PART VI
AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999
Commencement and amendment of Act 42 of 1999
165. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.
Amendment of section 2
[B] In the Foreign Exchange Management Act, 1999 (42 of 1999.) (herein referred to as the Foreign Exchange
(i) after clause (c), the following clause shall be inserted, namely:-
‘(cc) ‘‘Authorised Officer’’ means an officer of the Directorate of Enforcement authorised by the Central Government under section 37A;’;
(ii) after clause (g), the following clause shall be inserted, namely:-
‘(gg) “Competent Authority’’ means the Authority appointed by the Central Government under sub-section (2) of section 37A;’.
Notes on Clauses:
Clause 165 of the Bill seeks to amend certain provisions of the Foreign Exchange and Management Act, 1999. It is proposed to amend section 6 of the Act so as to provide that the Central Government may, in consultation with the Reserve Bank, prescribe any class or classes of capital account transactions, not involving debt instruments, which are permissible; the limit up to which foreign exchange shall be admissible for such transactions; and any conditions which may be placed on such transactions. It is further proposed to insert a new sub-section (7) in the said section which provides that the term “debt instruments” shall mean such instruments as may be determined by the Central Government in consultation with the Reserve Bank.