Section 3 Dealing in foreign exchange, etc. of Foreign Exchange Management Act, 1999
Dealing in foreign exchange, etc.
3. Save as otherwise provided in this Act, rules or regulations made thereunder, 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;
(b) make any payment to or for the credit of any person resident outside India in any manner;
(c) receive otherwise (than) 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 receives any payment by order or on behalf of any person resident outside India through any other person (including an authorised person) without a corresponding inward remittance from any place outside India, then, such person shall be deemed to have received such payment otherwise than through an authorised person;
(d) enter into any financial transaction in India as consideration for or in association with acquisition or creation or transfer of a right to acquire, 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.
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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.