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FEMA :
FEMA GYAN AGNIHOTRI
Slide 3:
20 September 2010 GYAN AGNIHOTRI 3 FEMA replaced FERA in 1999. Came into effect from Jan 1, 2000. It
extends to the whole of India and also applies to all branches , offices and agencies outside India , owned or
controlled by a person resident in India.
Slide 4:
20 September 2010 GYAN AGNIHOTRI 4 Objectives : Facilitate external trade and payments. Promote the orderly
development and maintenance of Foreign exchange market
Slide 5:
20 September 2010 GYAN AGNIHOTRI 5 Dealings in Foreign Exchange : Section 3 of FEMA imposes restrictions on
dealings in foreign exchange and foreign security and payments to and receipts from any person outside India.
Accordingly except as provided in terms of the act, or with the general or special permission of the Reserve Bank , no
person shall :
Slide 6:
20 September 2010 GYAN AGNIHOTRI 6 deal in any foreign exchange or foreign security with any person other than
an authorized person . Make any payment to or for the credit of any person resident outside India in any manner.
Slide 7:
20 September 2010 GYAN AGNIHOTRI 7 Receive otherwise through an authorized person , any payment by order
or on behalf of a person resident outside India in any manner. Enter in to any Financial Transaction in India as a
consideration for or in association with acquisition or creation or transfer of a right to acquire , any asset outside India
by any person.
Slide 8:
20 September 2010 GYAN AGNIHOTRI 8 Holding of Foreign Exchange Save as otherwise provided in this act , no
person resident in India shall acquire , hold , own , possess or transfer any foreign exchange , foreign security or any
immediate property situated outside India.
Slide 9:
20 September 2010 GYAN AGNIHOTRI 9 Current Account Transactions FEMA permits dealings in Foreign
exchange through authorized persons for current account transactions. However the central govt. can impose
reasonable restrictions in public interest.
Slide 10:
20 September 2010 GYAN AGNIHOTRI 10 Capital account Transactions Any person shall sell or draw foreign
exchange to or from an authorized person for a capital account Transaction permitted by the RBI in consultation with
the central govt.
Slide 11:
20 September 2010 GYAN AGNIHOTRI 11 A person resident in India may hold , own, transfer or invest in foreign
currency , foreign security or any immovable property situated outside India if such currency , security or property
was acquired , held or owned by such person when he was resident outside India or inherited from a person who was
resident outside India.
Slide 12:
20 September 2010 GYAN AGNIHOTRI 12 A person resident outside India may hold , own , transfer or invest in
Indian currency, security or any immovable property situated in India if such currency was acquired , held, or owned
by such person when he was resident in India or inherited from a person who was resident in India.
Slide 13:
20 September 2010 GYAN AGNIHOTRI 13 The RBI is empowered by this act to prohibit , restrict, or regulate
establishment in India of a branch, office or other place of business by a person resident outside India for carrying on
any such activity relating to such branch, office or other place of business.
Slide 14:
20 September 2010 GYAN AGNIHOTRI 14 Export of Goods and services Every exporter of goods shall furnish to
RBI or to such other authority a declaration as specified containing true and correct material, particulars , including
the amount representing the full export value.
Slide 16:
20 September 2010 GYAN AGNIHOTRI 16 In FEMA a person will be liable to civil imprisonment only if he does not
pay the fine within 90 days from the date of notice. Administration of this act FEMA provides for the establishment of
an Enforcement Directorate for investigating the contraventions under this act.
Slide 18:
20 September 2010 GYAN AGNIHOTRI 18 Many provisions of FERA like Indians taking up employment abroad,
employment of foreign technicians in India etc. have no appearance in FEMA.
Slide 20:
20 September 2010 GYAN AGNIHOTRI 20 The FERA was totally scrapped and it gave way to FEMA. The Industries
Development and regulation act 1951 had also undergone through various amendments to make way for reforms. In
short it can be said that all these laws and constitutional provisions which earlier played a regulatory role were
transformed to play a facilitator role for Industrial development.