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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: 01-04-2020
Notification No.37/2020 - Customs (N.T.)
Exchange Rates Notification No.37/2020-Custom (NT) dated 01.04.2020 - reg.

Date: 01-04-2020
A. P. (DIR Series) Circular No. 27
Export of Goods and Services- Realisation and Repatriation of Export Proceeds-Relaxation

Date: 01-04-2020
A.P. (DIR Series) Circular No.26
Exim Bank's Government of India supported Line of Credit (LoC) of USD 161.36 million to the Government of the Republic of Burundi

Date: 31-03-2020
Notification No. 36/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver - reg.

Date: 31-03-2020
Notification No. 58/2015-2020
Amendment in import policy of Iron & Steel and incorporation of policy condition in Chapter 72, 73 and 86 of ITC (HS), 2017, Schedule – I (Import Policy).

Date: 31-03-2020
Notification No. 57/2015-2020-DGFT
Extension of Foreign Trade Policy 2015-2020 till 31.03.2021

Date: 31-03-2020
Notification No. 56/2015-2020
Export of Red Sanders wood by Government of Andhra Pradesh and Directorate of Revenue Intelligence - Extension of time regarding.

Date: 30-03-2020
Notification No. 55/2015-2020
Amendment in Export Policy of Animal By-Products.

Date: 30-03-2020
A.P. (DIR Series) Circular No. 25
‘Fully Accessible Route’ for Investment by Non-residents in Government Securities

Date: 30-03-2020
A.P. (DIR Series) Circular No. 24
Investment by Foreign Portfolio Investors (FPI): Investment limits



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