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- Foreign_Exchange_Management_Act abstract "The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India \"to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India\". It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses. It extends to the whole of India., replacing FERA, which had become incompatible with the pro-liberalisation policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organisation (WTO). It also paved the way for the introduction of the Prevention of Money Laundering Act 2002, which came into effect from 1 July 2005.Unlike other laws where everything is permitted unless specifically prohibited, under this act everything was prohibited unless specifically permitted. Hence the tenor and tone of the Act was very drastic. It required imprisonment even for minor offences. Under FERA a person was presumed guilty unless he proved himself innocent, whereas under other laws a person is presumed innocent unless he is proven guilty. FEMA is a regulatory mechanism that enables the Reserve Bank of India and the Central Government to pass regulations and rules relating to foreign exchange in tune with the Foreign Trade policy of India. Switch from FERAFERA, in place since 1974, did not succeed in restricting activities such as the expansion of(TNCs). The concessions made to FERA in 1991-1993 showed that FERA was on the verge of becoming redundant.After the amendment of FERA in 1993, it was decided that the act would become the FEMA. This was done in order to relax the controls on foreign exchange in India, as a result of.FEMA served to make transactions for external trade and easier – transactions involving current account for external trade no longer required RBI’s permission. The deals in Foreign Exchange were to be ‘managed’ instead of ‘regulated’. The switch to FEMA shows the change on the part of the government in terms of for the capital.The buying and selling of foreign currency and other debt instruments by businesses, individuals and governments happens in the foreign exchange market. Apart from being very competitive, this market is also the largest and most liquid market in the world as well as in India.It constantly undergoes changes and innovations, which can either be beneficial to a country or expose them to greater risks. The management of foreign exchange market becomes necessary in order to mitigate and avoid the risks.Central banks would work towards an orderly functioning of the transactions which can also develop their foreign exchange market.Foreign Exchange Market Whether under FERA or FEMA’s control, the need for the management of foreign exchange is important. It is necessary to keep adequate amount of foreign exchange from Import Substitution to Export Promotion.Main Features Activities such as payments made to any person outside India or receipts from them, along with the deals in foreign exchange and foreign security is restricted. It is FEMA that gives the central government the power to impose the restrictions. Without general or specific permission of the MA restricts the transactions involving foreign exchange or foreign security and payments from outside the country to India – the transactions should be made only through an authorised person. Deals in foreign exchange under the current account by an authorised person can be restricted by the Central Government, based on public interest generally. Although selling or drawing of foreign exchange is done through an authorized person, the RBI is empowered by this Act to subject the capital account transactions to a number of restrictions. Residents of India will be permitted to carry out transactions in foreign exchange, foreign security or to own or hold immovable property abroad if the currency, security or property was owned or acquired when he/she was living outside India, or when it was inherited by him/her from someone living outside India.↑ ↑".
- Foreign_Exchange_Management_Act wikiPageExternalLink Foreign%20Exchange%20Management%20Act%201999.pdf.
- Foreign_Exchange_Management_Act wikiPageExternalLink fema.rbi.org.in.
- Foreign_Exchange_Management_Act wikiPageExternalLink index.htm.
- Foreign_Exchange_Management_Act wikiPageExternalLink 10005417.cms.
- Foreign_Exchange_Management_Act wikiPageID "3894843".
- Foreign_Exchange_Management_Act wikiPageLength "7996".
- Foreign_Exchange_Management_Act wikiPageOutDegree "17".
- Foreign_Exchange_Management_Act wikiPageRevisionID "703898676".
- Foreign_Exchange_Management_Act wikiPageWikiLink Act_of_Parliament.
- Foreign_Exchange_Management_Act wikiPageWikiLink Category:Acts_of_the_Parliament_of_India_1999.
- Foreign_Exchange_Management_Act wikiPageWikiLink Category:Economic_history_of_India_(1991–present).
- Foreign_Exchange_Management_Act wikiPageWikiLink Category:Foreign_trade_of_India.
- Foreign_Exchange_Management_Act wikiPageWikiLink Category:Indian_business_law.
- Foreign_Exchange_Management_Act wikiPageWikiLink Category:Vajpayee_administration.
