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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: 13-10-2017
Notification No. 44/2017-Central Tax
Seeks to extend the time limit for submission of FORM GST ITC-01

Date: 13-10-2017
Notification No. 43/2017-Central Tax
Seeks to extend the time limit for filing of FORM GSTR-6

Date: 13-10-2017
Notification No. 42/2017-Central Tax
Seeks to extend the time limit for filing of FORM GSTR-5A

Date: 13-10-2017
Notification No. 41/2017-Central Tax
Seeks to extend the time limit for filing of FORM GSTR-4

Date: 13-10-2017
Notification No. 40/2017-Central Tax
Seeks to make payment of tax on issuance of invoice by registered persons having aggregate turnover less than Rs 1.5 crores

Date: 13-10-2017
Notification No. 39/2017-Central Tax
Seeks to cross-empower State Tax officers for processing and grant of refund

Date: 13-10-2017
Notification No. 38/2017-Central Tax
Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods”

Date: 09-10-2017
Public Notice No. 29/2015-2020
Amendment in para 5.25 of HBP 2015-20 of the Handbook of Procedures (HBP) of Foreign Trade Policy (FTP) 2015-20 – regarding

Date: 06-10-2017
Notification No. 48/2017-Customs (ADD)
seeks to impose definitive anti-dumping duty on the imports of " Wire Rod of Alloy or Non- Alloy Steel " originating in or exported from China PR.

Date: 06-10-2017
No. 47/2017-Customs (ADD)
Seeks to continue imposition of anti-dumping duty on imports of "Melamine" originating in or exported from European Union, Iran, Indonesia and Japan.



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