• FEMA

    FOREIGN EXCHANGE MANAGEMENT ACT (FEMA)

    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.

     

    Keep reading!!

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