Section 12 Power of Reserve Bank to inspect authorised person. of Foreign Exchange Management Act, 1999
Power of Reserve Bank to inspect authorised person.
12. (1) The Reserve Bank may, at any time, cause an inspection to be made, by any officer of the Reserve Bank specially authorised in writing by the Reserve Bank in this behalf, of the business of any authorised person as may appear to it to be necessary or expedient for the purpose of—
(a) verifying the correctness of any statement, information or particulars furnished to the Reserve Bank;
(b) obtaining any information or particulars which such authorised person has failed to furnish on being called upon to do so;
(c) securing compliance with the provisions of this Act or of any rules, regulations, directions or orders made thereunder.
(2) It shall be the duty of every authorised person, and where such person is a company or a firm, every director, partner or other officer of such company or firm, as the case may be, to produce to any officer making an inspection under sub-section (1), such books, accounts and other documents in his custody or power and to furnish any statement or information relating to the affairs of such person, company or firm as the said officer may require within such time and in such manner as the said officer may direct.
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- Section 1 Short title, extent, application and commencement.
- Section 2 Definitions.
- Section 3 Dealing in foreign exchange, etc.
- Section 4 Holding of foreign exchange, etc.
- Section 5 Current account transactions.
- Section 6 Capital account transactions.
- Section 7 Export of goods and services.
- Section 8 Realisation and repatriation of foreign exchange.
- Section 9 Exemption from realisation and repatriation in certain cases.
- Section 10 Authorised person.
- Section 11 Reserve Banks powers to issue directions to authorised person
- Section 12 Power of Reserve Bank to inspect authorised person.
- Section 13 Penalties.
- Section 14 Enforcement of the orders of Adjudicating Authority
- Section 14A [Power to recover arrears of penalty.
- Section 15 Power to compound contravention
- Section 16 Appointment of Adjudicating Authority.
- Section 17 Appeal to Special Director (Appeals).
- Section 18 [Appellate Tribunal.
- Section 19 Appeal to Appellate Tribunal.
- Section 20
- Section 21 [Qualifications for appointment of Special Director (Appeals).
- Section 22
- Section 23 [Terms and conditions of service of Special Director (Appeals).
- Section 24
- Section 25
- Section 26
- Section 27 [Staff of Special Director (Appeals).
- Section 28 Procedure and Powers of Appellate Tribunal and Special Director (Appeals)
- Section 29
- Section 30
- Section 31
- Section 32 Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers.
- Section 33 [Officers and employees, etc. to be public servant.
- Section 34 Civil court not to have jurisdiction
- Section 35 Appeal to High Court.
- Section 36 Directorate of Enforcement.
- Section 37 Power of search, seizure, etc.
- Section 38 Empowering other officers.
- Section 39 Presumption as to documents in certain cases
- Section 40 Suspension of operation of this Act
- Section 41 Power of Central Government to give directions.
- Section 42 Contravention by companies.
- Section 43 Death or insolvency in certain cases.
- Section 44 Bar of legal proceeding
- Section 45 Removal of difficulties.
- Section 46 Power to make rules.
- Section 47 Power to make regulations.
- Section 48 Rules and regulations to be laid before Parliament.
- Section 49 Repeal and saving.