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FEMA - Foreign Exchange Management Act FEMA by RBI.


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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Date: 30-11-2015
Customs Notification No 135/2015 (NT)
Fixation of Tariff Value Notification amending Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001

Date: 30-11-2015
RBI/2015-16/255 A.P. (DIR Series) Circular No.32
External Commercial Borrowings (ECB) Policy – Revised framework

Date: 27-11-2015
Systems Alert for monitoring realisation of export proceeds in EDI under the BRC Module for ICES (introduced in year 2009) and the new RBI BRC Module introduced under DG (Systems) letter dated 28.8.2014

Date: 26-11-2015
RBI/2015-16/253 A.P. (DIR Series) Circular No.31
Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds

Date: 26-11-2015
RBI/2015-16/249 A.P. (DIR Series) Circular No.30
Advance Remittance for Import of aircrafts /helicopters / other aviation related purchases

Date: 26-11-2015
RBI/2015-16/248 A.P. (DIR Series) Circular No. 29
Import of Goods into India – Evidence of Import

Date: 26-11-2015
Service Tax Circular No.189/08/2015–ST
Clarification regarding leviability of service tax in respect of Seed Testing with effect from 01.07.2012

Date: 24-11-2015
Customs Notification No 113/2015 (NT)
Appointment of Common Adjudicating Authority

Date: 24-11-2015
Customs Notification No 114/2015 (NT)
Appointment of Common Adjudicating Authority

Date: 24-11-2015
Customs Notification No 115/2015 (NT)
Appointment of Common Adjudicating Authority

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