The importexport code number allotted by the director general of foreign trade under section 7 of the foreign trade development and regulation act, 1992 22 of 1992 shall be indicated on all copies of the gr or pp or vpcod forms completed and lodged by the exporter or his agent with the customs or the postal authorities and in all. The foreign exchange regulation act 1973 indian bare acts. Explore foreign exchange regulation act profile at. The foreign exchange regulation act 1973 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1973 national security, others, procedural and administration, property related. Contributions made by a citizen of india living in another country, from his personal savings, through the normal banking channels, is not treated as foreign contribution. The foreign exchange regulation act fera was legislation passed in india in 1973 that. Short title and commencement1 this act may be called the foreign exchange regulation amendment act, 1957. Foreign exchange management act, 1973 as amended by the foreign exchange regulation amendment act, 1993 46 of 1973 an act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the.
Lxxvi of 1976 the bangladesh laws revision and declaration amendment act, 1974 act no. Foreign exchange regulation act 1976 india newspapers. Act on amendments to the foreign exchange act og 1452010 download. The foreign exchange regulation act 1947 indian bare. The foreign exchange management act derives its powers from various entries in the union list. Accordingly, the foreign exchange regulation act fera which formed the statutory. Act on amendments to the foreign exchange act og 7620 download. The foreign exchange regulation amendment act, 2003 act no.
The object of this act is to regulate, in the economic and financial interest of pakistan, certain payments, dealings in foreign exchange, securities, importexport of currency and bullion. The manual of regulations on foreign exchange transactions, hereinafter referred to as the manual, is a consolidation of all regulations governing foreign exchange transactions. The foreign exchange regulation act, 1947 vii of 1947. Indias foreign exchange control regime was governed by the foreign exchange regulation act, 1973 fera until june 2000. This act shall apply to tanzania zanzibar as well application as to mainland tanzania. And whereas it is expedient further to amend the foreign exchange regulation act, 1947, in the manner and for the purposes hereinafter appearing. However, in 1976, foreign contribution regulation act was. Foreign exchange regulation act latest breaking news, pictures, videos, and special reports from the economic times. Foreign exchange management deposit regulations, 2000. Act, 1973 clinical establishments registration and regulation act, 2010. Application of 1section 360 of the code of criminal procedure, 1973, and of the probation of offenders act, 1958. Lets take a look what has changed and how you might be affected. This act may be called the foreign exchange regulation act, 1973. Ii of 2003 the foreign exchange regulation amendment ordinance, 1976 ord.
As amended by the foreign exchange regulation amendment act, 1993. Heres the full foreign exchange regulation act 1976. Foreign exchange regulation act, 1973 reserve bank of india. Government initiated the process of liberalisation of indian economy in 1991.
Manual of regulations on foreign exchange transactions. To obtain an aligned printout please download the pdf or word. It is advisable to obtain the passport details of the concerned citizen of. It was amended by the foreign exchange regulation amendment act 1993 and later in 2000, wa. Fera foreign exchange regulation act was passed in 1947 which was amended in 1973. Foreign exchange regulation is a form of financial regulation specifically aimed at the forex market that is decentralized and operates with no central exchange or clearing house. Archived from the original pdf on 9 september 2012. This was later replaced with the foreign exchange regulation act, 1973 fera, which came into effect on 1st jan. Bangladesh to provide for the regulation of certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. Foreign exchange management act, 1973 as amended by the foreign exchange regulation amendment act, 1993 46 of 1973 an act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the country. It was a legislation passed by the indian parliament in 1973 and came into force with effect from january 1, 1974. Foreign exchange regulation act, 1973 complete act bare act.
