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FOREIGN EXCHANGE REGULATION ACT, 1973
16. Duty of persons entitled to receive foreign exchange (i) 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 - that the receipt by him of the whole or part of that foreign exchange or payment is delayed, or that the foreign exchange or payment ceases in whole or in part to be receivable by him. (ii) Where a person has failed to comply with the requirements of sub-section (1) in relation to any foreign exchange or payment in rupees, the Reserve Bank may give to him such directions as appear to be expedient for the purposes of securing the receipt of the foreign exchange or payment, as the case may be. |
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