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What is the extent and application of Foreign Exchange Management Act (FEMA)?

April 26, 2017ACT application extent FEMA foreign exchange Management

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What is the extent and application of Foreign Exchange Management Act (FEMA)?

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FEMA extends to the whole of India. It also applies to all branches, offices and agencies outside India, owned or controlled by a person, resident in India. It also applies to any contravention, there under, committed in or, outside India, by any person to whom the Act applies.