Information Technology Act, 2000
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When did FEMA 1999 come into force?
June 2000
Who is an 'authorised person' under FEMA?
Bank or person authorised by RBI to deal in foreign exchange or securities
Does FEMA currency definition include credit cards?
Yes, includes credit cards and instruments notified by RBI
Define capital account transaction under FEMA.
Transaction causing change in assets/liabilities of Indian residents outside India or vice versa
What are examples of current account transactions?
Foreign trade payments, services, interest, remittances for living expenses abroad
What constitutes foreign exchange beyond foreign currency?
Drafts, traveller's cheques, letters of credit, bills payable in foreign currency
Does FEMA security definition include bills of exchange?
No, excludes bills of exchange and promissory notes except Government ones
How many days residence required to be 'person resident in India'?
More than 182 days in preceding financial year
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