Foreign Exchange Management Act, 1999

Death or insolvency in certain cases.

43. 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.