Foreign Exchange Management Act, 1999

Learning Objectives

After reading this chapter, you will be able to understand:

  • Difference between FEMA and FERA
  • Person resident in India and person resident out of India
  • Authorized person
  • Current account transaction and capital account transaction
  • Export of goods and services
  • Transfer of immovable property out of India
  • Dealing in Foreign Exchange and foreign securities
  • Penalty provisions and compounding of offences

The act extends to the whole of India. It also applies to:

  1. All branches, offices and agencies outside India owned or controlled by a person resident in India.
  2. Any contravention committed outside India by any person to whom this act applies.
16.2 ...

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