This Act may be called the Foreign
Exchange Management Act, 1999.
It extends to the whole of India.
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 there under committed outside India by any
person to whom this Act applies.
In this Act, unless the context otherwise requires:
"authorized person" means an authorized dealer, money changer, off-shore banking unit or any
other person for the time being authorized.
"Bench" means a Bench of the Appellate Tribunal.
"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.
"Chairperson" means the Chairperson of the Appellate Tribunal.
"Policy" means the export and import Policy formulated and announced by the Central Government.
"licensing authority" means an authority authorised by the Director General
"schedule" means a Schedule appended to these rules.