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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: 20-08-2018
Notification No.39/2018-Customs (ADD)
Seeks to amend Notification No. 26/2013-Customs (ADD) dated 28th October, 2013, concerning imports of 'Paracetamol' originating in or exported from China PR.

Date: 20-08-2018
Notification No. 40/2018-Customs (ADD)
Seeks to amend Notification No. 8/2018-Customs (ADD) dated 15th March, 2018.

Date: 17-08-2018
Notification No. 25/2015-2020
Amendment of Import Policy Condition of Petcoke

Date: 17-08-2018
Trade Notice No. 25/2018-19
Allowing import of 125 MT of Peas or less (entire quantity as applied) per contract irrespective of advance payment made before 25.04.2018

Date: 16-08-2018
Notification No.74/2018 - Customs (N.T.)
Exchange Rates Notification No.74/2018-Custom(NT) dated 16.08.2018.

Date: 16-08-2018
TRADE NOTICE No-24/2018
Status of Norms Fixation of Advance Authorisations obtained under Self declaration basis- reg

Date: 14-08-2018
Public Notice No.30/2015-20
Acceptance of installation certificate under EPCG Scheme by the RAs, wherein installation certificate is submitted beyond 18 months, without penalty

Date: 14-08-2018
Circular No. 27/2018-Customs
Clarification regarding bank guarantee requirement for bond executed by EOUs-reg.

Date: 14-08-2018
Notification No.72/2018 - Customs (N.T.)
Exchange Rates Notification No.72/2018-Custom(NT) dated 14.08.2018.

Date: 14-08-2018
Notification No.73/2018-Customs(N.T.)
Notification 73/2018-Cus (NT) notifying Customs (Finalisation of Provisional Assessment) Regulations, 2018



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