Section 40 Suspension of operation of this Act of Foreign Exchange Management Act, 1999
Suspension of operation of this Act.
40. (1) If the Central Government is satisfied that circumstances have arisen rendering it necessary that any permission granted or restriction imposed by this Act should cease to be granted or imposed, or if it considers necessary or expedient so to do in public interest, the Central Government may, by notification, suspend or relax to such extent either indefinitely or for such period as may be notified, the operation of all or any of the provisions of this Act.
(2) Where the operation of any provision of this Act has under sub-section (1) been suspended or relaxed indefinitely, such suspension or relaxation may, at any time while this Act remains in force, be removed by the Central Government by notification.
(3) Every notification issued under this section shall be laid, as soon as may be after it is issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the notification or both Houses agree that the notification should not be issued, the notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that notification.
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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.