The Foreign Exchange Maintenance Act, 1999
22. Term of office –
The Chairperson and every other Member shall hold office as such for a term of five years from the date on which he enters upon his office:
Provided that no Chairperson or other Member shall hold office as such after he has attained,-
(a) In the case of the Chairperson, the age of sixty-five years;
(b) In the case of any other Member, the age of sixty-two years.
The Foreign Exchange Maintenance Act, 1999