Foreign exchange regulation act 1973 bare act pdf

Schedule of the bangladesh laws revision and declaration act, 1973 act no. In the last hundred years, the foreign exchange has undergone some dramatic transformations. The foreign exchange regulation act 1973 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1973 national security, others, procedural and administration, property related, public utilities. An act to regulate certain payments, dealings in foreign exchange and the import. Foreign exchange regulation act amendment 2015 addition to foreign investment friendliness the increasing globalization has led to a massive growth in the number of foreign transactions in recent times. Preamble1 the foreign exchange regulation act, 1973. Law in india, bare act pdf advocates supreme court of india. The act came into force, to regulate foreign payments, securities, currency import and export and purchase of fixed assets by foreigners. The foreign exchange management act, 1999 was enacted to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of. The foreign exchange regulation act 1947 bangladesh bank.

The foreign exchange regulation act 1947 indian bare. Difference between fera and fema with comparison chart. Fera applied to all citizens of india, all over india. An act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in india. The foreign trade development and regulation act, 1992 no. Main features of the foreign exchange management act fema. The foreign exchange regulation act, 1947 chancery law. Aug 12, 2017 foreign exchange regulation act, shortly known as fera, was introduced in the year 1973.

These were notices bggovsec20073 and bggovsec20074 both dated march 15, 2007. This act may be called the foreign exchange regulation act, 1973. Foreign exchange regulation act, 1973 reserve bank of india. Viii of 1973 the foreign exchange regulation amendment act, 1957 act no.

This was later replaced with the foreign exchange regulation act, 1973 fera, which came into effect on 1st jan. Archived from the original pdf on 9 september 2012. The foreign exchange regulation act fera of 1973 in india was replaced on june. The paper deals with the foreign exchange and management act, 1999 comprehensively. The foreign exchange regulation act fera was legislation passed in india in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign. It was a legislation passed by the indian parliament in 1973 and came into force with effect from january 1, 1974. It was amended by the foreign exchange regulation amendment act 1993 and later in 2000, was replaced by fema. The importexport code number allotted by the director general of foreign trade under section 7 of the foreign trade development and regulation act, 1992 22 of 1992 shall be indicated on all copies of the gr or pp or vpcod forms completed and lodged by the exporter or his agent with the customs or the postal authorities and in all.

Foreign exchange management act, 1973 as amended by the foreign exchange regulation amendment act, 1993 46 of 1973 an act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the country. The foreign exchange management act,1999 42 of 1999 an act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in india. Foreign exchange regulation act 1973 fera fera was enacted in september 1973 and it came in force from january 1, 1974. The foreign exchange regulation act 1947 in india bare acts. Foreign exchange regulation act, 1947 and notifications issued there under. The foreign exchange regulation act 1973 indian bare acts. The complicated foreign exchange regulation act, 1973 has been repealed and. The foreign exchange regulation act 1947 indian bare acts. This act seeks to make offences related to foreign exchange civil offences. Foreign exchange and management act, 1999 academike. In this act, unless the context otherwise requires. The prevention of black marketing and maintenance of supplies of essential commodities act, 1980.

The foreign exchange regulation act 1947 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1947 national security, others, procedural and administration, property related, public utilities. Extract from the foreign exchange regalarization act, 2019 1962 with second amendment 1. Foreign trade development and regulation act, 1992 153. Foreign exchange regulation act 1973 repealed preamble 1. Foreign exchange dates back to ancient times, when traders first began exchanging coins from different countries. Jan 30, 2015 by piyali sengupta, hnlu, raipur editors note. An act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. The foreign exchange regulation amendment ordinance, 1976 ord. The gift tax act, 1958 abolished the income tax act, 1961. Section49 failure to comply with conditions subject to which permissions, or licences have been given or granted under the act to be contravention of the. Lxxvi of 1976 the bangladesh laws revision and declaration amendment act, 1974 act no. Liii of 1974 the bangladesh laws revision and declaration act, 1973 act no. The foreign exchange market, globally, experiences transactions of trillions of dollars on a daily basis.

Foreign exchange regulation act amendment 2015 addition. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Section76 factors to be taken into account by the central government and the reserve bank while giving or granting permissions or licences under the act section77 certain officers to assist officers of enforcement. It applies also to all citizens of india outside india and to branches and agencies outside india of companies or bodies corporate, registered or incorporated in india. Exchange control regulations 1973 being a person resident in bermuda buys or borrows any gold or foreign currency outside bermuda, he shall comply with such conditions as to the use to which it may be put or the period for which it may be retained as the controller may direct. Regulation act, 1973 46 of 1973, have the meanings respectively assigned to them in that act. An act to consolidate the law to regulate the acceptance and utilisation offoreign. This act shall apply to tanzania zanzibar as well application as to mainland tanzania. The foreign exchange regulation act fera was legislation passed in india in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange forexand securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency.

Fera emphasized strict exchange control over everything that was specified, relating to foreign exchange. Short title, extent, application and commencement this act may be called the foreign exchange regulation act, 1973. Bank of ghana, the central bank of ghana, has since issued notices providing guidelines on the new foreign exchange act. To obtain an aligned printout please download the pdf or word.

However, the foreign exchange it self is the newest of the financial markets. The foreign exchange regulation act 1973 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1973 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. The foreign exchange management act, 1999 fema is an act of the parliament of india to. Foreign exchange act, 2006 act 723 ghana has a new foreign exchange act, 2006 act 723 which became effective on december 29, 2006. This act shall bind the united republic as well as the branches or agencies of all. Foreign exchange regulation act was introduced in 1947. The bretton woods agreement, set up in 1944, remained. The foreign exchange regulation act, 1973 indian kanoon. In exercise of the powers conferred by section 79 of the foreign exchange regulation act, 1973 46 of 1973, and in supersession of the foreign exchange. The following act of parliament received the assent of the president on the 26th september, 2010, and is hereby published for general information. Chapter i preliminary short title, extent, application and commencement.

Foreign exchange regulation act 1973 complete act bare act. Government initiated the process of liberalisation of indian economy in 1991. Unofficial consolidated version of the act og 962003, 1402005, 22006, 1502008, 922009, 32009 payment system act, 1532009, 1452010 and 7620 act on amendments to the foreign exchange act. An act to consolidate and amend the law regulating certain payments, dealing in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency 1, for the conservation of the foreign exchange resources of the country and the. Unofficial consolidated version of the act og 962003, 1402005, 22006, 1502008, 922009, 32009 payment system act, 1532009, 1452010 and 7620 act on. Foreign exchange regulation rules, 1974 latest laws. In this regulation gold shall not include gold coin. Introduction the foreign exchange regulation act fera. Foreign exchange regulation act, 1973 complete act bare act. Sep 14, 2011 it was amended by the foreign exchange regulation amendment act 1993 and later in 2000, was replaced by fema. Foreign exchange regulation act linkedin slideshare. The act was promulgated in india when the position of foreign reserves wasnt satisfactory.