37. FOREIGN EXCHANGE REGULATION ACT-1973
This Act is enacted on those days when foreign currency is quite scare. It contains very stringent provisions. With changing conditions now it has been replaced by Foreign Exchange Management Act, 1999.

It is now applicable on those cases which are committed during its applicability.

It deals with foreign exchange matters. Many restrictions on foreign exchange are put under this Act. For most of the dealings in foreign exchange, the permission of Reserve Bank of India is required under this Act. It also provides provisions of authorised dealers and money changer in foreign currency.

The Act also provides enforcement officers with vast powers. These powers are under sever criticism by Industry and Press.

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