Foreign Exchange Management Act, 1999
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
16.1 APPLICATION OF ACT—SECTION 1
The act 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.
- Any contravention committed outside India by any person to whom this act applies.