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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: 22-01-2015
RBI/2014-2015/419 A.P. (DIR Series) Circular No.59
Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India - Review

Date: 22-01-2015
RBI/2014-15/420 A.P. (DIR Series) Circular No. 60
Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Construction Development

Date: 22-01-2015
RBI/2014-15/421 A.P. (DIR Series) Circular No. 61
Depository Receipts Scheme

Date: 22-01-2015
RBI/2014-15/423 A.P. (DIR Series) Circular No.62
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 – Remittance of salary

Date: 22-01-2015
RBI/2014-15/424 A.P. (DIR Series) Circular No.63
Export and Import of Indian Currency

Date: 20-01-2015
Customs Circular No 04/2015
Re-export of goods imported under bonafide mistake

Date: 20-01-2015
Central Excise Notification No 01/2015 CE (NT)
Amendment of Notification No. 27/2014 - Central Excise (NT) dated 16.09.2014

Date: 20-01-2015
Service Tax Notification No 01/2015 (ST)
Amendment to notification no. 20/2014-STdated 16.09.2014

Date: 19-01-2015
Customs Notification No 11/2015 (NT)
Amends Notification No. 09/2015-Customs (N.T.), dated the 15th January, 2015

Date: 16-01-2015
Customs Circular No 03/2015
Regarding Export and Import of Currency