Open App

B Com Exam > B Com Videos > Foreign Exchange Management Act, 1999 | FEMA

Foreign Exchange Management Act, 1999 | FEMA Video Lecture - B Com

FAQs on Foreign Exchange Management Act, 1999 - FEMA Video Lecture - B Com

1. What is the Foreign Exchange Management Act, 1999?

Ans. The Foreign Exchange Management Act, 1999 (FEMA) is a law enacted by the Indian government to regulate foreign exchange transactions and facilitate external trade and payments. It replaced the earlier Foreign Exchange Regulation Act (FERA) and aimed to liberalize and simplify foreign exchange transactions in India.

2. What are the main objectives of the Foreign Exchange Management Act, 1999?

Ans. The main objectives of the Foreign Exchange Management Act, 1999 are as follows: - To facilitate external trade and payments. - To promote orderly development and maintenance of the foreign exchange market. - To regulate transactions involving foreign exchange and securities. - To conserve foreign exchange reserves. - To ensure compliance with foreign exchange regulations and prevent money laundering activities.

3. How does the Foreign Exchange Management Act, 1999 impact individuals and businesses?

Ans. The Foreign Exchange Management Act, 1999 impacts individuals and businesses in the following ways: - It regulates foreign exchange transactions such as remittances, investments, and acquisitions by individuals and businesses. - It sets guidelines and restrictions on the amount of foreign exchange that can be held by individuals and businesses. - It facilitates the repatriation of funds from foreign investments and regulates the conversion of foreign currency. - It imposes penalties and fines for non-compliance with foreign exchange regulations.

4. What are the penalties for non-compliance with the Foreign Exchange Management Act, 1999?

Ans. Non-compliance with the Foreign Exchange Management Act, 1999 can result in penalties and fines. The penalties vary depending on the nature and severity of the violation. Some of the common penalties include monetary fines, confiscation of foreign exchange or assets, and imprisonment for certain offenses.

5. How can individuals and businesses ensure compliance with the Foreign Exchange Management Act, 1999?

Ans. Individuals and businesses can ensure compliance with the Foreign Exchange Management Act, 1999 by: - Familiarizing themselves with the provisions of the Act and staying updated on any amendments or changes. - Seeking guidance from professionals or experts in foreign exchange management. - Keeping proper documentation and records of foreign exchange transactions. - Obtaining necessary approvals or permissions from the Reserve Bank of India (RBI) for specific transactions. - Reporting any foreign exchange transactions to the relevant authorities as required by the Act.

Related Exams

B Com

About this Video

	4.84/5 Rating
	Nov 16, 2024 Last updated

Foreign Exchange Management Act, 1999 | FEMA for B Com2024 is part of B Com preparation. The notes and questions for Foreign Exchange Management Act, 1999 | FEMA have been prepared according to the B Com exam syllabus. Information about Foreign Exchange Management Act, 1999 | FEMA covers all important topics for B Com2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Foreign Exchange Management Act, 1999 | FEMA.

Introduction of Foreign Exchange Management Act, 1999 | FEMA in English is available as part of our B Com preparation & Foreign Exchange Management Act, 1999 | FEMA in Hindi for B Com courses. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.

Description

Video Lecture & Questions for Foreign Exchange Management Act, 1999 | FEMA Video Lecture - B Com - B Com full syllabus preparation | Free video for B Com exam.

Information about Foreign Exchange Management Act, 1999 | FEMA

Here you can find the Foreign Exchange Management Act, 1999 | FEMA defined & explained in the simplest way possible. Besides explaining types of Foreign Exchange Management Act, 1999 | FEMA theory, EduRev gives you an ample number of questions to practice Foreign Exchange Management Act, 1999 | FEMA tests, examples and also practice B Com tests.

Explore Courses for B Com exam

Signup for Free!

Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.

Start learning for Free

10M+ students study on EduRev

Semester Notes

past year papers

Extra Questions

shortcuts and tricks

Exam

practice quizzes

ppt

Objective type Questions

1999 | FEMA Video Lecture - B Com

pdf

Foreign Exchange Management Act

MCQs

Foreign Exchange Management Act

Summary

Foreign Exchange Management Act

Previous Year Questions with Solutions

Free

1999 | FEMA Video Lecture - B Com

mock tests for examination

Important questions

study material

Sample Paper

1999 | FEMA Video Lecture - B Com

Viva Questions

video lectures

;

Study Foreign Exchange Management Act, 1999 | FEMA on the App

Students of B Com can study Foreign Exchange Management Act, 1999 | FEMA alongwith tests & analysis from the EduRev app, which will help them while preparing for their exam. Apart from the Foreign Exchange Management Act, 1999 | FEMA, students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc. The EduRev App will make your learning easier as you can access it from anywhere you want. The content of Foreign Exchange Management Act, 1999 | FEMA is prepared as per the latest B Com syllabus.

Education Revolution