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ear of the Republic of India as follows:—CHAPTER I PRELIMINARYShort title, extent, application and commencement.—(1) his Act may be called the Foreign. hange Management Act, 1999.It extends to the whole of India. It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and ...
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The web page provides the full text of the Foreign Exchange Management Act, 1999, which regulates and manages foreign exchange transactions in India. It also includes rules, regulations, notifications, orders, circulars, and other related documents.
- Remittance for Current Account Transactions. Government of India Notification No.GSR(381)E dated 3rd May 2000 1. In terms of provisions of Section 5 of Foreign Exchange Management Act, any person may sell or draw foreign exchange to or from an authorised dealer if such sale or withdrawal is a current account transaction.
- Regulations relating to Capital Account Transactions. Section 6 of the Act provides powers to Reserve Bank to specify in consultation with the Central Government the classes of permissible Capital Account transactions and limits upto which exchange is admissible for such transactions.
- Regulations relating to export of goods and services. Foreign Exchange Management (Export of goods and services) Regulations, 2000 Notification No.FEMA 23/2000-RB dated 3rd May, 2000.
- Other Regulations 1. Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000 - Notification No.FEMA 9/2000-RB dated 3rd May 2000.
ontrolled”. ontravention of the FEMA committed outside India by a person to whom this Act applies will also be covered by FEMA. Commencement: The Act, 1999 came into force with effect from 1stJune, 2000 vide Notification G.S.R. 371(E), dated 1.5.2000. DEFINITIONS [SECTION 2] In this Act, unless the context otherwise requires:
Learn about the Foreign Exchange Management Act (FEMA) that replaced the Foreign Exchange Regulation Act (FERA) in 1999. Find out the main features, categories of authorized persons, and structure of FEMA for IAS exam preparation.
- The main objective of FEMA was to help facilitate external trade and payments in India. It was also meant to help orderly development and maintenan...
- FEMA (Foreign Exchange Management Act) is applicable to the whole of India and equally applicable to the agencies and offices located outside India...
- FEMA gives power to the central government for imposing restrictions on activities like making payments to a person situated outside of the country...
- Under Fema, the adjudicator (an officer with the ED) can impose a penalty three times the size of the contravention involved where the sum is quant...
- FERA is an act promulgated, to regulate payments and foreign exchange in India.FEMA is an act initiated to facilitate external trade and payments a...
The Foreign Exchange Management Act, 1999 ( 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". [1]
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List of FFMC Licences Cancelled. Unique Identification Numbers allotted to Branch Offices and Liaison Offices of Foreign entities in India (as on March 31, 2024) Money Transfer Service Scheme (MTSS) – List of Overseas Principals, Indian Agents and their Sub-Agents. Electronic Reporting System. State and District Code List.
