The Foreign Exchange Management Act, 1999 (Act No. 42 of 1999)
Complete section-by-section text of the Foreign Exchange Management Act, 1999, as amended up to the International Financial Services Centres Authority Act, 2019. FEMA consolidates and amends the law relating to foreign exchange in India, replacing the erstwhile Foreign Exchange Regulation Act, 1973, with the objective of facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.
Chapter I — Preliminary
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 14A: Power to recover arrears of penalty
- Section 15: Power to compound contravention
Chapter V — Adjudication and Appeal
- Section 16: Appointment of Adjudicating Authority
- Section 17: Appeal to Special Director (Appeals)
- Section 18: Appellate Tribunal
- Section 19: Appeal to Appellate Tribunal
- Section 20: [Omitted]
- Section 21: Qualifications for appointment of Special Director (Appeals)
- Section 22: [Omitted]
- Section 23: Terms and conditions of service of Special Director (Appeals)
- Section 24: [Omitted]
- Section 25: [Omitted]
- Section 26: [Omitted]
- Section 27: Staff of Special Director (Appeals)
- Section 28: Procedure and powers of Appellate Tribunal and Special Director (Appeals)
- Section 29: [Omitted]
- Section 30: [Omitted]
- Section 31: [Omitted]
- Section 32: Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers
- Section 33: Officers and employees, etc., to be public servant
- Section 34: Civil court not to have jurisdiction
- Section 35: Appeal to High Court
Chapter VI — Directorate of Enforcement
- Section 36: Directorate of Enforcement
- Section 37: Power of search, seizure, etc.
- Section 37A: Special provisions relating to assets held outside India in contravention of section 4
- Section 38: Empowering other officers
Chapter VII — Miscellaneous
- Section 39: Presumption as to documents in certain cases
- Section 40: Suspension of operation of this Act
- Section 41: Power of Central Government to give directions
- Section 42: Contravention by companies
- Section 43: Death or insolvency in certain cases
- Section 44: Bar of legal proceedings
- Section 44A: Powers of Reserve Bank not to apply to International Financial Services Centre
- Section 45: Removal of difficulties
- Section 46: Power to make rules
- Section 47: Power to make regulations
- Section 48: Rules and regulations to be laid before Parliament
- Section 49: Repeal and saving
