Back Foreign Exchange Management Act French विदेशी मुद्रा प्रबंधन अधिनियम (फेमा), 1999 Hindi परकीय चलन व्यवस्थापन कायदा Marathi அந்நியச் செலாவணி மேலாண்மைச் சட்டம், 1999 Tamil
| Foreign Exchange Management Act, 2000 | |
|---|---|
 | |
| Parliament of India | |
| |
| Citation | Act No. 42 of 1999 |
| Enacted by | Parliament of India |
| Enacted | 1 June 2000 |
| Assented to | 6 January 2000 |
| Commenced | 1 June 2000 |
| Legislative history | |
| Introduced | 29 December 1999 |
| Repeals | |
| Foreign Exchange Regulation Act | |
| Status: In force | |
The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "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".[1] It was passed on 29 December 1999 in parliament, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses. It extends to the whole of India,[2] replacing FERA, which had become incompatible with the pro-liberalization policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organization (WTO). It also paved the way for the introduction of the Prevention of Money Laundering Act, 2002, which came into effect from 1 July 2005.
- ^ "THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999" (PDF). Archived from the original (PDF) on 10 February 2016.
- ^ "FEMA, 1999". Dept of Revenue, Ministry of Finance, Govt of India. Archived from the original (PDF) on 23 June 2012. Retrieved 9 September 2012.