FEMA

Foreign Exchange Management Act, 1999 [FEMA]

PREAMBLE

It facilitating external trade and payments

Developing and Maintaining of foreign exchange market in India.

EXTANT AND APPLICATION:

  • Extents to whole India
  • Applies to all branches, offices, and agencies outside India owned and controlled by a person resident in India.

Note: FEMA does not apply to citizen of India who are living outside India unless they are Resident of India

IMPORTANT DEFINITIONS

Authorised Person

Capital Account Transactions

Current Account Transactions

Currency

Foreign Exchange

Foreign Security

Person

Person Resident in India [PRI]

Person Resident Resident Outside India [PROI]

Service

1
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