Foreign Exchange Management Act. Module VII: Important Provisions Foreign exchange management Act regarding holding, handling and transfer of foreign exchange. Money laundering meaning. FEMA 1999.
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Module VII: Important Provisions
In India, Foreign trade was regulated by
a)The Foreign trade (Development and Regulation) Act, 1992 which replaced the Imports and exports(Control) Act, 1947
b) Foreign Exchange Regulations Act 1973.
With the liberlaisation and globalisation, the outlook changed. Now it is the question of management and not regulation. However, certain activities are still being regulated in the interest of sovereignty of the nation.
Objectives of FEMA:
Important Definitions under the Act:
Salient features of FEMA:
Prohibition of certain transactions:
RBI has powers to regulate, prohibit, or restrict the following: