Under Section 46 of the Foreign Exchange Management Act has been empowered the Central
Government to make rules to carry out the provisions of the Act. Same as, Section 47 empowers the Reserve Bank to make regulations to carry out the provisions of the Act and the rules made there under. Further, Section 41 provides that the Central Government may from time to time, give to the Reserve Bank such general or special directions as it thinks fit, and the Reserve Bank shall comply with such directions. In India, the foreign exchange administration with responsibility is charged to the Reserve Bank.