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: 19-08-2014
Customs Circular No 09/2014
Regarding Guidelines for considering request for exemption from payment of Customs Duty under Section 25(2) of Customs Act, 1962.

Date: 14-08-2014
Customs Notification No 71/2014 (NT)
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

Date: 14-08-2014
Customs Notification No. 39/2014-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of Ceftriaxone Sodium Sterile originating in or exported from the People's Republic of China, for a period of five years.

Date: 13-08-2014
Notification No.02/ 2014-Customs (SG)
Seeks to levy safeguard duty on imports of Seamless Pipes and Tubes into India for a period of two and a half years.

Date: 13-08-2014
Customs Notification No. 38/2014-Customs (ADD)
Seeks to extend the validity of notification No. 119/2010-Customs dated 19.11.2010 for a further period of one year.

Date: 12-08-2014
RBI/2013-14/172 A.P. (DIR Series) Circular No.20
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

Date: 12-08-2014
Customs Notification No 70/2014 (NT)
To notify the rate of interest to be paid on refund of Pre-deposit made under Section - 129E of the Customs Act, 1962

Date: 12-08-2014
Central Excise Notification No 24/2014 CE (NT)
To notify rate of interest to be paid on refund of Pre-deposit made under Section - 35F of the Central Excise Act, 1944

Date: 11-08-2014
Order
Appointment of Common Adjudicating Authority

Date: 11-08-2014
Order
Appointment of Common Adjudicating Authority


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