Power to the Central Government to Make Rules under FEMA Act [ Section 46 ] - FEMA Ready Reckoner - FEMA

Power to the Central Government to Make Rules under FEMA Act Section 46(1) provides power to the Central Government may, by notification, make rules to carry out the provisions of FEMA Act,1999 . Section 46(2) Without prejudice to the generality of the foregoing power, such rules may provide for,- (a) the imposition of reasonable restrictions on current account transactions under section 5 ; (aa) the instruments which are determined to be debt instruments under section 6(7) ; (ab) the permissible classes of capital account transactions in accordance with section 6(2A) , the limits of admissibility of foreign exchange, and the prohibition, restriction or regulation of such transactions; (b) the manner in which the contravention may be compounded under section 15(1) ; (c) the manner of holding an inquiry by the Adjudicating Authority under section 16(1) ; (d) the form of appeal and fee for filing such appeal under section 17 and section 19 ; (e) the salary and allowances payable to and the other terms and conditions of service of the Special Director (Appeals) under section 23 ; (f) the salaries and allowances and other conditions of service of the officers and employees of the 4 [office of the Special Director (Appeals) under section 27(3) ; (g) the additional matters in respect of which the Appellate Tribunal and the Special Director (Appeals) may exercise the powers of a civil court under section 28(2)(i) ; (gg) the aggregate value of foreign exchange referred to in under section 37A(1) ; (h) the authority or person and the manner in which any document may be authenticated under clause (ii) of section 39 ; and (i) any other matter which is required to be, or may be, prescribed.