The Government of India formulated FEMA or Foreign Exchange Management Act to encourage the external payments and across the border trades in India. This was meant to close all the loopholes and drawback of FERA and hence major economic reforms were introduced under this act. Transactions in foreign exchange were absolutely prohibited excepting in […] An Act to consolidate the law to regulate the acceptance and utilisation offoreign THE FOREIGN EXCHANGE REGULATION ACT, 1947 (ACT NO. The object of this Act is to regulate, in the economic and financial interest of Pakistan, certain Foreign Exchange Management Act, 1999 (FEMA) emerged as a replacement or say an improvement over the old Foreign Exchange Regulation Act, 1973 (FERA).Foreign investors, frequently hear the terms FERA and FEMA, when they deal with India. The Federal Emergency Relief Administration (FERA) was the new name given by the Roosevelt Administration to the Emergency Relief Administration (ERA) which President Franklin Delano Roosevelt had created in 1933. Foreign Exchange Regulation Act (also known as FERA), was introduced in the year 1973.

The new FERA came into force from 1.1.1974. FERA proceeded on presumption that all foreign exchange earned by Indian residents rightfully belonged to the Government of India and had to be collected and surrendered to the Reserve Bank of India (RBI).
Foreign Exchange Regulation Act (FERA) was introduced at a time when foreign exchange (Forex) reserves of the country were low. • It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and also to any contravention thereunder committed outs ide India by any person to whom this Act applies . It was amended by the Foreign Exchange Regulation (Amendment) Act 1993 and later in 2000, wa. The following Act of Parliament received the assent of the President on the 26th September, 2010, and is hereby published for general information:— THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010 No. 1. The objective was the conservation of India’s Foreign Exchange reserves, judicious use of foreign exchange, using mainly in these sector which require foreign technol­ogy. It extends to the whole of India. The Real Estate Bill was passed by the Rajya Sabha on 10th March, 2016 and the Lok Sabha on 15th March, 2016. The Bill as passed by the Parliament was assented to … (1) This Act may be called the Foreign Exchange Management Act, 1999.

This act seeks to make offences related to foreign exchange civil offences. The act came into force, to regulate inflow and outflow of … GK, General Studies, Optional notes for UPSC, IAS, Banking, Civil Services. FERA was established as a result of the Federal Emergency Relief Act and was replaced in 1935 by the Works Progress Administration (WPA). It was formulated in the year 1999 while it replaced FERA (Foreign Exchange Regulation Act). • It extends to the whole of India. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. (3) It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and also to any contravention thereunder committed outside India by any person to whom this Act applies. • This Act may be called the Foreign Exchange Management Act, 1999.

VII OF 1947). FEMA replaced an act called Foreign Exchange Regulation Act (FERA).
As their name specifies, FERA lays emphasis on the regulation of currencies, whereas the FEMA manages foreign exchange, i.e. What is FERA and when was it passed?

Amended upto 06 Sep, 2015. Here is a brief summarized description of what FERA and FEMA mean. Nri's frequently hear the words FERA and FEMA when it comes to dealings the involve India. What is the status of the Act? Foreign Exchange Regulation Act, 1947 and Notifications issued there under. Real Estate (Regulation and Development) Act, 2016 – Frequently Asked Questions (FAQ) 1 STATUS: 1. FERA was enacted in September 1973 and it came in force from January 1, 1974. The Foreign Exchange Regulation Act (FERA) is legislation that was passed by the Indian Parliament in 1973 and came into effect as of January 1, 1974. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail..

[11th March, 1947] An Act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. 1 1. FERA (Foreign Exchange Regulation Act) was passed in 1947 which was amended in 1973. Foreign Exchange Policy and its operations in Pakistan are formulated and regulated in accordance with the provisions of the Foreign Exchange Regulation Act, 1947. Which Act did FEMA replace?