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: 15-09-2014
Customs Notification No 76/2014 (NT)
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

Date: 12-09-2014
RBI/2013-14/228 A.P. (DIR Series) Circular No.29
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

Date: 08-09-2014
RBI/2014-15/216 A.P. (DIR Series) Circular No.28
Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)

Date: 05-09-2014
RBI/2014-15/214 A.P. (DIR Series) Circular No. 26
Exim Bank's Line of Credit of USD 26.50 million to the Government of the Republic of Honduras

Date: 05-09-2014
RBI/2014-15/215 A.P. (DIR Series) Circular No.27
Exim Bank's Line of Credit of USD 18 million to the Government of the Republic of Mauritius

Date: 04-09-2014
Order
Appointment of Common Adjudicating Authority

Date: 04-09-2014
Order
Appointment of Common Adjudicating Authority

Date: 04-09-2014
Order
Appointment of Common Adjudicating Authority

Date: 04-09-2014
Customs Notification No 75/2014 (NT)
Rate of exchange of conversion of each of the foreign currency with effect from 5th September, 2014

Date: 03-09-2014
RBI/2014-15/207 A.P. (DIR Series) Circular No.25
External Commercial Borrowings (ECB) in Indian Rupees


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