What are the major provisions covered in FEMA, 1999?

Ans. The major provisions of FEMA, 1999 relate to following matters :

• Dealing in foreign exchange, etc.
• Holding of foreign exchange, etc.
• Current account transactions
• Capital account transactions
• Accquistion and transfer of Immovable property in India
• Accquistion and transfer of Immovable property outside India
• Export of goods and services
• Realization and repatriation of foreign exchange
• Exemption from realization and repatriation in certain cases.
• Provisions relating to authorised persons. i.e. authorised by RBI to deal with foreign exchange or in foreign securities
• Power of RBI to inspect authorized person
• Contravention and penalties
• Adjudication and appeal
• Directorate of enforcement
• Miscellaneous provisions

For more details on FEMA refer to the FAQ section at www.rbi.org.in