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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: 10-02-2016
Trade Notice No. 16/2015
Closure of Advance Authorisation licences as per para 4.16(a) of FTP 2009-14, pending for want of payment to be received from Foreign currency account of SEZ unit.

Date: 10-02-2016
Trade Notice No. 17/2015
Clarification on the Notification No. 38 dated 5.2.2016 regarding Minimum Import Price (MIP) on Iron & Steel under Chapter 72 of ITC (HS) 2012-Schedule 1 import policy

Date: 09-02-2016
Central Excise INSTRUCTION
Effect of 'in limine' dismissal of Special Leave Petition (SLP) by the Supreme Court and Filing of Review Petition in Supreme Court

Date: 09-02-2016
Customs Notification No. 23/2016 (NT)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Sliver

Date: 09-02-2016
Customs Circular No. 06/2016
Amendments effective 11.2.2016 to the All Industry Rates of Duty Drawback

Date: 09-02-2016
Customs Circular No. 05/2016
Procedure for investigation of related party import cases and other cases by the Special Valuation Branches

Date: 09-02-2016
Customs Circular No. 04/2016
Procedure for renewal of SVB orders and ongoing SVB inquiries under circular no. 11/2001 - Cus dated 23rd February 2001

Date: 08-02-2016
Customs Notification No. 21/2016 (NT)
Appointment of Common Adjudicating Authority

Date: 08-02-2016
Customs Notification No. 20/2016 (NT)
Appointment of Common Adjudicating Authority

Date: 08-02-2016
Customs Notification No. 22/2016 (NT)
Amending Notification No. 110/2015-Cus (NT) dated 16.11.2015 thereby making certain changes in Schedule of All Industry rates of Drawback. Changes are effective from 11.2.2016



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