How many sections are in The Foreign Exchange Regulation Act, 1973 (FERA)?

The The Foreign Exchange Regulation Act, 1973 (FERA) contains a total of 81 sections organized across 1 chapters. The chapters are: Chapter I — Full Text — 81 sections.

Where can I read the complete FERA bare act online for free?

You can read the complete, updated text of The Foreign Exchange Regulation Act, 1973 (FERA) with all 81 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does FERA deal with?

The Foreign Exchange Regulation Act, 1973 (FERA) is an Indian legislation enacted in 1973 passed by the Parliament of India. An Act to consolidate and amend the law regulating dealings in foreign exchange. Replaced by FEMA 1999. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of FERA?

FERA stands for "The Foreign Exchange Regulation Act, 1973". It is an Indian legislation containing 81 sections across 1 chapters. You can read the complete FERA bare act with all sections at Law on Tips.

The Foreign Exchange Regulation Act, 1973 (FERA) - Complete Bare Act with All 81 Sections | Law on Tips

S.1Short title, extent, application and commencement .-(1) This Act may be called The Foreign Exchange Regulation Act, 1973

S.2Definitions .-In this Act, unless the context otherwise requires,

S.3Classes of officers of Enforcement .-There shall be the following classes of officers of Enforcement, namely:

S.4Appointment and powers of officers of Enforcement .-(1) The Central Government may appoint such persons as it thinks fit to be officers of Enforcement

S.5[Repealed]

S.6Authorised dealers in foreign exchange .-(1) The Reserve Bank may, on an application made to it in this behalf, authorise any person to deal in foreign exchange

S.7Money-changers .-(1) The Reserve Bank may, on an application made to it in this behalf, authorise any person to deal in foreign currency

S.8Restrictions on dealing in foreign exchange .-(1) Except with the previous general or special permission of the Reserve Bank, no person other than an authorised dealer shall in India, and no person resident in India other than an authorised dealer shall outside India, purchase or otherwise acquire or borrow from, or sell, or otherwise transfer or lend to or exchange with, any person not being an authorised dealer, any foreign exchange:

S.9Restrictions on payment .-(1) Save as may be provided in, and in accordance with, any general or special exemption from the provisions of this sub-section which may be granted conditionally or unconditionally by the Reserve Bank, no person in, or resident in, India shall

S.10Blocked accounts .-(1) Where an exemption from the provisions of section 9 is granted by the Reserve Bank in respect of payment of any sum to any person resident outside India and the exemption is made subject to the condition that the payment is made to a blocked account

S.11/584 Statement of Objects and Reasons

S.12[Repealed]

S.13Restrictions on import and export of certain currency and bullion .-(1) The Central Government may, by notification in the Official Gazette, order that, subject to such exemption, if any, as may be specified in the notification, no person shall, except with the general or special permission of the Reserve Bank and on payment of the fee, if any, prescribed, bring or send into India [* * *] any foreign exchange or any Indian currency

S.14Acquisition by Central Government of foreign exchange .-The Central Government may, by notification in the Official Gazette, order every person in, or resident in, India

S.15[Repealed]

S.16Duty of persons entitled to receive foreign exchange, etc.-(1) No person who has a right to receive any foreign exchange or to receive from a person resident outside India a payment in rupees shall, except with the general or special permission of the Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing

S.17[Repealed]

S.18Payment for exported goods .-(1)(a) The Central Government may, by notification in the Official Gazette, prohibit the taking or sending out by land, sea or air (hereinafter in this section referred to as export) of all goods or of any goods or class of goods specified in the notification from India directly or indirectly to any place so specified unless the exporter furnishes to the prescribed authority a declaration in the prescribed form supported by such evidence as may be prescribed or so specified and true in all material particulars which, among others, shall include the amount representing

S.19Regulation of export and transfer of securities .-(1) Notwithstanding anything contained in section 81 of the Companies Act, 1956 (1 of 1956), no person shall, except with the general or special permission of the Reserve Bank,

S.20[Repealed]

S.21[Repealed]

S.22[Repealed]

S.23[Repealed]

S.24Restriction on settlement, etc .-No person resident in India shall, except with the general or special permission of the Reserve Bank, settle or make a gift of, any property so that a person who at the time of the settlement or the making of the gift is resident outside India, elsewhere than in the territories notified in this behalf by the Reserve Bank, will have an interest in the property, or exercise any power for payment in favour of a person who at the time of the exercise of the power is resident outside India elsewhere than in such notified territories:

