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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: 23-02-2017
Central Excise Circular No. 1052/01/2017-CX
Classification of articles of paper and printing industry

Date: 23-02-2017
DGFT Notification No. 40/2015-2020
Amendment in Paragraph 4.34(i) of Chapter 4 of the Foreign Trade Policy (FTP) 2015-2020.

Date: 22-02-2017
DGFT Notification No. 39/2015-2020
Amendment in Para 4.44 of Chapter 4 of the Foreign Trade Policy(FTP) 2015-20

Date: 21-02-2017
DGFT Public Notice No. 59/2015-2020
Amendment in Chapter 2 of the Handbook of Procedure (2015-20)

Date: 20-02-2017
Service Tax Notification No. 08/2017 (ST)
Services by the operators of Common Effluent Treatment Plant by way of treatment of effluent from the 1st of July 2012 to 31st of March 2015

Date: 17-02-2017
DGFT Notification No. 38/2015-2020
Amendment in the list of Military Stores requiring NOC for export purpose.

Date: 16-02-2017
Customs Notification No. 12/2017 (NT)
Rate of exchange of conversion of the foreign currency with effect from 17th February, 2017

Date: 16-02-2017
Instruction
Periodicity of CAS-4 certificates-reg

Date: 16-02-2017
Service Tax Circular No. 204/2/2017–ST
Applicability of service tax on the services by way of transportation of goods by a vessel from a place outside India to the customs station in India w.r.t. goods intended for transshipment to any country outside India

Date: 16-02-2017
RBI/2016-17/233 A. P. (DIR Series) Circular No.31
Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors



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