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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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Date: 20-11-2014
DGFT Public Notice No.75/(RE 2013)/2009-14
Modification of SION A-1475 and SIONs A-1839, A-1841 and A-1842.

Date: 20-11-2014
Customs Notification No 111/2014 (NT)
Rate of exchange of conversion of each of the foreign currency with effect from 21st November, 2014

Date: 20-11-2014
RBI/2014-15/306 A.P. (DIR Series) Circular No. 37
Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

Date: 20-11-2014
RBI/2014-15/307 A.P. (DIR Series) Circular No. 38
Acquisition/Transfer of Immovable property – Payment of taxes

Date: 20-11-2014
Notification No 98 (RE-2013) / 2009-2014
Import Policy of Scheduled Chemicals.

Date: 20-11-2014
Notification No 99 (RE-2013) / 2009-2014
Policy for issue of import licenses of Rough Marble and Travertine Blocks for the Financial year 2014-15.

Date: 19-11-2014
DGFT Public Notice No.74/(RE 2013)/2009-14
India`s Import / export regulation for items under Crime Control (CC) & Regional Security (RS) of USA.

Date: 19-11-2014
Central Excise Circular No. 990/07/2014-CX
Clarification regarding availment of CENVAT credit after six months

Date: 18-11-2014
Customs Circular No 13/2014
Regarding major changes in All Industry Rates (AIR) of Duty Drawback w.e.f. 22.11.2014

Date: 18-11-2014
DGFT Public Notice No.73/(RE 2013)/2009-14
Procedure for export of certified organic products.