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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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What is New?

Date: 24-07-2015
Customs Notification No 70/2015 (NT)
Appointment of Common Adjudicating Authority

Date: 24-07-2015
Customs Notification No 71/2015 (NT)
Appointment of Common Adjudicating Authority

Date: 23-07-2015
Customs Notification No 69/2015 (NT)
Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver

Date: 21-07-2015
Central Excise Circular No. 1005/12/2015-CX
Clarification relating to notifications No.30/2004-Central Excise dated 09.07.2004, No.1/2011-Central Excise dated 01.03.2011 and No.12/2012-Central Excise dated 17.03.2012, as amended

Date: 21-07-2015
Customs Notification No. 40/ 2015
Regarding Exemption for customs duty on cut and polished diamonds imported by specified agencies in FTP

Date: 21-07-2015
Central Excise Notification No 37/2015
Seeks to further amend notification No.30/2004-Central Excise dated 9.7.2004

Date: 21-07-2015
Central Excise Notification No 38/2015
Seeks to further amend notification No.1/2011-Central Excise dated 1.3.2011

Date: 21-07-2015
Central Excise Notification No 39/2015
Seeks to further amend notification No.12/2012-Central Excise dated 17.3.2012

Date: 21-07-2015
DGFT Notification No 15/ 2015-2020
Import policy of `Controlled Substances` under the NDPS Act, 1985

Date: 21-07-2015
Central Excise Circular No. 1004/10/2015-CX
Instructions regarding Detailed Scrutiny of Central Excise Returns



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