2(h The currency includes all currency notes, postal orders, money orders, cheques, drafts, travelers cheques, lettersof credit, bills of exchange and promissory notes, credit cards or suchother similar instruments,. Except with the general or special permission of the Reserve Bank of India, no person can :- deal in or transfer any foreign exchange or foreign security to any person not being an authorized person; make any payment to or for the credit of any. Under fera, a person was presumed guilty unless he proved himself innocent whereas under other laws, a person is presumed innocent unless he is proven guilty. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (fera) "Foreign Exchange Management Act, 1999 " is free APP providing detail Section-wise and Chapter-wise information on law relating to foreign exchange. Presentations text content in THE foreign exchange management ACT, 1999 PDF document - DocSlides. Doesn't require internet connection to view them - View data section wise / Chapter wise - Advanced User friendly Search for any keyword within section/chapter - Ability to view Favourite sections - Ability to add notes to each section ( Users can save note, search. Fema has brought a new management regime of Foreign Exchange consistent with the emerging frame work of the World Trade Organization (WTO). 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 the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange.
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Likes : 10, views : 40, download this pdf, tHE foreign exchange management ACT, 1999 PDF document - DocSlides. The Reserve Bank may, for the purpose of ensuring that the full export value of the goods or such reduced value of the goods as the Reserve Bank determines, having regard to the prevailing market-conditions, is received without any delay, direct any exporter to comply. Enacted in 1973, in the backdrop of acute shortage of Foreign Exchange in the country, fera had a controversial 27 year stint during which many bosses of the Indian Corporate world found themselves at the mercy of the Enforcement Directorate (E.D.). It applies to all branches, offices and agencies outside India owned or controlled by a person who is a resident of India and also to any contravention there under committed outside India by any person to whom this Act applies. This section allows a person to draw or sell foreign exchange from or to an authorised person for a capital account transaction. The Act consolidates and amends the law relating to foreign exchange to facilitate external trade and payments, and to promote the orderly development and maintenance of foreign exchange in India. It provided for imprisonment of even a very minor offence.