FEMA Act - India

Check out and search the entire FEMA (Foreign Exchange Management Act) of India.

The Foreign Exchange Management Act (FEMA) is a 1999 Indian law to consolidate the law relating to foreign exchange in order to facilitate external trade and payments and to promote the orderly development and maintenance of foreign exchange market in India. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). This act seeks to make offenses related to foreign exchange civil offenses. It extends to the whole of India replacing FERA, which had become incompatible with the pro-liberalisation policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organisation (WTO).

Unlike other laws where everything is permitted unless specifically prohibited, under the FERA act everything was prohibited unless specifically permitted. Hence the tenor and tone of the Act was very drastic. It required imprisonment even for minor offences. Under FERA a person was presumed guilty unless he proved himself innocent, whereas under other laws a person is presumed innocent unless he is proven guilty (Source: Wikipedia)

Read the entire FEMA Act of India. Search at will. All sections of the Act are available in the app.

Whether you are a layperson, law student, chartered accountant, a corporate lawyer or a taxpayer, this is an invaluable reference since it contains full text of the Act. You can search using any keyword and the app will show you the relevant sections.

* To see all sections of the Act (index) do not enter any search term and hit the search key. This provides you with complete list of chapters like a TABLE OF CONTENTS.

The list of contents chapter-wise comes up by default when you start the application.

To see list of contents chapter-wise, press the search key with no search text.

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