After the liberalization policy, Indian market has gone through the growing number of international transactions, mergers and takeovers. Investments have been on a roll and the investments in India (FDI) from abroad and from India in the overseas markets have been rising constantly. We advise our clients on various issues relating to Foreign Exchange Management Act (FEMA),1999.
Frequently Asked Questions
Federal Emergency Management Agency Government Emergency Management Agency: A federal agency that oversees disaster relief in the United States.
FEMA's main goal was to assist in promoting foreign trade and payments in India. It was also intended to assist in orderly growth and preservation of the Indian foreign-exchange market. It sets out the processes, formalities, transactions for all foreignexchange transactions in India.
FEMA stands for 'Foreign Exchange Management Act,' an official law consolidating and amending foreign exchange regulations in India. The primary objective of the FEMA Act was to "facilitate external trade and payments and encourage orderly foreign exchange market growth and maintenance in India."
It gives Central Government powers to control payment flows to and from a individual located outside the country. All financial transactions relating to international securities or trade can not be performed without FEMA 's approval.
Under the current rules, an exporter is expected to apply the SDF form for export of products along with the Shipping Bills. Accordingly, RBI required the foreign exchange remittance declaration under the Foreign Exchange Management Act, 1999 to be included in the Shipping Bill.
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