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Foreign Exchange Management Act, 1999


  • 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.

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