FEMA: What It Does and Litigates
The Foreign Exchange Management Act, 1999 (FEMA) is a law passed by India's Parliament to consolidate and amend the law relating to foreign exchange to ease the process of external trade and payments and promote the maintenance and development of the foreign exchange market in India. It was passed during Parliament's winter session in 1999, and it replaced the Foreign Exchange Regulation Act (FERA). Foreign exchange offenses are now classified as civil offences under this act. It covers the entire country, replacing FERA, which had become incompatible with the Indian government's pro-liberalization goals. FEMA allowed for the creation of Gst Litigation services in India that were in line with the World Trade Organization's evolving framework (WTO). It also prepared the way for the passage of the Money Laundering Prevention Act of 2002, which took effect on July 1, 2005. What Does FEMA Achieve? ● It grants the Central Government the aut...