Ans. The major provisions of FEMA, 1999 relate to following matters :
- Dealing in foreign exchange, etc.
- Holding of foreign exchange, etc.
- Current account transactions
- Capital account transactions
- Accquistion and transfer of Immovable property in India
- Accquistion and transfer of Immovable property outside India
- Export of goods and services
- Realization and repatriation of foreign exchange
- Exemption from realization and repatriation in certain cases.
- Provisions relating to authorised persons. i.e. authorised by RBI to deal with foreign exchange or in foreign securities
- Power of RBI to inspect authorized person
- Contravention and penalties
- Adjudication and appeal
- Directorate of enforcement
- Miscellaneous provisions
For more details on FEMA refer to the FAQ section at www.rbi.org.in
