FEMA FULL FORM - SSC NOTES PDF

FEMA FULL FORM

FEMA FULL FORM

Full Form of FEMA : Foreign Exchange Management Act

What is the full form of FEMA ?

No:1. FEMA stands for Foreign Exchange Management Act.
No:2. It was introduced to replace the earlier Foreign Exchange Regulation Act (FERA) as FERA was not compatible with post-liberalisation policies.
No:3. FEMA was passed in the winter session of Parliament in 1999.
No:4. It became an act on 1 June 2000.
No:5. According to this act, all offenses related to foreign exchange are civil offenses as opposed to criminal offenses according to FERA.
No:6. Its head office which is called Enforcement Directorate is located in New Delhi.
No:7. It has five zonal offices which are located in Delhi, Mumbai, Chennai, Kolkata and Jalandhar.
No:8. Each zonal office is head by the Deputy Director.
No:9. Each Zone is further divide into 7 sub-zonal offices and 5 field units.
No:10. The sub-zonal office is head by Assistant Director and the field unit is headed by Chief Enforcement Officer.

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Objectives of FEMA

No:1. The key objective of the FEMA is to consolidate and amend the laws related to foreign exchange to facilitate external trade and payments.
No:2. The other objective for which it is formulate is to promote the orderly development and maintenance of foreign exchange market in India.
No:3. FEMA is applicable throughout the India.
No:4. It is also applicable to all offices, agencies which are outside India but owned or controlled by a person who is a citizen of India.

Main Features

No:1. It allows you sell or draw foreign exchange without prior permission from RBI, you can later inform the RBI.
No:2. It is consistent with current account convertibility and offers provisions for progressive liberalization of capital account transactions.
No:3. FEMA lays down the areas which require permission of RBI or Govt. of India regarding acquisition or holding of foreign exchange.
No:4. It has classified the foreign exchange transactions in two categories; capital account transaction and current account transaction.
No:5. The currencies included under FEMA are ATM cards, debit cards and credit cards.
No:6. The money transactions in rupees with Bhutan and Nepal will not fall under FEMA as these countries accept Rupees.
No:7. It allows a person who is a resident in India at present, but was a resident outside India in the past, to hold, own or transfer any foreign security or immovable property situated outside India that he or she acquired when he or she was a resident of that country.
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No.-2. Free Download 25000 MCQ Question Answers PDF

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