S.25Restriction on holding of immovable property outside India .-(1) No person resident in India shall, except with the [general or special permission of the Reserve Bank], acquire or hold or transfer or dispose of by sale, mortgage, lease, gift, settlement or otherwise, any immovable property situate outside India:

S.26[ Certain provisions as to guarantee in respect of debt or other obligation

S.27[Repealed]

S.28Restrictions on the appointment of certain persons and companies as agents or technical or management advisers in India .- [(1) Without prejudice to the provisions of section 47 and notwithstanding anything contained in any other provision of this Act or the Companies Act, 1956 (1 of 1956), a person resident outside India (whether a citizen of India or not) or a person who is not a citizen of India but is resident in India, or a company (other than a banking company) which is not incorporated under any law in force in India or any branch of such company, shall not, except with the general or special permission of the Reserve Bank, act, or accept appointment, as agent in India of any person or company, in the trading or commercial transactions of such person or company

S.29Restrictions on establishment of place of business in India .-(1) Without prejudice to the provisions of section 28 and section 47 and notwithstanding anything contained in any other provision of this Act or the provisions of the Companies Act, 1956 (1 of 1956), a person resident outside India (whether a citizen of India or not) or a person who is not a citizen of India but is resident in India, or a company (other than a banking company) which is not incorporated under any law in force in India [* * *] or any branch of such company, shall not, except with the general or special permission of the Reserve Bank,

S.30Prior permission of Reserve Bank required for taking up employment, etc., in India by nationals of foreign States .- [(1) No national of a foreign State shall, without the previous permission of the Reserve Bank, practice any profession or carry on any occupation, trade or business in India, in a case where such national desires to acquire any foreign exchange (such foreign exchange being intended for remittance outside India) out of any moneys received by him in India by reason of the practising of such profession or the carrying on of such occupation, trade or business, as the case may be.] [ Substituted by Act 29 of 1993, Section 16, for Explanation (w.e.f. 8.1.1993).]

S.31Restriction on acquisition, holding, etc., of immovable property in India .-(1) No person who is not a citizen of India and no company (other than a banking company) which is not incorporated under any law in force in India [* * *] shall, except with the previous general or special permission of the Reserve Bank, acquire or hold or transfer or dispose of by sale, mortgage, lease, gift, settlement or otherwise any immovable property situate in India:

S.32[Repealed]

S.33Power to call for information .-(1) The Central Government may, at any time by notification in the Official Gazette, direct the owners, subject to such exceptions, if any, as may be specified in the notification, of such foreign exchange or foreign securities or immovable properties held outside India as may be so specified, to submit a return, or from time to time returns, thereof to the Reserve Bank within such period, and giving such particulars, as may be so specified

S.34Power to search suspected persons and to seize documents .-(1) If any officer of Enforcement authorised in this behalf by the Central Government, by general or special order, has reason to believe that any person has secreted about his person or in anything under his possession, ownership or control any documents which will be useful for, or relevant to, any investigation or proceeding under this Act, he may search that person or such thing and seize such documents

S.35Power to arrest .-(1) If any officer of Enforcement authorised in this behalf by the Central Government, by general or special order, has reason to believe that any person in India or within the Indian customs waters has been guilty of an offence punishable under this Act, he may arrest such person and shall, as soon as may be, inform him of the grounds for such arrest

S.36Power to stop and search conveyances .-If any officer of Enforcement authorised in this behalf by the Central Government, by general of special order, has reason to believe that any document which will be useful for, or relevant to, any investigation or proceeding under this Act is secreted in any aircraft or vehicle or on any animal in India or in any vessel in India or within the Indian customs waters, he may at any time stop any such vehicle or animal or vessel or, in the case of an aircraft, compel it to stop or land, and

S.37Power to search premises .-(1) If any officer of Enforcement, not below the rank of an Assistant Director of Enforcement, has reason to believe that any documents which, in his opinion, will be useful for, or relevant to, any investigation or proceeding under this Act, are secreted in any place, he may authorise any officer of Enforcement to search for and seize or may himself search for and seize such documents

S.38[Repealed]

S.39Power to examine persons .-The Director of Enforcement or any other officer of Enforcement authorised in this behalf by the Central Government, by general or special order, may, during the course of any investigation or proceeding under this Act,

S.40Power to summon persons to give evidence and produce documents .-(1) Any Gazetted Officer of Enforcement shall have power to summon any person whose attendance he considers necessary either to give evidence or to produce a document during the course of any investigation or proceeding under this Act

