Foreign exchange regulation act, 1947 and notifications issued there under. Main features of the foreign exchange management act fema. It was amended by the foreign exchange regulation amendment act 1993 and later in 2000, wa. The foreign exchange regulation act 1947 in india bare acts. An act to consolidate and amend the law regulating certain payments, dealing in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency 1, for the conservation of the foreign exchange resources of the country and the. Foreign investment in various sectors was permitted. This was meant to close all the loopholes and drawback of fera and hence major economic reforms were introduced under this act. Save as otherwise provided in this act, rules or regulations made thereunder, or with the general or special permission of the reserve bank, no person shall. An act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. The foreign exchange regulation act,20152018 has been published both in bengali and english languages. Violeta gaucan, titu maiorescu university, bucharest, romania. Foreign exchange regulation act 1973 repealed preamble 1. Statutory basis for exchange control the foreign exchange regulation act, 1973 fera 1973, as amended by the foreign exchange management amendment act, 1999, forms the statutory basis for exchange control in india.
Government initiated the process of liberalisation of indian economy in 1991. The foreign exchange regulation act 1973 indian bare. The foreign exchange management act, 1999 fema is an act of the parliament of india to. Foreign exchange management act, 1999 bare acts law. Preamble whereas it is expedient in the economic and financial interests of bangladesh to provide for the regulation of certain payments, dealings in foreign exchange and securities and the import and export of. Act, may make an application in the prescribed manner to the central government. It was formulated in the year 1999 while it replaced fera foreign exchange regulation act. Fera emphasized strict exchange control over everything that was specified, relating to foreign exchange. The foreign exchange regulation act, 1947 180 the foreign exchange regulation act, 1947 act no. Foreign exchange policy and its operations in pakistan are formulated and regulated in accordance with the provisions of the foreign exchange regulation act, 1947. The foreign exchange regulation act, 1947 183 4 an authorised dealer shall, before undertaking any. The foreign exchange regulation act fera was legislation passed in india in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange forexand securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. An act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion whereas it is expedient.
The government of india formulated fema or foreign exchange management act to encourage the external payments and across the border trades in india. Schedule of the bangladesh laws revision and declaration act, 1973 act no. Exchange control regulations 1973 if eighty per cent or more of the total issued share capital of an exempted company is beneficially owned by bermudians as defined in section 1 of the companies act 1981 title 17 item 5, every employee of. Law in india, bare act pdf advocates supreme court of. To obtain an aligned printout please download the pdf or word excel version to your machine and then use respective software to. The foreign exchange regulation act, 1973 foreign exchange, since time immemorial, has been recognised as the exclusive domain for banks and corporations at large. Catalogueorder form january, 2005 eastern book company 9 qty. In exercise of the powers under subsection 2 of section 39 of the uttar pradesh urban planning and development act, 1973 presidents act no. Vii of 1947 11 th march, 1947 an act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. Foreign exchange regulation act,1973 advocatespedia. Foreign exchange regulation act 1973, 43 of 1973 restriction on holding of immovable property outside india no person resident in india shall, except with the general or special permission of the reserve bank, acquire or hold or transfer or dispose of by sale, mortgage, lease, gift, settlement or otherwise, any immovable property situate.
The foreign exchange market, globally, experiences transactions of trillions of dollars on a daily basis. An act to consolidate and amend the law relating to foreign exchange with the objective of. Finally the parliament has passed the foreign exchange regulation amendment act, 2015 and on september 9, 2015, the gazette has been published. Gk, general studies, optional notes for upsc, ias, banking, civil services. Whereas it is expedient in the economic and financial interests of pakistan to provide for the regulation of certain payments, dealings in. The foreign exchange regulation act 1973 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1973 national security, others, procedural and. Preamble1 the foreign exchange regulation act, 1973. The object of this act is to regulate, in the economic and financial interest of pakistan, certain.
An act to consolidate and amend the law regulating certain payments, dealing in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency 1, for the conservation of the foreign exchange resources of the country and the proper utilisation. The foreign exchange regulation act, 1973 46 of 1973 11584 19th september, 1973 an act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the country and the proper utilisation. The code of criminal procedure, 1973 page 1 bare acts in india statutes and laws free download bare acts and case laws in india have been extensively discussed here, the laws pass by the parliament and its implementation. The foreign exchange regulation act, 1947 laws of bangladesh. An act to regulate the employment of contract labour in certain establishments and to provide for its abolition in certain circumstances and for matters connected therewith. The foreign exchange regulation act 1973 indian bare acts. The fera was passed in 1973 at a time when there was acute shortage of foreign exchange in the country. Foreign exchange regulation act was introduced in 1947. Introduction the foreign exchange regulation act fera. Foreign exchange regulation act amendment 2015 addition to foreign investment friendliness the increasing globalization has led to a massive growth in the number of foreign transactions in recent times. It was a legislation passed by the indian parliament in 1973 and came into force with effect from january 1, 1974.
Lets take a look what has changed and how you might be affected. It applies also to all citizens of india outside india and to branches and agencies outside india of companies or bodies corporate, registered or incorporated in india. Section1 short title, extent, application and commencement. Account maintained in india under the rules made under the foreign exchange regulation act, 1973. The foreign exchange regulation act 1947 bangladesh bank. Fera was enacted in september 1973 and it came in force from january 1, 1974. Foreign exchange regulation act, 1973 complete act bare act. Cineworkers and cinema theatre workers regulation of employment act, 1981 72. Foreign security as defined in clause 2i of the foreign exchange regulation act, 1973. The foreign exchange regulation act 1947 indian bare.
The following act of parliament received the assent of the president on the 7th august, 1992, and is hereby published for general information. Regulation and management of foreign exchange chapter ii regulation and management of foreign exchange dealing in foreign exchange, etc. The foreign exchange regulation act fera of 1973 in india was replaced on june 2000 by the foreign exchange management act fera, which was passed in 1999. The foreign exchange regulation act, 1947 chancery. Clinical establishments registration and regulation act, 2010 75. Although every possible care has been taken to prepare the acts and rules published on bareactspdf. The foreign exchange management act,1999 42 of 1999 an act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in india. This act may be called the foreign exchange regulation act, 1973.
The importexport code number allotted by the director general of foreign trade under section 7 of the foreign trade development and regulation act, 1992 22 of 1992 shall be indicated on all copies of the gr or pp or vpcod forms completed and lodged by the exporter or his agent with the customs or the postal. The code of criminal procedure, 1973 page 1 bare acts. The foreign exchange regulation act, 1973 indian kanoon. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The foreign exchange regulation act 1947 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1947 national security, others, procedural and. Trusts act 1973 part 1 preliminary page 8 current as at 5 june 2017 authorised by the parliamentary counsel 5 except where otherwise provided by this act, this act does not affect the legality or validity of anything done before the commencement of this act. This was later replaced with the foreign exchange regulation act, 1973 fera, which came into effect on 1st jan. The foreign trade development and regulation act, 1992 no. The foreign exchange regulation act 1973 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1973 national security, others, procedural and administration, property related, public utilities. The foreign exchange regulation act fera was legislation passed in india in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign.