Foreign Exchange Remittance Facilities for Individuals
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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))
Number of sections — FERA, 1973 / FEMA, 1999 (w.e.f. 01-Jun-2000)?
FERA, 1973: 81; FEMA, 1999 (w.e.f. 01-Jun-2000): 49
Replaced by — FERA, 1973 / FEMA, 1999 (w.e.f. 01-Jun-2000)?
FERA, 1973: FEMA, 1999; FEMA, 1999 (w.e.f. 01-Jun-2000): (current)
Authorised Person (Sec. 2(c))?
Any authorised dealer, money changer, off-shore banking unit or any other person authorised under Sec. 10(1) to deal in foreign exchange or foreign securities.
Currency?
Currency notes, postal notes, postal orders, money orders, cheques, drafts, traveller's cheques, letters of credit, bills of exchange, promissory notes, credit cards / ATM cards and similar instruments notified by RBI.
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