ROLE IN FEMA IN EXPORT IMPORT

ROLE IN FEMA EXPORT IMPORT 

• Authorised person could facilitate forex trading, however, the Act empowered the Rbi to put several restrictions on their capital account. Authorized persons were expected to provide details and information regarding forex transaction to the RBI on a regular basis. 
• Fema law allowed Indian residents to carry our transaction in forex, foreign security, or to own immovable property abroad. This was permitted if the currency, security, or property was owned or acquired when he/she was living outside india, or if it was inherited by him/her from someone living outside india 🇮🇳. 
• FEMA compliance covered forex transaction and remittance which included individuals or entrepreneurs moving in our out of India, or exchanging foreign currency in India for travel ✈️️ purposes. 
• There were many subsequent regulations and function,s issued under act addressing specific issues such as authentication of documents current account transaction, adjudication proceedings and appeal, compounding proceedings, permissible capital account transaction and borrowing or leding In 🛳 forex amongst others. 
• As per the rule define under FEMA, there are few limits determined such as if a person  enacts a breach against quota the penalty will be thrice the sum. Event were the amount is not quantifiable, the penalty imposed remains up to Rs. 2 lakh. In occurrence where the violation continues on daily basis the amount stand at RS. 5000 daily (excluding  the first day of violation ) .Also  if, there is any kind of property which is involved during the course the assist will be confiscated and considered as a few under contravention of law. 

.∆  indeed FEMA was drafted to create a more liberal foreign exchange market in India. The act encouraged deregulation of foreign exchange and smooth international trade. FEMA also has a distinct administrative difference from FEMA, which sought to impose sweeping regulation on every expect of India forex transaction. On the other hand, FEMA aimed to manage only certain forex transaction that might have an impact on national security and the winder national economy, and opened up Individual forex  transaction to the free market..