DIFFERENCE BETWEEN FERA AND FEMA PDF

FEMA was enforced on June 1, This Act aims to make all the offenses relating to foreign exchange from criminal to civil offenses. The main purpose behind the Foreign Exchange Control Act is to consolidate and amend the foreign exchange legislation with the aim of facilitating foreign trade and payments. FEMA was also formulated to maintain foreign exchange market in India and to promote the orderly development of the same. FEMA applies to all parts of India. The law also applies to all branches, offices, and agencies outside India owned or controlled by a person who is a resident of India.

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The act applies to the whole country. Therefore, all the citizens of the country, inside or outside India are covered under this act. The main objective of the act is to facilitate foreign trade and to encourage systematic development and maintenance of forex market in the country. FEMA an act initiated to facilitate external trade and payments and to promote orderly management of the forex market in the country. Violation of FERA is a non-compoundable offence in the eyes of law.

In contrast violation of FEMA is a compoundable offence and the charges can be removed. Contravening the provision of FERA may result in imprisonment. Conversely, the punishment for violating the provisions of FEMA is a monetary penalty, which may turn into imprisonment if the fine is not paid on time. Conclusion The economic policy of liberalization was first time presented in India in the year that opened gates for foreign investment in many sectors.

In the year , the Tarapore Committee recommended changes in the present legislation that regulate foreign exchange in the country.

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What are the differences between FERA and FEMA?

The act applies to the whole country. Therefore, all the citizens of the country, inside or outside India are covered under this act. The main objective of the act is to facilitate foreign trade and to encourage systematic development and maintenance of forex market in the country. FEMA an act initiated to facilitate external trade and payments and to promote orderly management of the forex market in the country. Violation of FERA is a non-compoundable offence in the eyes of law. In contrast violation of FEMA is a compoundable offence and the charges can be removed.

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What is FEMA? Difference between FERA & FEMA

FEMA came into act on 1st of June The Scope and Objective of FEMA was mainly to amend the laws related to foreign exchangeto facilitate external trade and payments and to develop the foreign exchange market in India. It extends to whole of the country. It introduced resident ship in place of citizenship. FEMA is more human and natural in nature and removed all kinds of restrictions on withdrawal of foreign exchange. It specifically deals with possession and retention of foreign currency and includes all kinds of foreign securities and immovable property.

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What is FERA? The Foreign Exchange Regulation Act is an act of parliament that was introduced in with the aim of controlling and managing foreign payments, purchase of fixed assets to foreigners, and the export and import of currency from and in India. The act is so elaborate and exhaustive such that it covers all citizens of India who are living inside or outside India. What is FEMA?

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