S.41Custody of documents, etc .-Where in pursuance of an order made under sub-section (2) of section 33 or of the provisions of section 34 or section 36 or section 37 or of a requisition or summons under section 39 or section 40, any document is furnished or seized and any officer of Enforcement has reason to believe that the said document would be evidence of the contravention of any of the provisions of this Act or of any rule, direction or order made thereunder, and that it would be necessary to retain the document in his custody, he may so retain the said document for a period not exceeding [six months] or if, before the expiry of the said period of [six months] [ Substituted by Act 29 of 1993, Section 21, for " one year" (w.e.f. 8.1.1993).] any proceedings

S.42Encashment of cheque, draft, etc .-(1) Where

S.43Inspection .-(1) Any officer of Enforcement not below the rank of an Assistant Director of Enforcement specially authorised in writing by the Director of Enforcement in this behalf, or any officer of the Reserve Bank specially authorised in writing by the Reserve Bank in this behalf, may inspect the books and accounts and other documents of any authorised dealer

S.44Prohibition of disclosure of documents or information except in certain cases .-(1) If the Director of Enforcement or any other officer of Enforcement not below the rank of an Assistant Director of Enforcement is of opinion that the contents of any documents which have come into his possession or control during the course of any investigation or proceeding under this Act would be useful for, or relevant to, any proceeding which is in progress or may be started under any other law for the time being in force, he may disclose such document or any information contained therein as he thinks fit to an officer duly authorised by or under such other law

S.45Power of police officers and other officers to enter, search, etc .-(1) Notwithstanding anything contained in the [Code of Criminal Procedure, 1973 (2 of 1974)], any police officer not below the rank of a Deputy Superintendent of Police or any other officer of the Central Government or a State Government authorised by the Central Government in this behalf may enter any public place and search and arrest without warrant any person found therein who is reasonably suspected of having committed or of committing or of being about to commit a contravention of the provisions of sub-section (1) of section 8

S.46Procedure in respect of foreign exchange or any other goods seized by police officers .-(1) Where any police officer seizes any foreign exchange or any other goods which is alleged or suspected to have been stolen, or which is found, in either case, under circumstances which create suspicion of the commission of an offence under this Act, such police officer shall forthwith report the seizure of

S.47Contracts in evasion of the Act .-(1) No person shall enter into any contract or agreement which would directly or indirectly evade or avoid in any way the operation of any provision of this Act or of any rule, direction or order made thereunder

S.48[Repealed]

S.49Failure to comply with conditions subject to which permissions or licenses have been given or granted under the Act to be contravention of the provisions of the Act .-Where under any provision of this Act any permission or license has been given or granted to any person subject to any conditions and

S.50[Repealed]

S.51[Repealed]

S.52Appeal to Appellate Board .-(1) The Central Government may, by notification in the Official Gazette, constitute an Appellate Board to be called the Foreign Exchange Regulation Appellate Board consisting of a Chairman being a person who has for at least ten years held a civil judicial post or who has been a member of the Central Legal Service (not below Grade I) for at least three years or who has been in practice as an advocate for at least ten years and such number of other members, not exceeding four, to be appointed by the Central Government for hearing appeals against the orders of the adjudicating officer made under section 51

S.53Powers of the adjudicating officer and the Appellate Board to summon witnesses, etc .-(1) Without prejudice to any other provision contained in this Act, the adjudicating officer and the Appellate Board shall have all the powers of a Civil Court under the Code of Civil Procedure, 1908 (5 of 1908) while trying a suit, in respect of the following matters, namely:

S.54Appeal to High Court .-An appeal shall lie to the High Court only on questions of law from any decision or order of the Appellate Board under sub-section (3) or sub-section (4) of section 52

S.55Continuance of proceeding in the event of death or insolvency .-(1) Where

S.56Offences and prosecutions .-(1) Without prejudice to any award of penalty by the adjudicating officer under this Act, if any person contravenes any of the provisions of this Act other than section 13, clause (a) of sub-section (1) of [section 18, section 18-A,] clause (a) of sub-section (1) of section 19, sub-section (2) of section 44 and sections 57 and 58, or of any rule, direction or order made thereunder, he shall, upon conviction by a Court, be punishable,

S.57[Repealed]

S.58Vexatious search, etc., by officers of Enforcement .-(1) Any officer of Enforcement exercising powers under this Act or any rule made thereunder who,

S.59Presumption of culpable mental state .-(1) In any prosecution for any offence under this Act which requires a culpable mental state on the part of the accused, the Court shall presume the existence of such mental state but it shall be a defence for the accused to prove the fact that he had no such mental state with respect to the act charged as an offence in that prosecution

