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Section 5 – The Foreign Exchange Maintenance Act, 1999

The Foreign Exchange Maintenance Act, 1999

 

 

5. Current account transactions – 

 

Any person may sell or draw foreign exchange to or from an authorised person if such sale or drawal is a current account transaction:

 

Provided that the Central Government may, in public interest and in consultation with the Reserve Bank, impose such reasonable restrictions for current account transactions as may be prescribed

 

Comments

 

Any person can sell or draw foreign exchange to or from an authorised person provided that such sale or drawal is a current account transaction. The Central Government can, in public interest and in consultation with the Reserve Bank, impose reasonable restrictions for such transactions.

 

 

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The Foreign Exchange Maintenance Act, 1999

 

Indian Laws – Bare Acts

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