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WHAT THIS TOPIC MAINLY COVERS, FEMA DECLARATION - CORE MEANING, MEANING OF NRI, MAIN SCHEMES AVAILABLE TO NRIS ELIGIBLE NON - RESIDENTS, PERMISSIBLE CREDITS AND DEBITS
What does FEMA stand for and in which year did it come into force?
FEMA stands for Foreign Exchange Management Act and it came into force on 1st June 2000, replacing the earlier FERA (Foreign Exchange Regulation Act) of 1973.
What is the full form of FEMA and when was it enacted?
Foreign Exchange Management Act, enacted in 1999.
What is the primary objective of FEMA with respect to foreign exchange?
The primary objective of FEMA is to facilitate external trade and payments and to promote the orderly development and maintenance of the foreign exchange market in India.
Which act did FEMA replace and what was the key shift in approach?
FEMA replaced FERA; shifted from criminal to civil offence approach.
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