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Foreign Exchange Management
Act
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FEMA is 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.
The law relating to exchange control in India has undergone a substantial
change in scope, content and approach by the substitution of the Foreign
Exchange Regulation Act, 1973 ( FERA ) by the Foreign Exchange Management
Act, 1999 ( FEMA ). The most noticeable aspect of FEMA is that there is
no imprisonment prescribed for contraventions of the law, not even as an
alternative punishment and for the blatant and deliberate of violations.
The provisions of FEMA displays so much change that one could almost delink
FEMA from FERA and concludes that FEMA is a new law altogether which needs
an independent reading and interpretation divorced from the earlier law
and decisions rendered thereunder. |
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Clauses under FEMA
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Foreign
Exchange Management (Permissible capital account transactions) Regulations,
2000 |
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Foreign
Exchange Management (Issue of security in India by a branch, office or agency
of a person resident outside India) Regulations, 2000 |
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Foreign
Exchange Management (Borrowing or lending in foreign exchange) Regulations,
2000 |
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Foreign
Exchange Management (Borrowing and lending in rupees) Regulations, 2000 |
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Foreign
Exchange Management (Deposit) Regulations, 2000 |
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Foreign
Exchange Management (Export and import of currency) Regulations, 2000 |
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Foreign
Exchange Management (Acquisition and transfer of immovable property outside
India) Regulations, 2000 |
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Foreign
Exchange Management (Guarantees) Regulations, 2000 |
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Foreign
Exchange Management (Realisation, repatriation and surrender of foreign
exchange) Regulations, 2000 |
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Foreign
Exchange Management (Foreign currency accounts by a person resident in India)
Regulations, 2000 |
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Foreign
Exchange Management (Possession and retention of foreign currency) Regulations,
2000 |
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Foreign
Exchange Management (Insurance) Regulations, 200 |
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Foreign
Exchange Management (Remittance of Assets) Regulations, 2000 |
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Foreign
Exchange Management (Manner of Receipt and Payment) Regulations, 2000 |
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Definition
of "Currency" |
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Receipt
from and payment to, a person resident outside India |
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Transactions
in Indian rupees with residents of Nepal and Bhuta |
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Post
Office (Postal Orders/Money Orders |
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Foreign
Exchange Management (Transfer or issue of any foreign security) Regulations,
2000 |
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Foreign
Exchange Management (Transfer or issue of security by a person resident
outside India) Regulations, 2000 |
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Foreign
Exchange Management (Acquisition and transfer of immovable property in India)
Regulations, 2000 |
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Foreign
Exchange Management (Establishment in India of branch or office or other
place of business) Regulations, 2000 |
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Foreign
Exchange Management (Export of goods and services) Regulations, 2000 |
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Foreign
Exchange Management (Investment in firm or proprietary concern in India)
Regulations, 2000 |
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Foreign
Exchange Management (Foreign exchange derivative contracts) Regulations,
2000 |
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Foreign
Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment)
Regulations, 2000 |
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Foreign
Exchange Management (Foreign Currency Accounts by a Person Resident in India)
(Amendment) Regulations, 2000 |
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Foreign
Exchange Management (Foreign Exchange Derivative Contracts) (Amendment)
Regulations, 2000 |
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Payment
to person resident outside India on invocation of guarantee |
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Foreign
Exchange Management (Foreign Currency Accounts by a Person Resident in India)
(Second Amendment) Regulations, 2000 |
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Borrowing
and Lending in Rupees |
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Foreign
Exchange Management (Transfer or Issue of Security by a Person Resident
outside India) (Amendment) Regulations, 2000 |
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Foreign
Exchange Management (Foreign Currency Accounts by a Person Resident in India)
(Amendment) Regulations, 2001 |
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Transfer
or Issue of Security by a Person Resident outside India |
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Export
of Goods and Services |
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EEFC
Account of Units in SEZs |
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Payment
to Non-whole time Non-Resident Directors |
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Receipt
from, and payment to, a person resident outside India |
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Foreign
Exchange Management (Transfer or Issue of any Foreign Security) (Amendment)
Regulations, 2001 |
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Notification
No. FEMA. 41 /2001-RB (March 2, 2001) |
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Notification
No. FEMA. 45 /2001-RB (September 20, 2001) |
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Notification
No. FEMA. 46 /2001-RB (November 29, 2001) |
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Notification
No.FEMA47/2001-RB (December 5, 2001) |
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Foreign
Exchange Management (Deposit) (Amendment) Regulations, 2002 |
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Foreign
Exchange Management (Transfer or Issue of any foreign security) (Amendment)
Regulations, 2002 |
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Notification
No. FEMA 55 /2002-RB (March 7, 2002) |
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Foreign
Exchange Management (Export of Goods and Services) (Amendment) Regulations,
2002 |
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Foreign
Exchange Management (Foreign Currency Accounts by a Person Resident in India)(Second
Amendment) Regulations, 2002 |