seniormost Member shall act as the
Chairperson until the date on which a new Chairperson, appointed in accordance
with the provisions of this Act to fill such vacancy, enters upon his office.
(2) When the
Chairperson is unable to discharge his functions owing to absence, illness or
any other cause, the seniormost Member shall discharge the functions of the
Chairperson until the date on which the Chairperson resumes his duties.
Staff of Appellate Tribunal and Special Director (Appeals).
27. (1) The Central Government
shall provide the Appellate Tribunal and the Special Director (Appeals) with
such officers and employees as it may deem fit.
(2) The officers
and employees of the Appellate Tribunal and office of the Special Director
(Appeals) shall discharge their functions under the general superintendence of
the Chairperson and the Special Director (Appeals), as the case may be.
(3) The salaries
and allowances and other conditions of service of the officers and employees of
the Appellate Tribunal and office of the Special Director (Appeals) shall be
such as may be prescribed.
Procedure and Powers of Appellate Tribunal and Special Director
(Appeals)
28. (1) The Appellate Tribunal
and the Special Director (Appeals) shall not be bound by the procedure laid
down by the Code of Civil Procedure, 1908 (5 of 1908) but shall be guided by
the principles of natural justice and, subject to the other provisions of this
Act, the Appellate Tribunal and the Special Director (Appeals) shall have
powers to regulate its own procedure.
(2) The
Appellate Tribunal and the Special Director (Appeals) shall have, for the
purposes of discharging its functions under this Act, the same powers as are
vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908);
while trying a suit, in respect of the following matters, namely:—
(a) summoning and enforcing the
attendance of any person and examining him on oath;
(b) requiring the discovery and
production of documents;
(c) receiving evidence on affidavits;
(d) subject to the provisions of sections
123 and 124 of the Indian Evidence Act, 1872 (1 of 1872) requisitioning any
public record or document or copy of such record or document from any office;
(e) issuing commissions for the
examination of witnesses or documents;
(f) reviewing its decisions;
(g) dismissing a representation of
default or deciding it ex parte;
(h) setting aside any order of dismissal
of any representation for default or any order passed by it ex parte;
and
(i) any other matter which may be prescribed by the
Central Government.
(3) An order
made by the Appellate Tribunal or the Special Director (Appeals) under this Act
shall be executable by the Appellate Tribunal or the Special Director (Appeals)
as a decree of civil court and, for this purpose, the Appellate Tribunal and
the Special Director (Appeals) shall have all the powers of a civil court.
(4)
Notwithstanding anything contained in sub-section (3), the Appellate Tribunal
or the Special Director (Appeals) may transmit any order made by it to a civil
court having local jurisdiction and such civil court shall execute the order as
if it were a decree made by that court.
(5) All
proceedings before the Appellate Tribunal and the Special Director (Appeals)
shall be deemed to be judicial proceedings within the meaning of sections 193
and 228 of the Indian Penal Code (45 of 1860) and the Appellate Tribunal shall
be deemed to be a civil court for the purposes of sections 345 and 346 of the
Code of Criminal Procedure, 1973 (2 of 1974).
Distribution of business amongst Benches.
29. Where Benches are
constituted, the Chairperson may, from time to time, by notification, make
provisions as to the distribution of the business of the Appellate Tribunal
amongst the Benches and also provide for the matters which may be dealt with by
each Bench.
Power of Chairperson to transfer cases.
30. On the application of any
of the parties and after notice to the parties, and after hearing such of them
as he may desire to be heard, or on his own motion without such notice, the
Chairperson may transfer any case pending before one Bench, for disposal, to
any other Bench.
31. If the Members of a Bench
consisting of two Members differ in opinion on any point, they shall state the
point or points on which they differ, and make a reference to the Chairperson
who shall either hear the point or points himself or refer the case for hearing
on such point or points by one or more of the other Members of the Appellate
Tribunal and such point or points shall be decided according to the opinion of
the majority of the Members of the Appellate Tribunal who have heard the case,
including those who first heard it.
32. (1) A person preferring an
appeal to the Appellate Tribunal or the Special Director (Appeals) under this
Act may either appear in person or take the assistance of a legal practitioner
or a chartered accountant of his choice to present his case before the
Appellate Tribunal or the Special Director (Appeals), as the case may be.
