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Home List Manuals Income TaxIncome Tax - Frequently Asked Questions (FAQs)FAQs on Provisions useful for non-residents This

Income Tax - Frequently Asked Questions (FAQs)

FAQs on Provisions useful for non-residents

What is the objective of FEMA?

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Ans. The main objective of FEMA is to facilitate external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. FEMA deals with provisions relating to procedures, formalities, dealings, etc. of foreign exchange transactions in India. The transactions relating to foreign exchange have been classified under FEMA into two main categories, viz., (1) Current Account Transaction, (2) Capital Account Transaction.

 

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