📝 One-liners · 136 cards
Foreign Exchange Remittance Facilities for Individuals
Philosophy — FERA, 1973 / FEMA, 1999 (w.e.f. 01-Jun-2000)?
FERA, 1973: Conservation of forex; everything prohibited unless permitted; FEMA, 1999 (w.e.f. 01-Jun-2000): Facilitation of forex; everything permitted unless prohibited
Nature of violation — FERA, 1973 / FEMA, 1999 (w.e.f. 01-Jun-2000)?
FERA, 1973: Criminal offence (imprisonment); FEMA, 1999 (w.e.f. 01-Jun-2000): Civil offence (monetary penalty + civil imprisonment on non-payment)
Burden of proof — FERA, 1973 / FEMA, 1999 (w.e.f. 01-Jun-2000)?
FERA, 1973: On the accused; FEMA, 1999 (w.e.f. 01-Jun-2000): On the prosecution
Residential status — FERA, 1973 / FEMA, 1999 (w.e.f. 01-Jun-2000)?
FERA, 1973: Citizenship-driven; FEMA, 1999 (w.e.f. 01-Jun-2000): 182-day stay rule (Sec. 2(v))
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