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Foreign Exchange Management Act(2000)

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FEMA 2000 means Foreign exchange management Act 2000. Foreign exchange management act 2000 is very
helpful law for development of foreign exchange market in India. It was passed in 1999 and came into effect
from June 1, 2000 to entire country. After this foreign exchange regulation act ( FERA ) 1973 was closed . FEMA
was most suitable for India corporate sector instead of FERA because almost all strict regulations of FERA were
removed in FEMA .

Objectives of FEMA

1. Main objective of apply FEMA is to reduce the restriction on foreign exchange . Now , any offense in foreign
exchange will be civil offense not criminal offense .

2. This law’s main objective is to increase the flow of foreign exchange in India. Now , under this law , you can
bring foreign currency in India without any legal barrier .

Regulations/Rules under FEMA

  • Foreign Exchange Management (Current Account Transactions) Rule, 2000
  • Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000
  • Foreign Exchange Management (Transfer or Issue of any Foreign Security) regulations, 2004
  • Foreign Exchange Management (Foreign currency accounts by a person resident in India)Regulations, 2000
  • Foreign Exchange Management (Acquisition and transfer of immovable property in India) regulations, 2000
  • Foreign Exchange Management (Establishment in India of branch or office or other place of business) regulations, 2000
  • Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000
  • Foreign Exchange Management (Export of Goods and Services) regulations, 2000
  • Foreign Exchange Management (Realisation, repatriation and surrender of Foreign Exchange)regulations, 2000
  • Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000
  • Foreign Exchange ( Adjudication Procedure and Appeals) rules,

 

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