![]() If penalty is not paid within the specified time, then there can be prosecution.įEMA extends to the whole of India. The consequence of any violation is a penalty. ![]() ![]() If proposed transactions fall outside the guidelines, one will have to obtain necessary prior approvals. are followed, the person can undertake most transactions without any approvals. However as compared to most other commercial laws FEMA is one of the smallest, having only 49 Sections. The operation of FEMA is akin to any other commercial law. It has come into force from June 1, 2000. ![]() The Foreign Exchange Management Act, 1999 (FEMA) deals with cross border investments, foreign exchange transactions and transactions between residents and non-residents.
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