FEMA-An Act Overview Series 1

*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  • Foreign Exchange Management Act, 1999 w.e.f. 01st June 2000 (FEMA), (repealed FERA 1973).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

Published by Business So Simple

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