FEMA Ready Reckoner

Chapters / List

1. 1. Introduction

2. Introduction of FEMA Act,1999

   ---

3. Insurance

   ---

4. Broad Structure of FEMA Act, 1999

   ---

5. Applicability & Commencement of FEMA, 1999

   ---

6. Residential status of a Person Under FEMA,1999

   ---

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

   ---

8. 2. Current Account Transactions

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

   ---

10. Prohibition on Drawal of foreign exchange

    ---

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

    ---

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

    ---

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

    ---

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

    ---

15. 3. Capital Account Transactions

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

    ---

17. Permissible transaction of capital account

    ---

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

    ---

19. Reserve bank prior permission in certain cases

    ---

20. Prohibited Capital Account Transaction

    ---

21. External Commercial Borrowings (ECB)

    ---

22. TRADE CREDITS

    ---

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

    ---

24. Making Overseas Direct Investment by Indian entity

    ---

25. Making Overseas Investment by resident individual

    ---

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

    ---

27. Overseas Investment in IFSC by person resident in India

    ---

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

    ---

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

    ---

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

    ---

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

    ---

32. 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)]

    ---

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

    ---

34. 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

    ---

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

    ---

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

    ---

37. 4. Export of Goods & Services

38. Export of Goods and Services [Section 7]

    ---

39. Project Export and services Expots

    ---

40. Furnishing declaration for Export of Goods or services

    ---

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

    ---

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

    ---

43. Required prior approval before export in certain Exports

    ---

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

    ---

45. Payment for the Export

    ---

46. Submission of export documents

    ---

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

    ---

48. Export Invoicing

    ---

49. International Trade Settlement in India Rupees

    ---

50. Counter-Trade Arrangement through Escrow Account

    ---

51. 5. Realisation & Repartriate of foreign exchange

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

    ---

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

    ---

54. Duty of persons to realise foreign exchange due

    ---

55. Manner of Repatriation of Foreign Exchange

    ---

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

    ---

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

    ---

58. 6. Authorised Person

59. Introduction - Authorised Person under FEMA Act,1999

    ---

60. Authorised Person [Section 10 (1)]

    ---

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

    ---

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

    ---

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

    ---

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

    ---

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

    ---

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

    ---

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

    ---

68. 7. Contravention & Penalties

69. Penalties under FEMA Act [ Section 13 ]

    ---

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

    ---

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

    ---

72. Contravention by companies [Section 42]

    ---

73. 8. Compounding Offences

74. Compounding of Offences [ Section 15 ]

    ---

75. Contraventions which cannot be compounded

    ---

76. Directions issue in respect of the compounding

    ---

77. 9. Adjudication and appeal

78. Appointment of Adjudicating Authority [ Section 16]

    ---

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

    ---

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

    ---

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

    ---

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

    ---

83. Right to appellant to take assistance of Legal Practitioner

    ---

84. Appeal to High Court

    ---

85. 10. Directorate of Enforcement

86. Directorate of Enforcement [ Section 36 ]

    ---

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

    ---

88. Introduction about Directorate of Enforcement (ED)

    ---

89. 11. Empowering other officers

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

    ---

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

    ---

92. 12. Various powers provided under FEMA Act

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

    ---

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

    ---

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

    ---

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

    ---

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

    ---

98. 13. Miscellaneous

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

    ---

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

     ---

101. Civil court not to have Jurisdiction

     ---

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

     ---

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

     ---

104. Bar of legal proceedings [ Section 44 ]

     ---

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

     ---

106. Repeal and saving [ Section 49 ]

     ---

107. 14. Special provision for Assets held outside India in contravention of section 4

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

     ---

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

     ---