16
Foreign Exchange Management Act 1999
Learning Objectives
After reading this chapter, you should be able to understand following aspects:
Difference between FEMA and FERA.
Person resident in India and person resident out of India.
Authorized person.
Current account transaction and capital account transaction.
Export of goods and services.
Transfer of immovable property out of India.
Dealing in Foreign Exchange and foreign securities.
Penalty provisions and compounding of offences.
16.1 APPLICATION OF ACT—SECTION 1
The act extends to the whole of India. It also applies to:
- All branches, offices and agencies outside India owned or controlled by a person resident in India.
- Any contravention committed outside India by any person to whom this ...
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