(2) The Central
Government may authorise one or more legal practitioners or chartered
accountants or any of its officers to act as presenting officers and every
person so authorised may present the case with respect to any appeal before the
Appellate Tribunal or the Special Director (Appeals), as the case may be.
Members, etc. to be public servants.
33. The Chairperson, Members
and other officers and employees of the Appellate Tribunal, the Special
Director (Appeals) and the Adjudicating Authority shall be deemed to be public
servants within the meaning of section 21 of the Indian Penal Code (45 of
1860).
Civil court not to have jurisdiction.
34. No civil court shall have
jurisdiction to entertain any suit or proceeding in respect of any matter which
an Adjudicating Authority or the Appellate Tribunal or the Special Director
(Appeals) is empowered by or under this Act to determine and no injunction
shall be granted by any court or other authority in respect of any action taken
or to be taken in pursuance of any power conferred by or under this Act.
35. Any person aggrieved by any
decision or order of the Appellate Tribunal may file an appeal to the High
Court within sixty days from the date of communication of the decision or order
of the Appellate Tribunal to him on any question of law arising out of such
order :
Provided that the High Court may, if
it is satisfied that the appellant was prevented by sufficient cause from
filing the appeal within the said period, allow it to be filed within a further
period not exceeding sixty days.
Explanation.—In this section “High
Court” means—
(a) the High Court within the
jurisdiction of which the aggrieved party ordinarily resides or carries on
business or personally works for gain; and
(b) where the Central Government is the
aggrieved party, the High Court within the jurisdiction of which the
respondent, or in a case where there are more than one respondent, any of the
respondents, ordinarily resides or carries on business or personally works for
gain.
36. (1) The Central Government
shall establish a Directorate of Enforcement with a Director and such other
officers or class of officers as it thinks fit, who shall be called officers of
Enforcement, for the purposes of this Act1.
2 (2) Without prejudice to
the provisions of sub-section (1), the Central Government may authorise the
Director of Enforcement or an Additional Director of Enforcement or a Special
Director of Enforcement or a Deputy Director of Enforcement to appoint officers
of Enforcement below the rank of an Assistant Director of Enforcement.
(3) Subject to
such conditions and limitations as the Central Government may impose, an
officer of Enforcement may exercise the powers and discharge the duties
conferred or imposed on him under this Act.
Power of search, seizure, etc.
37. (1) The Director of
Enforcement and other officers of Enforcement, not below the rank of an
Assistant Director, shall take up for investigation the contravention referred
to in section 13.
(2) Without
prejudice to the provisions of sub-section (1), the Central Government may
also, by notification, authorise any officer or class of officers in the
Central Government, State Government or the Reserve Bank, not below the rank of
an Under Secretary to the Government of India to investigate any contravention
referred to in section 13.
(3) The officers
referred to in sub-section (1) shall exercise the like powers which are
conferred on income-tax authorities under the Income-tax Act, 1961 (43 of 1961)
and shall exercise such powers, subject to such limitations laid down under
that Act.
38. (1) The Central Government
may, by order and subject to such conditions and limitations as it thinks fit
to impose, authorise any officer of customs or any central excise officer or
any police officer or any other officer of the Central Government or a State
Government to exercise such of the powers and discharge such of the duties of
the Director of Enforcement or any other officer of Enforcement under this Act
as may be stated in the order.2
(2) The officers
referred to in sub-section (1) shall exercise the like powers which are
conferred on the income-tax authorities under the Income-tax Act, 1961 (43 of
1961), subject to such conditions and limitations as the Central Government may
impose.
39. Where any document—
(i) is produced
or furnished by any person or has been seized from the custody or control of
any person, in either case, under this Act or under any other law; or
(ii) has been
received from any place outside India (duly authenticated by such authority or
person and in such manner as may be prescribed) in the course of investigation
of any contravention under this Act alleged to have been committed by any
person,
and such
document is tendered in any proceeding under this Act in evidence against him,
or against him and any other person who is proceeded against jointly with him,
the court or the Adjudicating Authority, as the case may be, shall—
(a) presume,
unless the contrary is proved, that the signature and every other part of such
document which purports to be in the handwriting of any particular person or
which the court may reasonably assume to have been signed by, or to be in the
handwriting of, any particular person, is in that person’s handwriting, and in
the case of a document executed or attested, that it was executed or attested
by the person by whom it purports to have been so executed or attested;
(b) admit the
document in evidence notwithstanding that it is not duly stamped, if such
document is otherwise admissible in evidence;
(c) in a case
falling under clause (i), also presume, unless the contrary is proved,
the truth of the contents of such document.
