FEMA, 1999
- On 14th February 2025, Reserve Bank of India (RBI) directed state-owned banks to penalize companies for violating Foreign Exchange Management Act (FEMA), 1999 by obtaining guarantees from overseas banks, as per reports.
- FEMA, 1999 replaced the Foreign Exchange Regulation Act (FERA), 1973.
- It Facilitates external trade & payments, promotes orderly forex market development.
- Jurisdiction: Applies across India and to Indian entities abroad.
- Directorate of Enforcement investigates violations under the Act. ....
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