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Foreign Exchange Regulation Act, 1973 [Repealed] Repealing Act 1

Title: Foreign Exchange Management Act, 1999

State: Central

Year: 1973

.....notification, direction or order made thereunder, and where (he said person refuses to comply with any such requirement or makes only unsatisfactory compliance therewith the authorised person shall refuse in writing to undertake the transaction and shall, if he has reason to believe that any such contravention or evasion as aforesaid is contemplated by the person, report the matter to the Reserve Bank. (6) Any person, other than an authorised person, who has acquired or purchased foreign exchange for any purpose mentioned in the declaration made by him to authorised person under sub-section (5) does not use it for such purpose or does not surrender it to authorised person within the specified period or uses the foreign exchange so acquired or purchased for any other purpose for which purchase or acquisition of foreign exchange is not permissible under the provisions of the Act or the rules or regulations or direction or order made thereunder shall be deemd to have committed contravention of the provisions of the Act for the purpose of this section. 11. Reserve Bank's powers to issue directions to authorised person (1) The Reserve, Bank may, for the purpose of.....

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Foreign Contribution (Regulation) Act, 1976 Chapter 2

Title: Regulation of Foreign Contribution and Foreign Hospitality

State: Central

Year: 1976

.....or both. (3 ) No person receiving any currency, whether Indian or foreign, from a foreign source on behalf of any association, referred to in sub-section (1) of section 6 , shall deliver such currency-- (i) to any association or organisation other than the association for which it was received, or (ii) to any other person, if he knows or has reasonable cause to believe that such other person intends, or is likely, to deliver such currency to an association other than the association for which such currency was received. ____________________ 1. Substituted by Act 1 of 1985, sec. 3, for "Government servant" w.r.e.f. 20-10-1984. Section 5 - Organisation of a political nature not to accept foreign contribution except with the prior permission of the Central Government (1) No organisation of a political nature, not being a political party, shall, accept any foreign contribution except with the prior permission of the Central Government. Explanation.-For the purposes of this section, "organisation of a political nature, not being a political party" means such organisation as the Central Government may, having regard to the activities of the organisation or the ideology.....

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Foreign Exchange Management Act, 1999 Chapter 2

Title: Regulation and Management of Foreign Exchange

State: Central

Year: 1999

.....Central Government may, in public interest and in consultation with the Reserve Bank, impose such reasonable restrictions for current account transactions as may be prescribed. Section 6 - Capital account transactions (1) Subject to the provisions of sub-section (2),any person may sell or draw foreign exchange to or from an authorised person for acapital account transaction. (2) The Reserve Bank may, in consultation with the Central Government, specify - (a) any class or classes of capital account transactions which are permissible; (b) the limit up to which foreign exchange shall be admissible for such transactions: Provided that the Reserve Bank shall not impose any restriction on the drawal of foreign exchange for payments due on account of amortization of loans or for depreciation of direct investments in the ordinary course of business. (3) Without prejudice to the generality of the provisions of sub-section (2), the Reserve Bank may, by regulations prohibit, restrict or regulate the following: - (a) transfer or issue of any foreign security by a person resident in India; (b) transfer or issue of any security by a person resident outside India; (c).....

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Industrial Reconstruction Bank of India Act, 1984 Section 23

Title: Loans in Foreign Currency

State: Central

Year: 1984

.....in India at the time of repayment of such loan or advance. (4) Any loss or profit in connection with any borrowing of foreign currency under sub-section (1), for the purpose of granting loans and advances under this Act, or with its repayment to the concerned foreign lending agency, on account of any fluctuations in the rate of exchange accruing -- (a) during the period within which the loan or advance is repayable by the industrial concern or the period of actual repayment thereof by the concern, whichever is longer, shall be reimbursed by, or paid to, as the case may be, the recipients of such loans and advances; (b) after the expiry of the period specified in clause (a),-- (i) shall be borne by the Reconstruction Bank in respect of normal market fluctuations in foreign exchange; (ii) shall be reimbursed by, or paid to, as the case may be, the Central Government in respect of fluctuations other than the normal market fluctuations in foreign exchange. Explanation.-- If any question arises as to whether any fluctuation as aforesaid is a normal fluctuation or not, the same shall be decided by the Central Government whose decision thereon shall be final.

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Small Industries Developement Bank of India Act, 1989 Section 19

Title: Loans in Foreign Currency

State: Central

Year: 1989

..... (4) Unless otherwise provided by the Central Government, any loss or profit in connection with any borrowing of foreign currency under sub-section (1) for the purpose of granting loans and advances under this Act, or with its repayment to the concerned foreign lending agency, on account of any fluctuations in the exchange accruing-- (a) during the period within which the loan or advance is repayable by the industrial concern in the small-scale sector or the period of actual repayment thereof by the concern, whichever is longer, shall be reimbursed by, or paid to, as the case may be, the recipient of such loans and advances; (b) after the expiry of the period specified in clause (a),-- (i) shall be borne by the Small Industries Bank in respect of normal market fluctuations in the rate of foreign exchange; (ii) shall be reimbursed by, or paid to, as the case may be, the Central Government in respect of fluctuations other than the normal market fluctuations in foreign exchange. Explanation.--If any question arises as to whether any fluctuation as aforesaid is a normal market fluctuation or not, the same shall be decided by the Central Government whose decision.....

