Features of the Act:
Chapter I deals with Short title, extent, application and commencement and definitions of various words.
Application of the Law:
FEMA – the Foreign Exchange Management Act, 1999 is applicable to all parts of India.
The act is also applicable to all branches, offices and agencies outside India owned or controlled by a person who is a resident of India and also to any contravention there-under committed outside India by any person to whom this Act applies.
We shall study about this article further, in detail, in our next post.