Dealing in foreign exchange [Section 3 of FEMA,1999]

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... er. As per section 3 Save as otherwise provided in this Act, rules or regulations made there under, or with the general or special permission of the Reserve Bank, no person shall- (a) deal in or transfer any foreign exchange or foreign security to any person not being an authorised person ; As per section 2(ze) transfer includes sale, purchase, exchange, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e requests his brother in India to pay the insurance premium. This will amount to payment for the credit of non-resident. This is not permitted. (c) receive otherwise through an authorised person , any payment by order or on behalf of any person resident outside India in any manner; Explanation .-For the purpose of this clause, where any person in, or resident in, India recei .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cquire, any asset outside India by any person. Explanation.- For the purpose of this clause, financial transaction means making any payment to, or for the credit of any person, or receiving any payment for, by order or on behalf of any person, or drawing, issuing or negotiating any bill of exchange or promissory note, or transferring any security or acknowledging any debt. Examp .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X