What are the major provisions covered in FEMA, 1999?​

Answer 1

The major provisions of FEMA, 1999 relate to following matters :

1. Dealing in foreign exchange, etc.
2. Holding of foreign exchange, etc.
3. Current account transactions
4. Capital account transactions
5. Export of goods and services
6. Realization and repatriation of foreign exchange
7. Exemption from realization and repatriation in certain cases.
8. Provisions relating to authorised persons. i.e. authorised by RBI to deal with foreign exchange or in foreign securities
9. Power of RBI to inspect authorized person
10. Contravention and penalties
11. Adjudication and appeal
12. Directorate of enforcement
13. Miscellaneous provisions

For more details on FEMA refer to the FAQ section at www.rbi.org.in