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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: 31-07-2015
Customs Notification No 72/2015 (NT)
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

Date: 31-07-2015
Notification No. 35/2015-Customs (ADD)
Seeks to finalize provisional assessments of all imports of ceramic glazed tiles falling under tariff item 6908 90 90 , by M/s Gaoyao Marshal Ceramics Co. Ltd., China PR (producer) through M/s Foshan Dihai Trading Development Co.Ltd., China PR (exporter) which have been subjected to provisional assessment pursuant to the Notification No.109/2011-Customs, dated the 15th December, 2011

Date: 31-07-2015
Notification No. 36/2015-Customs (ADD)
Seeks to Rescind notification No.109/2011-Customs, dated the 15th December, 2011

Date: 30-07-2015
Customs Notification No. 41/ 2015
Seeks to amend Notification No.49/2013-Customs dated 29.11.2013.

Date: 30-07-2015
Customs Notification No. 42/ 2015
Seeks to further amend Notification No.39/96-Customs dated 23.7.1996.

Date: 30-07-2015
Central Excise Notification No 40/2015
Seeks to amend Notification No.30/2013-Central Excise dated 29.11.2013

Date: 28-07-2015
DGFT Notification No 16/ 2015-2020
Amendment in export policy of sawn timber-addition of ports for export to Nepal.

Date: 28-07-2015
Notification No. 34/2015-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of Compact Fluorescent Lamps (CFL), originating in or exported from the People's Republic of China for a period of five years.

Date: 24-07-2015
Customs Notification No 70/2015 (NT)
Appointment of Common Adjudicating Authority

Date: 24-07-2015
Customs Notification No 71/2015 (NT)
Appointment of Common Adjudicating Authority



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