FEMA Ready Reckoner

Chapters / List

1. 1. Introduction

2. Introduction of FEMA Act,1999

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3. Insurance

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4. Broad Structure of FEMA Act, 1999

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5. Applicability & Commencement of FEMA, 1999

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6. Residential status of a Person Under FEMA,1999

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7. Dealing in foreign exchange [Section 3 of FEMA,1999]

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8. 2. Definitions

9. Currency

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10. Currency Notes

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11. Current Account Transaction

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12. Foreign Exchange

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13. Foreign Security

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14. Foreign currency

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15. Indian currency

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16. Notify

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17. Person Resident In India

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18. Repatriate to India

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19. Security

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20. Service

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21. Transfer

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22. 3. Current Account Transactions

23. Current account transactions [Section 5 of FEMA Act, 1999]

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24. Prohibition on Drawal of foreign exchange

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25. Transaction which is require Prior approval of Government of India - Rule 4

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26. Transaction which required Prior approval of Reserve Bank - Rule 5

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27. Payment From Exchange Earners' Foreign Currency (EEFC) account -Rule 6

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28. Use of International Credit Card while outside India - Rule 7

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29. 4. Capital Account Transactions

30. Capital Account Transaction [Section 6 of FEMA Act, 1999]

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31. Permissible transaction of capital account

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32. Prohibition on Remittance outside India of assets held in India

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33. Reserve bank prior permission in certain cases

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34. Prohibited Capital Account Transaction

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35. External Commercial Borrowings (ECB)

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36. Trade Credits

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37. Non-resident guarantee for domestic fund based and non-fund based facilities

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38. Overseas Investment by Person Resident in India(PRII) [Section 6(4)]

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39. Making Overseas Direct Investment by Indian entity

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40. Making Overseas Investment by resident individual

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41. Overseas Investment by person resident in India other than Indian entity and resident Individual

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42. Overseas Investment in IFSC by person resident in India

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43. Person resident in India (PRII) may permit for Transfer or Liquidation of Equity capital

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44. A person resident in India made Overseas Direct Investment in a foreign entity permit for Restructuring

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45. Restriction and Prohibitions on Person Resident in India for making Overseas Direct Investment in Foreign Entity

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46. Restriction on acquisition or transfer of immovable property outside India

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47. General permission to Non-Resident to hold, own, transfer or invest in Indian currency, security or any immovable property situated in India [ Section 6(5)]

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48. Non-resident and Foreigners business in India [Section 6(6)]

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49. Terms & condition for Approval for opening a branch office or a liaison office or a project office or any other place of business in India

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50. Approval of the Reserve Bank in certain cases for establishment

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51. Closure of Branch or Liaison office and remittance of winding up proceeds

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52. 5. Export of Goods & Services

53. Export of Goods and Services [Section 7]

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54. Project Export and services Expots

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55. Furnishing declaration for Export of Goods or services

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56. Form EDF/SOFTEX authority to whom declaration is to be furnished and the manner

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57. Manner and Period within which export value of goods/software/ services to be realised

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58. Required prior approval before export in certain Exports

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59. Obligation to Exporter if received advance payment against exports [ Regulation 15 ]

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60. Payment for the Export

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61. Submission of export documents

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62. Issue of directions by Reserve Bank in certain cases - Export of goods or services

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63. Export Invoicing

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64. International Trade Settlement in India Rupees

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65. Counter-Trade Arrangement through Escrow Account

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66. 6. Realisation & Repartriate of foreign exchange

67. Realisation and repatriation of foreign exchange [ Section 8 ]

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68. Exemption from provisions relating to holding /repatriation of Foreign Exchange [ Section 9 ]

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69. Duty of persons to realise foreign exchange due

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70. Manner of Repatriation of Foreign Exchange

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71. Surrender of foreign exchange by an Indiviudal resident in India

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72. Surrender of foreign exchange by person other than an individual resident of Inida

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73. 7. Authorised Person

74. Introduction - Authorised Person under FEMA Act,1999

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75. Authorised Person [Section 10(1)]

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76. Grant of Authorisation by RBI [ Section 10(2)]

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77. RBI has power to Revoke Authorisation [Section 10(3)]

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78. Duties of Authorised Person [ Section 10(4) ]

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79. Authorised Person Obligation [Section 10(5)]

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80. Deemed Contravention by Purchaser or Acquirer of Foreign Exchange [Section 10(6)]

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81. Reserve Bank’s powers to issue directions to authorised person [Section 11]

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82. Power of Reserve Bank to inspect authorised person [ Section 12 ]

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83. 8. Contravention & Penalties

84. Penalties under FEMA Act [ Section 13 ]

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85. Enforcement of the orders of Adjudicating Authority [ Section 14 ]

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86. Power to recover arrears of penalty [ Section 14A ]

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87. Contravention by companies [Section 42]

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88. 9. Compounding Offences

89. Compounding of Offences [Upto 11.09.2024] [ Section 15 ]

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90. Compounding of Offences [From 12.09.2024] [ Section 15 ]

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91. Contraventions which cannot be compounded [ Section 15 read with Rule 9 of Foreign Exchange (Compounding Proceedings) Rules, 2024 ]

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92. Directions issue in respect of the compounding

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93. Application for Compounding offence under FEMA Act, 1999

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94. Procedure for compounding offence under FEMA Act, 1999

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95. Issue of the Compounding Order under the FEMA Act, 1999

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96. Payment of the amount for which contravention is compounded under the FEMA Act, 1999

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97. 10. Adjudication and appeal

98. Appointment of Adjudicating Authority [ Section 16]

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99. Appeal to Special Director (Appeals) [Section 17]

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100. Constitution & Appeal lie to the Appellate Tribunal [ Section 18 & 19 ]

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101. Qualifications, Terms & Condition of Special Director (Appeal)

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102. Procedure and Powers of Appellate Tribunal & Special Director (Appeal)

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103. Right to appellant to take assistance of Legal Practitioner

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104. Appeal to High Court

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105. 11. Directorate of Enforcement

106. Directorate of Enforcement [ Section 36 ]

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107. Power of search, seizure, etc [ Section 37 ]

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108. Introduction about Directorate of Enforcement (ED)

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109. 12. Empowering other officers

110. Objective & Scope of Other Officers [Section 38(1)]

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111. Powers of other Officer [Section 38(2)]

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112. 13. Various powers provided under FEMA Act

113. Power of Central Government to give directions [ Section 41 ]

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114. Powers of Reserve Bank not to apply to IFSC [ Section 44A ]

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115. Power to Central Government for remove difficulties [ Section 45 ]

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116. Power to the Central Government to Make Rules under FEMA Act [ Section 46 ]

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117. Power to Reserve Bank make Regulations [ Section 47 ]

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118. 14. Miscellaneous

119. Presumption as to documents in certain cases [Section 39 ]

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120. Officers and employees, etc., to be public servant

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121. Civil court not to have Jurisdiction

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122. Suspension of operation of this Act [ Section 40 ]

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123. Death or insolvency in certain cases [ section 43 ]

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124. Bar of legal proceedings [ Section 44 ]

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125. Rules and regulations to be laid before Parliament [ Section 48 ]

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126. Repeal and saving [ Section 49 ]

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127. 15. Special provision for Assets held outside India in contravention of section 4

128. Special provisions relating to assets held outside India in contravention of section 4 [ Section 37A ]

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129. Holding of foreign exchange [Section 4 of FEMA Act,1999]

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