Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 47 – The Foreign Exchange Maintenance Act, 1999

The Foreign Exchange Maintenance Act, 1999

 

47. Power to make regulations –

 

(1) Reserve Bank may, by notification, make regulations, to carry out the provisions of this Act and the rules made there under :

 

(2) Without prejudice to the generality of the foregoing power, such regulations may provide for,-

 

(a) The permissible classes of capital account transactions, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of certain capital account transactions under section 6;

 

(b) The manner and the form in which the declaration is to be furnished under clause (a) of sub-section (1) of section 7;

 

(c) The period within which and the manner of repatriation of foreign exchange under section 8;

 

(d) The limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9;

 

(e) The class of persons and the limit up to which foreign currency account may be held or operated under clause (b) of section 9;

 

(f) The limit up to which foreign exchange acquired may be exempted under clause (d) of section 9;

 

(g) The limit up to which foreign exchange acquired may be retained under clause (e) of section 9;

 

(h) Any other matter which is required to be, or may be, specified.

 

 

Previous | Next

 

The Foreign Exchange Maintenance Act, 1999

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation