All about foreign exchange management fema act, 1999 by. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. An act to consolidate and amend the law relating to. The foreign exchange management act,1999 42 of 1999 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. Exchange management act, 1999 income tax department all acts foreign exchange management act, 1999. The practical aspects are covered in rules made by central government and regulations. Act means the foreign exchange management act, 1999 42 of 1999 ii. It also paved the way for prevention of money laundering act, 2002 which came into effect from july 1, 2005.
Rbi plays a key role in the management of foreign exchange. Foreign exchange management act1999 ca cs cma coaching. Foreign exchange management act1999 ca cs cma coaching in delhi under the guidance of cs n k singh best faculty for ca, cs, cma laws. 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. Full text containing the act, foreign exchange management act, 1999, with all the sections, schedules, short title, enactment date, and footnotes. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Rules regulations notifications orders circulars statutory ordinance statutes.
Foreign exchange management act fema features of fema. But the act was unable to meet the post liberalization policies. Foreign exchange management act, 1999 fema came into force by an act of parliament. Foreign exchange management act, 1999 bare acts law library. Foreign exchange management act, 1999 fema free download as powerpoint presentation.
In this video i have tried to explain about fema act 1999 hope everyone like this video. Foreign exchange management act, 1999 fema reserve bank. Fema 1999 foreign exchange management act 1999 fema. Fera was not suitable in the new and liberal economy, thus it was replaced by foreign exchange management act fema 1999, which came into effect from 1st june 2000. The foreign exchange management act, 1999 page 1 bare acts in india statutes and laws free download bare acts and case laws in india have been. This new act is in consonance with the frameworks of the world trade organisation wto. The legislation by indian parliament and it came into force w. Fema 1999 foreign exchange management act 1999 fema part. Foreign exchange management act, 1999 bare acts law. The foreign exchange management act, 1999 page 1 bare. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Fema part 1 foreign exchange management act 1999 please watch.
Fera was very strict and even has a provision for imprisonment. In these regulations, unless the context requires otherwise. Fema act 1999 pdf legal documents social institutions scribd. The foreign exchange management act,1999 42 of 1999 an act to consolidate and.