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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: 28-10-2018
Notification No. 71/2018-Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002.

Date: 11-10-2018
Notification No. 74/2018–Customs
seeking to ammend First Schedule of Customs Tariff Act, 1975.

Date: 11-10-2018
Notification No. 75/2018 – Customs
seeking to ammend Notifcation No. 57/2017 dated 30th June, 2017

Date: 11-10-2018
Notification No. 76/2018 – Customs
seeking to ammend Notifcation No. 24/2005 dated 1st March, 2005

Date: 10-10-2018
Notification No. 22/2018-Central Excise
Seeks to amend notification No. 11/2017-Central Excise dated 30th June, 2017 in order to reduce Central Excise duty rates on Aviation Turbine Fuel.

Date: 09-10-2018
Notification No. 51/2018-Customs (ADD)
seeks to amend the notification No. 23/2103 dated the 10th October, 2013 to extend the levy of anti-dumping duty on the imports of " Ductile Iron Pipes " originating in or exported from China PR..

Date: 09-10-2018
Circular No. 37/2018-Customs
Cases where IGST refund have not been granted due to claiming higher rate of drawback or where higher rate and lower rate were identical

Date: 09-10-2018
Notification No. 53/2018 – Central Tax
Seeks to make amendments (Eleventh Amendment, 2018) to the CGST Rules, 2017. This notification restores rule 96(10) to the position that existed before the amendment carried out in the said rule by notification No. 39/2018- Central Tax dated 04.09.2018.

Date: 09-10-2018
Notification No. 54/2018 – Central Tax
Seeks to make amendments (Twelfth Amendment, 2018) to the CGST Rules, 2017. This notification amends rule 96(10) to allow exporters who have received capital goods under the EPCG scheme to claim refund of the IGST paid on exports and align rule 89(4B) to make it consistent with rule 96(10).

Date: 09-10-2018
Notification No. 53/2018 – Central Tax
Seeks to make amendments (Eleventh Amendment, 2018) to the CGST Rules, 2017. This notification restores rule 96(10) to the position that existed before the amendment carried out in the said rule by notification No. 39/2018- Central Tax dated 04.09.2018.



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