*FEMA*-*An Act Overview* Series
*Background*
- Foreign exchange control – Exchange control law through Defense of India rules by the Britishers in 1939.
- Foreign Exchange Regulation Act (FERA) was enacted in 1947
- ‘The Foreign Exchange Regulation Act, 1973’ (FERA) Replaced Foreign Exchange Regulation Act, 1947 (FERA)
- Foreign Exchange Management Act, 1999 w.e.f. 01st June 2000 (FEMA), (repealed FERA 1973).
*Salient Features of FEMA*
- *Regulation of transactions* BETWEEN *residents and non-residents*
- *Investments in India by non-residents*
- *Overseas investments by Indian residents*
- *Freely permissible transactions on current account* subject to reasonable restrictions that may be imposed
- *RBI control over capital account transactions*
- Requirement for *realisation of export proceeds and repatriation to India*
- *Dealing in foreign exchange through ‘Authorised Persons’* (Authorised Dealer/Money Changer/Off-shore banking unit )
- *Adjudication and Compounding of Offences*
- *Investigation of offences by Directorate of Enforcement*
- *Appeal provisions* including Special Director (Appeals) and Appellate Tribunal.
1. FEMA & International taxation https://chat.whatsapp.com/J3O8lXBnYzdLnWmql7cBVG
2 *YouTube Link https://www.youtube.com/channel/UCtgyAk11-4JfHh1mHDyZ5bg
3. Telegram Channel Link t.me/FEMAANDINTERNATIONALTAXATION
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