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Section 43 Foreign Exchange Mgt. Act 1999: Death or insolvency in certain cases

Section 43 (Death or insolvency in certain cases) under Chapter VII (Miscellaneous) of the Foreign Exchange Management Act 1999 (FEMA)

❝Any right, obligation, liability, proceeding or appeal arising in relation to the provisions of section 13 shall not abate by reason of death or insolvency of the person liable under that section and upon such death or insolvency such rights and obligations shall devolve on the legal representative of such person or the official receiver or the official assignee, as the case may be:

 Provided that a legal representative of the deceased shall be liable only to the extent of the inheritance or estate of the deceased.❞




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Notes:

The Foreign Exchange Management Act, 1999 was amended by:
- the Finance Act, 2015 (Act No. 20 of 2015);
- the Finance Act, 2016 (Act No. 28 of 2016);
- the Finance Act, 2017 (Act No. 07 of 2017).

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