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The Foreign Exchange Management Act (FEMA) was replaced by Foreign Exchange Regulation Act of 1973 (FERA), which was basically repealed on 1st June, 2000. The FEMA act was basically passed in the winter session of the parliament in 1999. This act was enacted in the year 1973, in the environment of sharp scarcity of Foreign Exchange in the nation. FEMA is basically applied to entire India and it is also very much applicable to all the different branches, offices as well as agencies that are situated outside India.
If any person is caught hold of contravenes of any stipulation of this Act or even the rule, regulation, notification, direction or orders then he shall be legally responsible to a punishment up to thrice the sum concerned in such flouting where such sum is quantifiable, or this penalty can even go up to two lakh rupees where the sum is not quantifiable.
If any person is caught hold of contravenes of any stipulation of this Act or even the rule, regulation, notification, direction or orders then he shall be legally responsible to a punishment up to thrice the sum concerned in such flouting where such sum is quantifiable, or this penalty can even go up to two lakh rupees where the sum is not quantifiable.
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