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Foreign Exchange Management Act (FEMA) ?

April 26, 2017ACT FEMA foreign exchange Management

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Foreign Exchange Management Act (FEMA) ?

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The Parliament has enacted the Foreign Exchange Management Act, 1999 to replace the Foreign Exchange Regulation Act, 1973. This Act came into force on the 1st day of June 2000. The object of the Act is 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. This Act extends to the whole of India and will also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India.