S.60Power to tender immunity from prosecution .-(1) The Central Government may, if it is of opinion (the reasons for such opinion being recorded in writing) that with a view to obtaining the evidence of any person appearing to have been directly or indirectly concerned in or privy to the contravention of any of the provisions of this Act or of any rule, direction or order made thereunder, it is necessary or expedient so to do, tender to such person immunity from prosecution for any offence under this Act or under the Indian Penal Code, or under any other Central Act for the time being in force and also from the imposition of any penalty under this Act on condition of his making a full and true disclosure of the whole circumstances relating to such contravention

S.61Cognizance of offences .- [(1) Notwithstanding anything contained in section 29 of the Code of Criminal Procedure, 1973 (2 of 1974), it shall be lawful for any metropolitan magistrate and for any magistrate of the first class to pass a sentence of imprisonment for a term exceeding three years or of fine exceeding five thousand rupees on any person convicted of an offence punishable under section 56.]

S.62[Repealed]

S.63Confiscation of currency, security, etc .-Any Court trying a contravention under section 56 and the adjudicating officer adjudging any contravention under section 51 may, if it or he thinks fit and in addition to any sentence or penalty which it or he may impose for such contravention, direct that any currency, security or any other money or property in respect of which the contravention has taken place shall be confiscated to the Central Government and further direct that the foreign exchange holdings, if any, of the person committing the contravention or any part thereof, shall be brought back into India or shall be retained outside India in accordance with the directions made in this behalf

S.64Preparation, attempt, etc .-(1) Whoever makes preparation to contravene any of the provisions of this Act other than section 13, clause (a) of sub-section (1) of [section 18, section 18-A], clause (a) of sub-section (1) of section 19, sub-section (2) of section 44 and sections 57 and 58 or of any rule, direction or order made thereunder and from the circumstances of the case, it may be reasonably inferred that if not prevented by circumstances independent of his will, the contravention as aforesaid would have taken place, shall, for the purposes of section 56, be deemed to have contravened that provision, rule, direction or order, as the case may be

S.65Correction of clerical errors, etc .-Clerical or arithmetical mistakes in any decision or order passed by the Appellate Board or the adjudicating officer under this Act, or errors arising therein from any accidental slip or omission may, at any time, be corrected by the Appellate Board or the adjudicating officer or his successor-in-office, as the case may be:

S.66Application of [section 360 of the Code of Criminal Procedure, 1973], and of the Probation of Offenders Act, 1958

S.67[Repealed]

S.68Offences by companies .-(1) Where a person committing a contravention of any of the provisions of this Act or of any rule, direction or order made thereunder is a company, every person who, at the time of the contravention was committed, was in charge of, and was responsible to, the company for the conduct of business of the company as well as the company, shall be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly:

S.69Power of Court to publish name, place of business, etc., of companies convicted under the Act .-(1) Where any company is convicted under this Act for contravention of any of the provisions thereof or of any rule, direction or order made thereunder, it shall be competent for the Court convicting the company, to cause the name and place of business of the company, nature of the contravention, the fact that the company has been so convicted and such other particulars as the Court may consider to be appropriate in the circumstances of the case, to be published at the expense of the company in such newspapers or in such other manner as the Court may direct

S.70Recovery of sums due to Government .-(1) Where any penalty imposed on any person under this Act is not paid,

S.71Burden of proof in certain cases .-(1) Where any person is prosecuted or proceeded against for contravening any of the provisions of this Act or of any rule, direction or order made thereunder which prohibits him from doing an act without permission, the burden of proving that he had the requisite permission shall be on him

S.72Presumption as to documents in certain cases .-Where any document,

S.73Supplemental provisions .-(1) For the purposes of this Act and of any rules, directions or orders made thereunder

S.74Delegation .-The Reserve Bank may, with the previous approval of the Central Government, by order, delegate any of its powers or functions

S.75[Repealed]

S.76Factors to be taken into account by the Central Government and the Reserve Bank while giving or granting permissions or licenses under the Act .-Save as otherwise expressly provided in this Act, the Central Government or the Reserve Bank, as the case may be, shall, while giving or granting any permission or license under this Act, have regard to all or any of the following factors, namely:

S.77Certain officers to assist officers of Enforcement .-The following officers are hereby empowered and required to assist the officers of Enforcement in the enforcement of this Act, namely:

S.78[Repealed]

S.79Power to make rules .-(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act

S.80Power to remove difficulties .-If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, do anything not inconsistent with such provisions for the purpose of removing the difficulty:

S.81Repeal and saving .-(1) The Foreign Exchange Regulation Act, 1947, is hereby repealed

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The Foreign Exchange Regulation Act, 1973