Explain the provisions of Section 6 of the Foreign Exchange Management Act, 1999, regarding the transfer or issue of any foreign security.
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Foreign Exchange Management ActSubjectiveQuestion 5747 of 6
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Detailed Solution & Explanation
Section 6 of the Foreign Exchange Management Act, 1999, states that subject to the provisions of this Act, any person may sell or draw foreign exchange to or from an authorised person if such sale or drawal is for an eligible transaction. This section also deals with the transfer or issue of any foreign security. The Reserve Bank may, by regulations, prohibit, restrict or regulate the transfer or issue of any foreign security by a person resident in India.
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More Questions from Foreign Exchange Management Act
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