FEMA Act - India|書籍線上App不用買-HotApp4Game

Check out and search the entire FEMA (Foreign Exchange Management Act) of India.

The Foreign Exchange Management Act (FEMA) is a 1999 Indian law to consolidate the law relating to foreign exchange in order to facilitate external trade and payments and to promote 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). This act seeks to make offenses related to foreign exchange civil offenses. It extends to the whole of India replacing FERA, which had become incompatible with the pro-liberalisation policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organisation (WTO).

Unlike other laws where everything is permitted unless specifically prohibited, under the FERA act everything was prohibited unless specifically permitted. Hence the tenor and tone of the Act was very drastic. It required imprisonment even for minor offences. Under FERA a person was presumed guilty unless he proved himself innocent, whereas under other laws a person is presumed innocent unless he is proven guilty (Source: Wikipedia)

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