THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999. ACT NO. 42 OF 1999, 29th December, 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:—
Download PDF for FEMA Act 1999, Foreign Exchange Management Act
| Sections | Particulars |
| 1 | Short title, extent, application and commencement |
| 2 | Definitions |
| 3 | Dealing in foreign exchange, etc. |
| 4 | Holding of foreign exchange, etc. |
| 5 | Current account transactions |
| 6 | Capital account transactions |
| 7 | Export of goods and services |
| 8 | Realization and repatriation of foreign exchange |
| 9 | Exemption from realization and repatriation in certain cases |
| 10 | Authorised person |
| 11 | Reserve Bank’s powers to issue directions to authorized person |
| 12 | Power of Reserve Bank to inspect authorized person |
| 13 | Penalties |
| 14 | Enforcement of the orders of adjudicating authority |
| 15 | Power to compound contravention |
| 16 | Appointment of Adjudicating Authority |
| 17 | Appeal to Special Director (Appeals) |
| 18 | Establishment of Appellate Tribunal |
| 19 | Appeal to Appellate Tribunal |
| 20 | Composition of Appellate Tribunal |
| 21 | Qualifications for appointment of Chairperson, member and Special Director (Appeals) |
| 22 | Term of office |
| 23 | Terms and Conditions of service |
| 24 | Vacancies |
| 25 | Resignation and removal |
| 26 | Member to act as Chairperson in certain circumstances |
| 27 | Staff of Appellate Tribunal & Special Director ( Appeals ) |
| 28 | Procedure and powers of Appellate Tribunal & Special Director (Appeals) |
| 29 | Distribution of business amongst Benches |
| 30 | Power of Chairperson to transfer cases |
| 31 | Decision to be by majority |
| 32 | Right of appellant to take assistance of legal practitioner or Chartered Accountant and of Government, to appoint presenting officers |
| 33 | Members, etc., to be public servants |
| 34 | Civil court not to have jurisdiction |
| 35 | Appeal to High Court |
| 36 | Directorate of Enforcement |
| 37 | Power of search, seizure, etc. |
| 38 | Empowering other officers |
| 39 | Presumption as to documents in certain cases |
| 40 | Suspension of operation of this Act |
| 41 | Power of Central Government to give directions |
| 42 | Contravention by companies |
| 43 | Death or insolvency in certain cases |
| 44 | Bar of legal proceedings |
| 45 | Removal of difficulties |
| 46 | Power to make rules |
| 47 | Power to make regulations |
| 48 | Rules and regulations to be laid before Parliament |
| 49 | Repeal and saving |