Suspension of operation of this Act.
40. (1) If the Central
Government is satisfied that circumstances have arisen rendering it necessary
that any permission granted or restriction imposed by this Act should cease to
be granted or imposed, or if it considers necessary or expedient so to do in
public interest, the Central Government may, by notification, suspend or relax
to such extent either indefinitely or for such period as may be notified, the
operation of all or any of the provisions of this Act.
(2) Where the
operation of any provision of this Act has under sub-section (1) been suspended
or relaxed indefinitely, such suspension or relaxation may, at any time while
this Act remains in force, be removed by the Central Government by
notification.
(3) Every
notification issued under this section shall be laid, as soon as may be after
it is issued, before each House of Parliament, while it is in session, for a
total period of thirty days which may be comprised in one session or in two or
more successive sessions, and if, before the expiry of the session immediately
following the session or the successive sessions aforesaid, both Houses agree
in making any modification in the notification or both Houses agree that the
notification should not be issued, the notification shall thereafter have
effect only in such modified form or be of no effect, as the case may be; so,
however, that any such modification or annulment shall be without prejudice to
the validity of anything previously done under that notification.
Power of Central Government to give directions.
41. For the purposes of this
Act, the Central Government may, from time to time, give to the Reserve Bank
such general or special directions as it thinks fit, and the Reserve Bank shall,
in the discharge of its functions under this Act, comply with any such
directions.
42. (1) Where a person
committing a contravention of any of the provisions of this Act or of any rule,
direction or order made thereunder is a company, every person who, at the time
the contravention was committed, was in charge of, and was responsible to, the
company for the conduct of the business of the company as well as the company,
shall be deemed to be guilty of the contravention and shall be liable to be
proceeded against and punished accordingly :
Provided that nothing contained in
this sub-section shall render any such person liable to punishment if he proves
that the contravention took place without his knowledge or that he exercised
due diligence to prevent such contravention.
(2)
Notwithstanding anything contained in sub-section (1), where a contravention of
any of the provisions of this Act or of any rule, direction or order made
thereunder has been committed by a company and it is proved that the
contravention has taken place with the consent or connivance of, or is
attributable to any neglect on the part of, any director, manager, secretary or
other officer of the company, such director, manager, secretary or other
officer shall also be deemed to be guilty of the contravention and shall be
liable to be proceeded against and punished accordingly.
Explanation.—For the purposes of this
section—
(i) “company”
means any body corporate and includes a firm or other association of individuals;
and
(ii) director”, in relation to a firm,
means a partner in the firm.
Death or insolvency in certain cases.
43. Any right, obligation,
liability, proceeding or appeal arising in relation to the provisions of
section 13 shall not abate by reason of death or insolvency of the person
liable under that section and upon such death or insolvency such rights and
obligations shall devolve on the legal representative of such person or the
official receiver or the official assignee, as the case may be :
Provided that a legal representative
of the deceased shall be liable only to the extent of the inheritance or estate
of the deceased.
44. No suit, prosecution or
other legal proceeding shall lie against the Central Government or the Reserve
Bank or any officer of that Government or of the Reserve Bank or any other
person exercising any power or discharging any functions or performing any
duties under this Act, for anything in good faith done or intended to be done
under this Act or any rule, regulation, notification, direction or order made
thereunder.
45. (1) If any difficulty
arises in giving effect to the provisions of this Act, the Central Government
may, by order, do anything not inconsistent with the provisions of this Act for
the purpose of removing the difficulty1 :
Provided that no such order shall be
made under this section after the expiry of two years from the commencement of
this Act.
(2) Every order
made under this section shall be laid, as soon as may be after it is made,
before each House of Parliament.
46. (1) The Central Government
may, by notification, make rules to carry out the provisions of this Act.
