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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: 31-08-2015
Customs Notification No 83/2015 (NT)
Fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver

Date: 26-08-2015
DGFT Public Notice No. 30/2015-2020
Amendment in paragraph 3.06 and 3.08 of Handbook of Procedures of Foreign Trade Policy(FTP) 2015-20.

Date: 26-08-2015
DGFT Public Notice No. 31/2015-2020
Amendments in paragraph (7) of Appendix-6B of Appendices and Aayat Niryat Forms of FTP 2015-2020.

Date: 25-08-2015
Customs Notification No 82/2015 (NT)
Rate of exchange of conversion of the foreign currency with effect from 26th August, 2015

Date: 24-08-2015
DGFT Notification No 18/ 2015-2020
Export Policy of Onions- increase in Minimum Export Price (MEP).

Date: 24-08-2015
Notification No. 45/2015-Customs (ADD)
Seeks to impose anti-dumping duty on the imports of Phosphoric Acid of all grades and all concentration (excluding Agriculture or Fertilizer grade), originating in or exported from Korea RP for a period of five years

Date: 21-08-2015
RBI/2015-16/157 A.P. (DIR Series) Circular No. 9
Foreign Direct Investment – Reporting under FDI Scheme on the e-Biz platform

Date: 20-08-2015
Customs Notification No 81/2015 (NT)
Rate of exchange of conversion of the foreign currency with effect from 21st August, 2015

Date: 19-08-2015
Customs Circular No 21/2015
Regarding Authorized Economic Operator (AEO) Programme

Date: 18-08-2015
Notification No. 42/2015-Customs (ADD)
Seeks to impose anti-dumping duty on the imports of Caustic Soda, originating in or exported from China PR and Korea RP for a period of five years.



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