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Foreign Exchange Management Act, 1999

Foreign Exchange Management Act, 1999

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Published by Sumit Kumar

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Published by: Sumit Kumar on Nov 14, 2011
Copyright:Attribution Non-commercial

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05/01/2012

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FOREIGN EXCHANGE
MANAGEMENT ACT, 1999
BY :SUMIT KUMAR1
 
Objectives
To facilitate external trade and payments
To promote the orderly development andmaintenance of foreign exchange market
2
 
Introduction: -
Foreign exchange transactions were regulated byForeign exchange regulation act (FERA), 1973
Following the liberalization ushered in 1991 someamendments were made to FERA in 1993 therewas a lot demand to bring certain major changes inFERA in the light of economic changes took place
Consequently a new act was formed to replaceFERA, known as Foreign exchange managementact (FEMA), 1999
FEMA 3

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