Applicability of foreign exchange law extends to resident owned overseas branches and extraterritorial contraventions, with IFSC carve outs. The foreign exchange statute applies across India and extends to branches, offices and agencies abroad that are owned or controlled by residents of India, covering contraventions committed outside India by such persons; financial institutions in designated international financial centres are subject to a regulatory carve out governed by central bank directions. The Act was brought into force by notification and allows different commencement dates for different provisions, and it functions as a civil regulatory framework to facilitate external trade, payments, and orderly development of the foreign exchange market.