The Foreign Exchange Management Act, 1999

Chapter I

Preliminary

2 sections

S. 1 Short title, extent, application and commencement +

Section 1 of the FEMA: Short title, extent, application and commencement

S. 2 Definitions +

Section 2 of the FEMA: Definitions

Chapter II

Regulation and Management of Foreign Exchange

7 sections

S. 3 Dealing in foreign exchange, etc +

Section 3 of the FEMA: Dealing in foreign exchange, etc

S. 4 Holding of foreign exchange, etc +

Section 4 of the FEMA: Holding of foreign exchange, etc

S. 5 Current account transactions +

Section 5 of the FEMA: Current account transactions

S. 6 Capital account transactions +

Section 6 of the FEMA: Capital account transactions

S. 7 Export of goods and services +

Section 7 of the FEMA: Export of goods and services

S. 8 Realisation and repatriation of foreign exchange +

Section 8 of the FEMA: Realisation and repatriation of foreign exchange

S. 9 Exemption from realisation and repatriation in certain cases +

Section 9 of the FEMA: Exemption from realisation and repatriation in certain cases

Chapter III

Authorised Person

3 sections

S. 10 Authorised person +

Section 10 of the FEMA: Authorised person

S. 11 Reserve Bank’s powers to issue directions to authorised person +

Section 11 of the FEMA: Reserve Bank’s powers to issue directions to authorised person

S. 12 Power of Reserve Bank to inspect authorised person +

Section 12 of the FEMA: Power of Reserve Bank to inspect authorised person

Chapter IV

Contravention and Penalties

4 sections

S. 13 Penalties +

Section 13 of the FEMA: Penalties

S. 14 Enforcement of the orders of Adjudicating Authority +

Section 14 of the FEMA: Enforcement of the orders of Adjudicating Authority

S. 14A Power of recover arrears of penalty +

Section 14A of the FEMA: Power of recover arrears of penalty

S. 15 Power to compound contravention +

Section 15 of the FEMA: Power to compound contravention

Chapter V

Adjudication and Appeal

20 sections

S. 16 Appointment of Adjudicating Authority +

Section 16 of the FEMA: Appointment of Adjudicating Authority

S. 17 Appeal to Special Director (Appeals) +

Section 17 of the FEMA: Appeal to Special Director (Appeals)

S. 18 Appellate Tribunal +

Section 18 of the FEMA: Appellate Tribunal

S. 19 Appeal to Appellate Tribunal +

Section 19 of the FEMA: Appeal to Appellate Tribunal

S. 20 Composition of Appellate Tribunal [Omitted] +

Section 20 of the FEMA: Composition of Appellate Tribunal [Omitted]

S. 21 Qualifications, for appointment of Special Director (Appeals) +

Section 21 of the FEMA: Qualifications, for appointment of Special Director (Appeals)

S. 22 Term of office [Omitted] +

Section 22 of the FEMA: Term of office [Omitted]

S. 23 Terms and conditions of service of Special Director (Appeals) +

Section 23 of the FEMA: Terms and conditions of service of Special Director (Appeals)

S. 24 Vacancies [Omitted] +

Section 24 of the FEMA: Vacancies [Omitted]

S. 25 Resignation and removal [Omitted] +

Section 25 of the FEMA: Resignation and removal [Omitted]

S. 26 Member to act as Chairperson in certain circumstances [Omitted] +

Section 26 of the FEMA: Member to act as Chairperson in certain circumstances [Omitted]

S. 27 Staff of Special Director (Appeals) +

Section 27 of the FEMA: Staff of Special Director (Appeals)

S. 28 Procedure and powers of Appellate Tribunal and Special Director (Appeals) +

Section 28 of the FEMA: Procedure and powers of Appellate Tribunal and Special Director (Appeals)

S. 29 Distribution of business amongst Benches [Omitted] +

Section 29 of the FEMA: Distribution of business amongst Benches [Omitted]

S. 30 Power of Chairperson to transfer cases [Omitted] +

Section 30 of the FEMA: Power of Chairperson to transfer cases [Omitted]

S. 31 Decision to be by majority [Omitted] +

Section 31 of the FEMA: Decision to be by majority [Omitted]

S. 32 Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers +

Section 32 of the FEMA: Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers

S. 33 Officers and employees, etc., to be public servant +

Section 33 of the FEMA: Officers and employees, etc., to be public servant

S. 34 Civil court not to have jurisdiction +

Section 34 of the FEMA: Civil court not to have jurisdiction

S. 35 Appeal to High Court +

Section 35 of the FEMA: Appeal to High Court

Chapter VI

Directorate of Enforcement

4 sections

S. 36 Directorate of Enforcement +

Section 36 of the FEMA: Directorate of Enforcement

S. 37 Power of search, seizure, etc +

Section 37 of the FEMA: Power of search, seizure, etc

S. 37A Special provisions relating to assets held outside India in contravention of section 4 +

Section 37A of the FEMA: Special provisions relating to assets held outside India in contravention of section 4

S. 38 Empowering other officers +

Section 38 of the FEMA: Empowering other officers

Chapter VII

Miscellaneous

12 sections

S. 39 Presumption as to documents in certain cases +

Section 39 of the FEMA: Presumption as to documents in certain cases

S. 40 Suspension of operation of this Act +

Section 40 of the FEMA: Suspension of operation of this Act

S. 41 Power of Central Government to give directions +

Section 41 of the FEMA: Power of Central Government to give directions

S. 42 Contravention by companies +

Section 42 of the FEMA: Contravention by companies

S. 43 Death or insolvency in certain cases +

Section 43 of the FEMA: Death or insolvency in certain cases

S. 44 Bar of legal proceedings +

Section 44 of the FEMA: Bar of legal proceedings

S. 44A Powers of Reserve Bank not to apply to International Financial Services Centre +

Section 44A of the FEMA: Powers of Reserve Bank not to apply to International Financial Services Centre

S. 45 Removal of difficulties +

Section 45 of the FEMA: Removal of difficulties

S. 46 Power to make rules +

Section 46 of the FEMA: Power to make rules

S. 47 Power to make regulations +

Section 47 of the FEMA: Power to make regulations

S. 48 Rules and regulations to be laid before Parliament +

Section 48 of the FEMA: Rules and regulations to be laid before Parliament

S. 49 Repeal and saving. ACT NO. 42 OF 1999 [29th December, 1999.] +

Section 49 of the FEMA: Repeal and saving. ACT NO. 42 OF 1999 [29th December, 1999.]