What is difference between FERA and FEMA?
FERA was an act promulgated, to regulate payments and foreign exchange in India, on the contrary FEMA is an act to promote orderly management of the foreign exchange in India.
What is meant by FEMA?
FEMA (Federal Emergency Management Agency) mission is to support the citizens and first responders to promote that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.
What is the main feature of FEMA?
Main Features Activities such as payments made to any person outside India or receipts from them, along with the deals in foreign exchange and foreign security is restricted. It is FEMA that gives the central government the power to impose the restrictions.
What are the salient features of FERA?
Salient Features of FERA: Authorisation to the dealers by the Reserve Bank of India for transacting foreign currencies, subject to review and revocation of the authorisation in the case of non-compliance. Authorisation to the money changers for conversion of currencies as per the rates determined by RBI.
What is the scope of FEMA?
Objectives of FEMA The main objective for which FEMA was introduced in Indian was to facilitate external trade and payments. In addition to this, FEMA was also formulated to assist orderly development and maintenance of the Indian forex market.
How many sections are in FEMA?
49 SectionsFEMA was enacted by Parliament of India and it came into force on 1st June, 2000. There are a total of 49 Sections divided into 7 chapters.