FERA Act was introduced at a time when foreign exchange. (Forex) reserves of the The object of FEMA , (effective June1, ). The Foreign Exchange Management Act, (FEMA) is an Act of the Parliament of India "to . Foreign Exchange Management (Current Account Transactions) Rule, ; Foreign Archived from the original (PDF) on 9 September 47 of the Foreign Exchange Management Act (42 of ), the Management (Current Account Transactions) Rules, dated 3rd May as.
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of section 47 of the Foreign Exchange Management Act, (42 of ), the Reserve Bank ii) They shall come into force on 1st day of June, 2. Foreign Exchange Management Act, (42 of ), the Reserve Bank Security by a Person Resident outside India) Regulations, This Act may be called the Foreign Exchange Management Act, • It extends to the whole of India. • It shall also apply to all branches, offices and agencies.
This was meant to close all the loopholes and drawback of FERA and hence major economic reforms were introduced under this act. It was primarily formulated to de-regularize and have liberal Indian economy. It was also meant to help orderly development and maintenance of foreign exchange market in India. It defines the procedures, formalities, dealings of all foreignexchange transactions in India. These transactions are mainly classified under two categories -- Current Account Transactions and Capital Account Transactions.
FEMA is applicable to all parts of India.
The act is also applicable to all branches, offices and agencies outside India owned or controlled by a person who is a resident of India. The Directorate is further divided into 5 zonal offices in Delhi, Mumbai, Kolkata, Chennai and Jalandhar and each office is headed by a Deputy Director.
Each zone is further divided into 7 sub-zonal offices headed by the Assistant Directors and 5 field units headed by Chief Enforcement Officers. Updated details of FEMA notifications are given below.
Transfer or Issue of any Foreign Security Regulations Offshore Banking Unit Regulations Authentication Of Documents Rules Current Account Transactions Rules Adjudication Proceedings And Appeal Rules Permissible Capital Account Transactions Regulations Deposit Regulations Guarantees Regulations Insurance Regulations Remittance of Assets Regulations Foreign Exchange Derivative Contracts Regulations Online Export Import Data Search.
Search Now. Complete Training Video: Click Here. Transfer or Issue of any Foreign Security Regulations 2. The switch to FEMA shows the change on the part of the government in terms of for the capital.
FCRA, has been enacted by the Parliament to consolidate the law to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilization of foreign contribution or foreign hospitality for any activities detrimental to national interest and for matters connected therewith or incidental thereto.
This sum has been specified as Rs. Explanation 1 — A donation, delivery or transfer or any article, currency or foreign security referred to in this clause by any person who has received it form any foreign source, either directly or through one or more persons, shall also be deemed to be foreign contribution with the meaning of this clause. From Wikipedia, the free encyclopedia. The Foreign Exchange Management Act, An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Citation Act No. In force The Foreign Exchange Management Act, FEMA is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India".
Law portal. Dept of Revenue, Govt of India. Archived from the original PDF on 9 September Retrieved 9 September Business Environment.
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