The Foreign Exchange Management Act was passed in the winter session parliament. It was replaced by Atal Bihari Vajpayee in 1999.. This act was replacement of (Foreign Exchange Regulation act). It was replaced since Foreign Regulation act was incompatible with the pro liberization policies of the Government of India. Foreign Exchange Management Act became an act on the 1st day of June, 2000. Foreign Exchange Management Act was introduced because the Foreign Exchange Management Act did not fit in with post-liberalisation policies. This act contains the orderly development and maintenance of foreigexchange market in India. Foreign Exchange Management act is applicable to the whole of India. It is applicable to any office, branch, which is situated outside India but controlled by a person resident in India.
|03-04-2015||Notification No. FEMA. 339/2015-RB||Miscellaneous||RBI|
|16-12-2014||Notification No.FEMA.330/ 2014-RB||Miscellaneous||RBI|
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