FEMA COMPLIANCE - Kolkata

The Foreign Exchange Management Act, 1999 (FEMA) consolidates and amend the law relating to foreign exchange to facilitate external trade and payments in India. It also promotes the orderly development and maintenance of foreign exchange management in India”. The Foreign Exchange Control Act was replaced by the Indian parliament during the winter session of 1999. FEMA Compliance is required to exchange foreign currency in India. Noncompliance under FEMA can contribute to compounding under FEMA. It covers the whole India and replaces FERA, which had grown incompatible with the government of India’s pro-liberalization policy.  FEMA made it possible to implement a new system of managing foreign currency that was in line with the WTO’s newly developed framework (WTO). The Prevention of Money Laundering Act, 2002, which went into force on July 1, 2005, was also made possible by this act.

https://www.dsrvindia.com/fema-compliance/