FEMA Act Flashcards
(8 cards)
1
Q
What FEMA stands for ?
A
Foreign Exchange Management Act
2
Q
When was FEMA came into force ? Date, Month, and Year
A
1st day of June , 2000
3
Q
FEMA replaced which act ?
A
FERA ( Foreign Exchange Regulation Act)
4
Q
Why was FERA replaced ?
A
Because it didn’t comply with the post liberalisation policies of government
5
Q
What is the main change brought in FEMA compared to FERA ?
A
It made all the criminal offences as Civil offences
6
Q
All the transactions must be carried out through ?
A
Authorised Persons
7
Q
What is the main objective of FEMA ?
A
To help facilitate external trade and payments in India
8
Q
What is the penalty for violation of FEMA act ?
A
2 lakhs , an additional penalty of 5000 per day of contravention
