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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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Date: 05-05-2016
Customs Notification No. 64/2016 (NT)
Rate of exchange of conversion of the foreign currency with effect from 06th May, 2016

Date: 05-05-2016
Customs Notification No. 30/2016
Seeks to further amend notification No.12/2012-Customs dated 17.03.2012

Date: 05-05-2016
Customs Notification No. 31/2016
Seeks to further amend notification No.21/2012-Customs dated 17.03.2012

Date: 05-05-2016
Customs Notification No. 32/2016
Seeks to further amend notification No.24/2005-Customs dated 1.03.2005

Date: 05-05-2016
Central Excise Notification No. 20/2016
Seeks to further amend notification No.1/2011-Central Excise dated 1.03.2011

Date: 05-05-2016
Central Excise Notification No. 21/2016
Seeks to further amend notification No. 2/2011-Central Excise dated 1.03.2011

Date: 05-05-2016
Central Excise Notification No. 22/2016
Seeks to further amend notification No.12/2012-Central Excise dated 17.03.2012

Date: 05-05-2016
Central Excise Notification No. 25/2016 CE (NT)
Seeks to further amend notification No.49/2008-Central Excise (N.T.) dated 24.12.2008

Date: 05-05-2016
Central Excise Notification No. 26/2016 CE (NT)
Seeks to further amend notification No. 42/2001-CE(NT) dated 26.6.2001, No. 43/2001-CE(NT) dated 26.6.2001, No. 19/2004-CE(NT) dated 6.9.2004 and No. 21/2004-CE(NT) dated 6.9.2004

Date: 05-05-2016
RBI/2015-16/390 A.P. (DIR Series) Circular No. 67
Foreign Exchange Management (Deposit) Regulations, 2016



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