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Foreign Exchange Management Act, 1999
Act of the Parliament of India, replaces Act 46 of 1973
Foreign Exchange Management Act, 1999
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India which was adopted under the guidance of Prime Minister Atal Bihari Vajpayee "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India". It was passed on 29 December 1999 in parliament, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses. It extends to the whole of India, replacing FERA, which had become incompatible with the pro-liberalization policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organization (WTO). It also paved the way for the introduction of the Prevention of Money Laundering Act, 2002, which came into effect on 1 July 2005. Starting in 2004, the Act also includes...
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