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Needed a Document for Definition and objectives of FEMA2000?
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Needed a Document for Definition and objectives of FEMA2000? Related:...
The Main Features of the FEMA:
The following are some of the important features of Foreign Exchange Management Act:
i. It is consistent with full current account convertibility and contains provisions for progressive liberalisation of capital account transactions.
ii. It is more transparent in its application as it lays down the areas requiring specific permissions of the Reserve Bank/Government of India on acquisition/holding of foreign exchange.
iii. It classified the foreign exchange transactions in two categories, viz. capital account and current account transactions.
iv. It provides power to the Reserve Bank for specifying, in , consultation with the central government, the classes of capital account transactions and limits to which exchange is admissible for such transactions.
v. It gives full freedom to a person resident in India, who was earlier resident outside India, to hold/own/transfer any foreign security/immovable property situated outside India and acquired when s/he was resident.
vi. This act is a civil law and the contraventions of the Act provide for arrest only in exceptional cases.
vii. FEMA does not apply to Indian citizen’s resident outside India.
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Needed a Document for Definition and objectives of FEMA2000? Related: Business Law - Notes & Videos
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Needed a Document for Definition and objectives of FEMA2000? Related: Business Law - Notes & Videos for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Needed a Document for Definition and objectives of FEMA2000? Related: Business Law - Notes & Videos covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Needed a Document for Definition and objectives of FEMA2000? Related: Business Law - Notes & Videos.
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