A Review of Foreign Exchange Management Act 1999

Authors

  • Manjeet

Keywords:

Foreign Exchange, FERA

Abstract

Foreign Exchange Regulation by the R.B.I is mainly regulated by the Foreign Exchange Regulation Act (FERA), which was introduced at a time when foreign exchange (Forex) reserves of the country were low. FERA proceeded on presumption that all foreign exchange earned by Indian residents rightfully belonged to the Government of India and had to be collected and surrendered to the Reserve Bank of India (RBI). FERA primarily prohibited all transactions that are not permitted by RBI. The objective of FERA was to regulate certain payment dealings in foreign exchange and securities transactions that indirectly affects foreign exchange of import and export of currency and to conserve precious foreign exchange and to optimize the proper utilization of foreign exchange so as to promote the economic development of the country.

References

Bhushan, Vidya, and D. R. Sachdeva. Fundamentals of Sociology. Dorling Kindersley (India) Pvt. Ltd., 2012, pp. 11–16.

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Published

30-06-2013

How to Cite

Manjeet. (2013). A Review of Foreign Exchange Management Act 1999. International Journal for Research Publication and Seminar, 4(1), 1. Retrieved from https://jrps.shodhsagar.com/index.php/j/article/view/17

Issue

Vol. 4 No. 1 (2013): Volume 4 | Issue 1 | Jan-Jun 2013

Section

Original Research Article

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