(2) Without
prejudice to the generality of the foregoing power, such rules may provide
for,—
(a) the imposition of reasonable
restrictions on current account transactions under section 5;
(b) the manner in
which the contravention may be compounded under sub-section (1) of section 15;
(c) the manner of
holding an inquiry by the Adjudicating Authority under sub-section (1) of
section 16;
(d) the form of appeal and fee for filing
such appeal under sections 17 and 19;
(e) the salary and
allowances payable to and the other terms and conditions of service of the
Chairperson and other Members of the Appellate Tribunal and the Special
Director (Appeals) under section 23;
(f) he salaries
and allowances and other conditions of service of the officers and employees of
the Appellate Tribunal and the office of the Special Director (Appeals) under
sub-section (3) of section 27;
(g) the additional
matters in respect of which the Appellate Tribunal and the Special Director
(Appeals) may exercise the powers of a civil court under clause (i) of
sub-section (2) of section 28;
(h) the authority
or person and the manner in which any document may be authenticated under
clause (ii) of section 39; and
(i) any other matter which is required to be, or
may be, prescribed1.
47. (1) The Reserve Bank may,
by notification, make regulations to carry out the provisions of this Act and
the rules made thereunder.
(2) Without
prejudice to the generality of the foregoing power, such regulations may
provide for,—
(a) the
permissible classes of capital account transactions, the limits of
admissibility of foreign exchange for such transactions, and the prohibition,
restriction or regulation of certain capital account transactions under section
6;
(b) the manner and
the form in which the declaration is to be furnished under clause (a) of
sub-section (1) of section 7;
(c) the period
within which and the manner of repatriation of foreign exchange under section
8;
(d) the limit up
to which any person may possess foreign currency or foreign coins under clause
(a) of section 9;
(e) the class of
persons and the limit up to which foreign currency account may be held or
operated under clause (b) of section 9;
(f) he limit up
to which foreign exchange acquired may be exempted under clause (d) of
section 9;
(g) the limit up
to which foreign exchange acquired may be retained under clause (e) of
section 9;
(h) any other matter which is required to
be, or may be, specified2.
Rules and regulations to be laid before Parliament.
48. Every rule and regulation
made under this Act shall be laid, as soon as may be after it is made, before
each House of Parliament, while it is in session for a total period of thirty
days which may be comprised in one session or in two or more successive
sessions, and if, before the expiry of the session immediately following the
session or the successive sessions aforesaid, both Houses agree in making any
modification in the rule or regulation, or both Houses agree that the rule or
regulation should not be made, the rule or regulation shall thereafter have
effect only in such modified form or be of no effect, as the case may be; so,
however, that any such modification or annulment shall be without prejudice to
the validity of anything previously done under that rule or regulation.
49. (1) The Foreign Exchange
Regulation Act, 1973 (46 of 1973) is hereby repealed and the Appellate Board
constituted under sub-section (1) of section 52 of the said Act (hereinafter
referred to as the repealed Act) shall stand dissolved.
(2) On the
dissolution of the said Appellate Board, the person appointed as Chairman of
the Appellate Board and every other person appointed as Member and holding
office as such immediately before such date shall vacate their respective
offices and no such Chairman or other person shall be entitled to claim any
compensation for the premature termination of the term of his office or of any
contract of service.
1(3) Notwithstanding anything
contained in any other law for the time being in force, no court shall take
cognizance of an offence under the repealed Act and no adjudicating officer
shall take notice of any contravention under section 51 of the repealed Act
after the expiry of a period of two years from the date of the commencement of
this Act.
1(4) Subject to the
provisions of sub-section (3) all offences committed under the repealed Act
shall continue to be governed by the provisions of the repealed Act as if that
Act had not been repealed.
(5)
Notwithstanding such repeal,—
(a) anything done or any action taken or
purported to have been done or taken including any rule, notification,
inspection, order or notice made or issued or any appointment, confirmation or
declaration made or any licence, permission, authorization or exemption granted
or any document or instrument executed or any direction given under the Act
hereby repealed shall, in so far as it is not inconsistent with the provisions
of this Act, be deemed to have been done or taken under the corresponding
provisions of this Act;
(b) any appeal preferred to the Appellate
Board under sub-section (2) of section 52 of the repealed Act but not disposed
of before the commencement of this Act shall stand transferred to and shall be
disposed of by the Appellate Tribunal constituted under this Act;
(c) every appeal from any decision or order
of the Appellate Board under sub-section (3) or sub-section (4) of section 52
of the repealed Act shall, if not filed before the commencement of this Act, be
filed before the High Court within a period of sixty days of such commencement
:
Provided that the High Court may
entertain such appeal after the expiry of the said period of sixty days if it
is satisfied that the appellant was prevented by sufficient cause from filing
the appeal within the said period.