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Income Tax Act, 1961 Section 115AC

Title: Tax on Income from Bonds or Global Depository Receipts Purchased in Foreign Currency or Capital Gains Arising from their Transfer

State: Central

Year: 1961

.....asset, being bonds or shares referred to in clause (b) of sub-section (1). (4) It shall not be necessary for a non-resident to furnish under sub-section(1) of section 139 a return of his income if (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of income referred to in clause (a) of sub-section (1) ; and (b) the tax deductible at source under the provisions of Chapter XVIIB has been deducted from such income. (5) Where the assessee acquired shares or bonds in an amalgamated or resulting company by virtue of his holding shares or bonds in the amalgamating or demerged company, as the case may be, in accordance with the provisions of sub-section (1), the provisions of the said sub-section shall apply to such shares or bonds. 2. Substituted for dividends by the Finance Act, 2003, with effect from 1st April, 2004. Earlier, the expression other than dividends referred to in section 115-O was omitted by the Finance Act, 2002, with effect from 1st April, 2003. 3. Substituted for re-issued by the Finance Act, 2002, with effect from 1st April, 2002. 4. Omitted by the Finance Act, 2002, with effect from 1st.....

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Foreign Exchange Regulation Act, 1973 Section 8

Title: Restrictions on Dealing in Foreign Exchange

State: Central

Year: 1973

.....time or sends or brings any goods of a kind, quality or quantity different from that specified by him at the time of acquisition of the foreign exchange, such person shall unless the contrary is proved, be presumed not to have been able to use the foreign exchange for the purpose for which he acquired it or, as the case may be, to have used the foreign exchange so acquired otherwise than for the purposes for which it was acquired. (5) Nothing in this section shall be deemed to prevent a person from buying from any post office in accordance with any law or rules made thereunder for the time being in force, any foreign exchange in the form of postal orders or money orders.

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Foreign Exchange Regulation Act, 1973 [Repealed] Section 8

Title: Restrictions on Dealing in Foreign Exchange

State: Central

Year: 1973

.....time or sends or brings any goods of a kind, quality or quantity different from that specified by him at the time of acquisition of the foreign exchange, such person shall unless the contrary is proved, be presumed not to have been able to use the foreign exchange for the purpose for which he acquired it or, as the case may be, to have used the foreign exchange so acquired otherwise than for the purposes for which it was acquired. (5) Nothing in this section shall be deemed to prevent a person from buying from any post office in accordance with any law or rules made thereunder for the time being in force, any foreign exchange in the form of postal orders or money orders.

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National Bank for Agriculture and Rural Development Act, 1981 Section 20

Title: Borrowings in Foreign Currency

State: Central

Year: 1981

.....of the Central Government and in consultation with the Reserve Bank, foreign currency from any bank or financial institution in India or elsewhere, for granting loans and advances or for utilising such currency for any other purpose specified under the provisions of this Act.] ________________________ 1. Substituted by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000). Prior to substitution it read as under: "20 . Borrowings in foreign currency. -- (1) Notwithstanding anything contained in the Foreign Exchange Regulation Act, 1973, or in any other law for the time being in force relating to foreign exchange the National Bank may borrow with the previous approval of the Central Government and in consultation with the Reserve Bank, foreign currency from any bank or financial institution in India or elsewhere. (2) The Central Government may guarantee loans taken by the National Bank under sub-section (1) as to the repayment of principal and the payment of interest thereon and other incidental charges."

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Agricultural Refinance and Development Corporation Act 1963 Section 21

Title: Loans in Foreign Currency

State: Central

Year: 1963

(1) Notwithstanding, anything contained in the Foreign Exchange Regulation Act, 1947 (7 of 1947), or in any other law for the time being in force relating to foreign exchange, the Corporation may, for the purpose of granting loans and advances to eligible institutions, borrow, with the previous consent of the Central Government, foreign currency from any bank or financial institution in India or elsewhere. (2) The Central Government may guarantee loans taken by the Corporation under sub-section (1) as to the repayment of principal and the payment of interest thereon and other incidental charges. (3) All loans and advances made to eligible institutions out of foreign currency borrowed under sub-section (1) shall be granted in Indian currency and shall be repayable by such institutions in Indian currency. (4) Any loss occurring or profit accruing in connection with any borrowing of foreign currency under sub-section (1) for the purpose of granting loans or advances to any eligible institution or its repayment, on account of any fluctuations in the rates of exchange shall be reimbursed by, or paid to, the eligible institution.

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