FEMA - Foreign Exchange Management Act FEMA by RBI.



FEMA


The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA became an act on the 1st day of June, 2000. FEMA was introduced because the FERA didn’t fit in with post-liberalisation policies. A significant change that the FEMA brought with it, was that it made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA.

The main objective behind the Foreign Exchange Management Act (1999) is to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments. It was also formulated to promote the orderly development and maintenance of foreign exchange market in India.

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 FEMA head-office, also known as Enforcement Directorate is situated in New Delhi and is headed by a Director. 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. If you can’t find what you are looking for, fill in the form on the right and our representative will get in touch with you at the earliest.

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What is New?
Date: 19-09-2014
DGFT Public Notice No.70/(RE 2013)/2009-14
Corrigendum to Public Notice number 52 dated 25.02.2014.

Date: 18-09-2014
Customs Notification No. 27/ 2014
Seeks to amend Notification No 39/96- Customs, dated the 23rd July, 1996

Date: 18-09-2014
Customs Notification No. 28/ 2014
Seeks to amend notification No.12/2012-Cus dated 17.3.2012

Date: 18-09-2014
Customs Notification No. 41/2014-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of sulphur black, originating in or exported from People's Republic of China, for a period of five years.

Date: 18-09-2014
Customs Notification No 87/2014 (NT)
Rate of exchange of conversion of each of the foreign currency with effect from 19th September, 2014

Date: 18-09-2014
Customs Notification No 86/2014 (NT)
Amends Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997

Date: 17-09-2014
Central Excise INSTRUCTION
Instructions in light of Judgment of Hon’ble Supreme Court on Sales Tax Incentive Scheme

Date: 17-09-2014
RBI/2014-15/234 A.P. (DIR Series) Circular No.31
Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI Scheme against legitimate dues

Date: 16-09-2014
DGFT Public Notice No.69/(RE 2013)/2009-14
Fixation of SION.

Date: 16-09-2014
Customs Notification No. 40/2014-Customs (ADD)
Seeks to impose provisional anti-dumping duty on imports of electrical insulators of glass or ceramics/porcelain, whether assembled or unassembled originating in, or exported from the People’s Republic of China for a period of six months


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