(6) Save as otherwise
provided in sub-section (3), the mention of particular matters in sub-sections
(2), (4) and (5) shall not be held to prejudice or affect the general
application of section 6 of the General Clauses Act, 1897 (10 of 1897) with
regard to the effect of repeal.
[K1] 1. 1-6-2000 vide Notification No. GSR 371(E), dated 1-5-2000. (See Division Four)
NOTIFICATION NO. GSR 371(E), DATED 1-5-2000 : In exercise of the powers conferred by sub-section (4) of section 1 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby appoints the 1st day of June, 2000 as the date on which the said Act shall come into force.
[K2]1. See Notification Nos. G.S.R. 403(E), 404(E) and 405(E), dated 3-5-2000. (See Division Four)
[K3] 2. Word ‘than’ should appear after word ‘otherwise’.
[K4]1. See FEM (Current Account Transactions) Rules, 2000.
[K5]1a. See FEM (Permissible Capital Account Transactions) Regulations, 2000.
[K6]2. See FEM (Transfer or Issue of any Foreign Security) Regulations, 2000.
[K7]3. See FEM (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000.
[K8]4. See FEM (Issue of Security in India by a Branch, Office or Agency of a Person Resident Outside India) Regulations, 2000.
[K9]5. See FEM (Borrowing or Lending in Foreign Exchange) Regulations, 2000.
[K10]6. See FEM (Borrowing and Lending in Rupees) Regulations, 2000.
[K11]7. See FEM (Deposit) Regulations, 2000.
[K12]8. See FEM (Export and Import of Currency) Regulations, 2000.
[K13]9. See FEM (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000.
[K14]1. See FEM (Acquisition and Transfer of Immovable Property in India) Regulations, 2000.
[K15]2. See FEM (Guarantees) Regulations, 2000.
[K16]3. See FEM (Establishment in India of Branch or Office or Other Place of Business) Regulations, 2000/FEM (Offshore Banking Unit) Regulations, 2002/FEM (Withdrawal of General Permission to OCBs) Regulations, 2003.
[K17]4. See FEM (Export of Goods and Services) Regulations, 2000.
[K18]4. See FEM (Export of Goods and Services) Regulations, 2000.
[K19]5. See FEM (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000.
[K20]1. See FEM (Possession and Retention of Foreign Currency) Regulations, 2000.
[K21]2. See FEM (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000.
[K22]1. See FEM (Possession and Retention of Foreign Currency) Regulations, 2000.
[K23]1. See FEM (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000.
[K24]1. See Foreign Exchange (Compounding Proceedings) Rules, 2000.
[K25]1. See Notification Nos. SO 535(E), dated 1-6-2000; SO 1155(E), dated 26-12-2000. (See Division Four)
[K26]2. See FEM (Adjudication Proceedings and Appeal) Rules, 2000.
[K27] 3. See Notification No. SO 1157(E), dated 26-12-2000. (See Division Four)
[K29]1. See FEM (Adjudication Proceedings and Appeal) Rules, 2000.
[K30]2. See Notification No. SO 531(E), dated 1-6-2000. (See Division Four)
[K31] 3. See Notification No. SO 537(E), dated 1-6-2000. (See Division Four)
[K32]4. See FEM (Adjudication Proceedings and Appeal) Rules, 2000.
[K33]1. See Notification No. SO 320(E), dated 4-4-2001. (See Division Four)
[K34]1. See Notification Nos. SO 534(E), dated 1-6-2000. (See Division Four)
[K35]1. See Notification No. SO 1156(E), dated 26-12-2000. (See Division Four)
[K36]1. See Notification No. SO 1156(E), dated 26-12-2000. (See Division Four)
[K38]1. See FEM (Removal of Difficulties) Order, 2000. (See Division Four)
[K39]1. See FEM (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000.
[K40]2. See the following :
l FEM (Insurance) Regulations, 2000.
l FEM (Remittance of Assets) Regulations, 2000.
l FEM (Manner of Receipt and Payment) Regulations, 2000.
l FEM (Investment in Firm or Proprietory Concern in India) Regulations, 2000.
l FEM (Foreign Exchange Derivative Contracts) Regulations, 2000.
l FEM (Offshore Banking Unit) Regulations, 2002.
l FEM (Withdrawal of General Permission to OCBs) Regulations, 2003.