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THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

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:-

CHAPTER I

PRELIMINARY

1. Short title, extent, application and commencement

(1) This Act may be called the Foreign  Exchange Management Act, 1999.

(2) It extends to the whole of India.

(3) 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.

(4) It shall come into force on 1such date as the Central Government may, by notification in the Official Gazette, appoint:

Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

 

Note-

1.  1st June, 2000, vide notification No. G.S.R. 371(E), dated 1st May, 2000, see Gazette of India, Extraordinary, Part II, sec. 3(i).