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What are the major provisions covered in FEMA, 1999?

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Jagdish Jagdish
Answered on January 06,2020

The major provisions of FEMA, 1999 relate to following matters :

  • Dealing in foreign exchange, etc.
  • Holding of foreign exchange, etc.
  • Current account transactions
  • Capital account transactions
  • Export of goods and services
  • Realization and repatriation of foreign exchange
  • Exemption from realization and repatriation in certain cases.
  • Provisions relating to authorised persons. i.e. authorised by RBI to deal with foreign exchange or in foreign securities
  • Power of RBI to inspect authorized person
  • Contravention and penalties
  • Adjudication and appeal
  • Directorate of enforcement
  • Miscellaneous provisions

 

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