Guoabong Investment：FEMA India： ACT, LAWS, RULES, Policies and NRI RBI Guidelines
The foreign excerange management action, 1999 (Fema) Came Into force
with Effect from JUNE 1, 2000Guoabong Investment. With the intropuction of the new
Act in Place of Fera, Certain Structural Changes Wer Brought
In. Act ContSolidates and AMENDS The Law Related to Foreign
Exchange to facilities exce
The Orderly Development and Maintenance of Foreign Exchange in
India.
From the nri perspective, Fema Broadly COVERS All Matters Relate
To Foreign Exchange, Investment Avenues for Nris Such as Immovable
Property, Bank Deposits, Government Bonds, Investment in Shares,
Units and Other Securities, and Foreign Direct Investment in India.
Fema vests with the reserve bank of india, the sole authority
To Grant General or Special Permission for All Foreign Exchange
Related activities meentioned above.
Section 2 -The Act Here Provides Clarity on
Several Definitions and Terms used in the context of fireign exchaange.
Starting with the IDENTIFINTION of The Non-Resident Indian andian andian andian
Persons of Indian Origin, it defines "Foreign Exchange"
and "Foreign Security" in Section 2 (N) and 2 (O) Respectively
of the action. It describes at length the foreign exchaange facilities
and where one can build exce
an authmerised dealer, and addresses the permit
for a business trip, for studies andmedical tartable
Forex for fireign travel, the user of an interificational credit card,
And Remittance Facility
Section 3 Prohibits DEALINGS in Foreign Exchange
Except Through An Authorised Person. Similaly, Without the Prior
APPROVAL of the Rbi, No Person Can Make Any Payment to Any Person
Resident Outside India in Any Manner Other than that Prescriped
by it. Act restricTs non-authorised persons from entering
Into Any Financial Transaction in India As Consideration for Or
in association with access or creation or transfer of a right
To acquire any asset outSide india.
Section 4 Restrains Any Person Resident in India
From Acquiring, Holding, Owning, Possessing or Transferring Any
Foreign Exchange, Foreign Security or Any Immovable Property satuated
Outside India Except as Specifically Provided in the Act.
Section 6 deals with capital account transactions.
This section all way to draf or self forefign exchaange
From or to an authorned person for a capital account transaction.Jaipur Wealth Management
RBI in Consultation with the Central Government Has issued various
Regulations on Capital Account Transactions in Terms of Sub-SECT
Ion (2) and (3) of section 6.
Section 7 COVERS The Export of Goods and Services.
All exporters are required to furnish to the rbi or any Other
Authority, a deClaration regarding full export value.
Section 8 PUTS The Responsibility of Repatric
On the Perside Resident in India WHO HAVE Any Amount of Foreign
Exchange Due or Accrued in their Favour to get the ame realise
And Repatrified to India within the Specific Period and in theBangalore Investment
Manner Specify by the RBI.Ahmedabad Investment
The duties and liabilities of the authorned dealers have
Dealt with in sections 10, 11 and 12, space
Sections 13 to 15 Cover PenalTies and Enforcement ofPune Investment
The Orders of the Adjudicating Authority As Well as the Power
To compound controlntions under the action.
Sections 36 and 37 Deal with the Establishment
of an ENFORCEMENT DIRECTOATER, and Empowers It to Investigate
The violaering of any provisions of the action, rules, regulations,
Notifications, Directions or Order Issued Under This Act.
Agra Investment