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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: 16-02-2019
Notification No.05/2019-Customs
seeks to insert tariff item 9806 00 00 in chapter 98 of the First schedule to Customs tariff act, 1975 to impose basic customs duty of 200% on all goods originating in or exported from Pakistan.

Date: 15-02-2019
Notification No. 10/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg.

Date: 15-02-2019
Notification No.11/2019 - Customs (N.T.)
Exchange Rates Notification No.11/2019-Custom(NT) dated 15.02.2019.

Date: 08-02-2019
Notification No. 8/2019 – Central Tax
Seeks to extend the due date for furnishing of FORM GSTR – 7 for the month of January, 2019 till 28.02.2019

Date: 07-02-2019
Notification No.09/2019 - Customs (N.T.)
Exchange Rates Notification No.09/2019-Custom(NT) dated 07.02.2019.

Date: 07-02-2019
Notification No. 4 /2019- Customs
Seeks to further amend Notification No. 08/2016- customs dated the 5th February 2016 to allow temporary importation of aircrafts, for the purposes of participation in Aero Show organised by the Central Government, without furnishing a bank guarantee or cash deposit.

Date: 06-02-2019
Notification No. 08/2019 - Customs (N.T.)
Amendment of CBLR 2018

Date: 04-02-2019
Notification No. 2/2019- Integrated Tax (Rate)
Seeks to rescind Sl. No. 10D of Notification No. 09/2017-Integrated Tax (Rate) dated 28.06.2017 in relation to exemption of IGST on supply of services having place of supply in Nepal or Bhutan, against payment in Indian Rupees.

Date: 01-02-2019
Notification No. 4/2019-Customs (N.T./CAA/DRI)
Appointment of Common Adjudicating Authority by DGRI-reg.

Date: 31-01-2019
Notification No. 07/2019 – Central Tax
Seeks to extend the due date for furnishing of FORM GSTR – 7 for the months of October, 2018 to December, 2018 till 28.02.2019.



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