The foreign exchange regulation act, 1947 chancery. The foreign exchange regulation act fera was legislation passed in india in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange forexand securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. The government prepared a bill and put it up for approval in 1973 to regulate or control the use of foreign aid which arrived in india in the form of donations or charity but it did not pass as an act in the same year due to certain reasons undisclosed. Schedule of the bangladesh laws revision and declaration act, 1973 act no. Fera was enacted in september 1973 and it came in force from january 1, 1974. Now therefore i, the governorgeneral, acting with the advice of the executive council, hereby make the following regulation under the banking act 19591973. Foreign exchange policy and its operations in pakistan are formulated and regulated in accordance with the provisions of the foreign exchange regulation act, 1947. Foreign exchange regulation act blogs, comments and archive news on. Fera emphasized strict exchange control over everything that was specified, relating to foreign exchange. Historical background the foreign exchange regulation act of 1973 fera enacted in 1973, in the backdrop of acute shortage of foreign exchange in the country, fera had a controversial 27 year stint during which many bosses of the indian corporate world found themselves at the mercy of the enforcement directorate e. The objective was the conservation of indias foreign exchange reserves, judicious use of foreign exchange, using mainly in. Introduction the foreign exchange regulation act fera.
Gk, general studies, optional notes for upsc, ias, banking, civil services. Regulation on amendments to the foreign exchange act og 1532009 download. The foreign exchange regulation act 1947 bangladesh bank. Liii of 1974 the bangladesh laws revision and declaration act, 1973 act no. Foreign exchange regulation act 1973, 43 of 1973 restriction on holding of immovable property outside india no person resident in india shall, except with the general or special permission of the reserve bank, acquire or hold or transfer or dispose of by sale, mortgage, lease, gift, settlement or otherwise, any immovable property situate. The foreign exchange regulation act, 1973 46 of 1973 11584 19th september, 1973 an act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the country and the proper utilisation. Foreign exchange regulation act was introduced in 1947. Finally the parliament has passed the foreign exchange regulation amendment act, 2015 and on september 9, 2015, the gazette has been published. Latest and breaking news on foreign exchange regulation act.
Vii of 1947 11 th march, 1947 an act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. The form of introductory words used to make statutory rules 1960 no. The foreign exchange regulation act 1947 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1947 national security, others, procedural and administration, property related. Tuesday may 10, 2016 aththulatha shaban 03, 1437 mangalavara vaisakha 20, 1938, at 04. The foreign exchange regulation act, 1947 180 the foreign exchange regulation act, 1947 act no. Foreign exchange regulation act amendment 2015 addition to foreign investment friendliness the increasing globalization has led to a massive growth in the number of foreign transactions in recent times. Account maintained in india under the rules made under the foreign exchange regulation act, 1973. Whereas it is expedient in the economic and financial interests of pakistan to provide for the regulation of certain payments, dealings in. The object of this act is to regulate, in the economic and financial interest of pakistan, certain. It applies also to all citizens of india outside india and to branches and agencies outside india of companies or bodies corporate, registered or incorporated in india. The foreign exchange regulation act 1973 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the foreign exchange regulation act 1973 national security, others, procedural and administration, property related, public utilities.
Foreign contribution regulation act, 2010 it is proposed to amend foreign contribution regulation act, 2010 to insert the provision that where the nominal value of share capital is within the limits specified for foreign investment under the foreign exchange management act, 1999, or the. The foreign exchange management act, 1999 fema is an act of the parliament of india to. An act to consolidate and amend the law regulating certain payments, dealing in foreign exchange and securities, transactions indirectly. The foreign exchange regulation act 1973 indian bare. Without prejudice to subregulation 1, deposits under nre, nro and nrsr account. Due to its decentralized and global nature, the foreign exchange market has been more prone to foreign exchange fraud and has been less regulated than other financial markets. The foreign exchange regulation act, 1947 laws of bangladesh. The foreign exchange market, globally, experiences transactions of trillions of dollars on a daily basis. Article 29 of the 1973 foreign exchange regulation act introduction in theory, indias treatment of foreign investment has always been guided by the twin goals of industrialization and. The foreign exchange regulation act, 1947 183 4 an authorised dealer shall, before undertaking any. Authorized money changers in foreign exchange o 3b cancellation of authorization restrictions on dealing in foreign exchange. An act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion whereas it is expedient.