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bd40bc7c7a Activities such as payments made to any person outside India or receipts from them, along with the deals in foreign exchange and foreign security is restricted. It is FEMA that gives the central government the power to impose the restrictions. Dept of Revenue, Govt of India. The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India". It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). External links. Citation Act No. It required imprisonment even for minor offences. The switch to FEMA shows the change on the part of the government in terms of for the capital.. FEMA is a regulatory mechanism that enables the Reserve Bank of India and the Central Government to pass regulations and rules relating to foreign exchange in tune with the Foreign Trade policy of India.
Skip to main content . It also paved the way for the introduction of the Prevention of Money Laundering Act, 2002, which came into effect from 1 July 2005. Regulations/Rules under FEMA. Search: Home About us Acts and Rules Foreign Exchange Management Functions RTI . This was done in order to relax the controls on foreign exchange in India, as a result of.FEMA served to make transactions for external trade and easier transactions involving current account for external trade no longer required RBIs permission. The buying and selling of foreign currency and other debt instruments by businesses, individuals and governments happens in the foreign exchange market. Deals in foreign exchange under the current account by an authorised person can be restricted by the Central Government, based on public interest generally.