Section 29(3) in The Foreign Exchange Regulation Act, 1973
(3)Notwithstanding anything contained in sub-section (2), the Reserve Bank may, having regard to-(i)the fact that any person or company (including its branch), referred to in sub-section (1), is carrying on any activity referred to in clause (a) of that sub-section at the commencement of this Act or has established a branch, office or other place of business for the carrying on of such activity at such commencement in either case, in pursuance of any permission or license granted by the Central Government; and(ii)the nature of the activity which is being, or intended to be carried on by such person or company (including its branch), by order, exempt-(a)such person or company (including its branch); or(b)any class of such persons or companies (including their branches), in relation to such activity as may be specified in the order, from the operation of the provisions of sub-section (2) subject to such conditions as may be specified in the order:Provided that the Reserve Bank shall not make any order under this sub-section in a case where the activity which is being, or intended to be, carried on is solely of a trading nature.