- Foreign_Exchange_Management_Act wikiPageWikiLink Civil_law_(common_law).
- Foreign_Exchange_Management_Act wikiPageWikiLink Foreign_Exchange_Regulation_Act.
- Foreign_Exchange_Management_Act wikiPageWikiLink Foreign_exchange_market.
- Foreign_Exchange_Management_Act wikiPageWikiLink Government_of_India.
- Foreign_Exchange_Management_Act wikiPageWikiLink India.
- Foreign_Exchange_Management_Act wikiPageWikiLink Law_of_India.
- Foreign_Exchange_Management_Act wikiPageWikiLink Parliament_of_India.
- Foreign_Exchange_Management_Act wikiPageWikiLink Prevention_of_Money_Laundering_Act,_2002.
- Foreign_Exchange_Management_Act wikiPageWikiLink World_Trade_Organization.
- Foreign_Exchange_Management_Act wikiPageWikiLinkText "FEMA".
- Foreign_Exchange_Management_Act wikiPageWikiLinkText "Foreign Exchange Management Act (FEMA)".
- Foreign_Exchange_Management_Act wikiPageWikiLinkText "Foreign Exchange Management Act 1999 (FEMA)".
- Foreign_Exchange_Management_Act wikiPageWikiLinkText "Foreign Exchange Management Act".
- Foreign_Exchange_Management_Act wikiPageWikiLinkText "Foreign Exchange Management Act, 1999, India".
- Foreign_Exchange_Management_Act wikiPageWikiLinkText "foreign exchange violations".
- Foreign_Exchange_Management_Act citation Foreign%20Exchange%20Management%20Act%201999.pdf.
- Foreign_Exchange_Management_Act dateEnacted "1999-12-29".
- Foreign_Exchange_Management_Act enactedBy Parliament_of_India.
- Foreign_Exchange_Management_Act imagesize "150".
- Foreign_Exchange_Management_Act longTitle "An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.".
- Foreign_Exchange_Management_Act repeals Foreign_Exchange_Regulation_Act.
- Foreign_Exchange_Management_Act shortTitle "The Foreign Exchange Management Act, 1999".
- Foreign_Exchange_Management_Act wikiPageUsesTemplate Template:Cleanup.
- Foreign_Exchange_Management_Act wikiPageUsesTemplate Template:Indian_legislations.
- Foreign_Exchange_Management_Act wikiPageUsesTemplate Template:Infobox_legislation.
- Foreign_Exchange_Management_Act wikiPageUsesTemplate Template:Portalbar.
- Foreign_Exchange_Management_Act wikiPageUsesTemplate Template:Reflist.
- Foreign_Exchange_Management_Act subject Category:Acts_of_the_Parliament_of_India_1999.
- Foreign_Exchange_Management_Act subject Category:Economic_history_of_India_(1991–present).
- Foreign_Exchange_Management_Act subject Category:Foreign_trade_of_India.
- Foreign_Exchange_Management_Act subject Category:Indian_business_law.
- Foreign_Exchange_Management_Act subject Category:Vajpayee_administration.
- Foreign_Exchange_Management_Act hypernym Act.
- Foreign_Exchange_Management_Act type Band.
- Foreign_Exchange_Management_Act type Page.
- Foreign_Exchange_Management_Act type Relation.
- Foreign_Exchange_Management_Act comment "The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India \"to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India\". It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses.".
- Foreign_Exchange_Management_Act label "Foreign Exchange Management Act".
- Foreign_Exchange_Management_Act sameAs Q3077139.
- Foreign_Exchange_Management_Act sameAs Foreign_Exchange_Management_Act.
- Foreign_Exchange_Management_Act sameAs परकीय_चलन_विनिमय_कायदा.
- Foreign_Exchange_Management_Act sameAs m.0b5lvf.
- Foreign_Exchange_Management_Act sameAs Q3077139.
- Foreign_Exchange_Management_Act wasDerivedFrom Foreign_Exchange_Management_Act?oldid=703898676.
- Foreign_Exchange_Management_Act isPrimaryTopicOf Foreign_Exchange_Management_Act.