The FEMA, 1999 is a base Act. It gives powers to authorities like Ministry of Finance, Ministry of Commerce, Reserve Bank of India, Foreign Exchange Dealers’ Association of India, Customs and Enforcement Authorities, etc., to frame Rules and Procedures for the application and enforcement of FEMA provisions. The export – import business in India is governed under FEMA. It is very much essential for all those who are eager to enter into the export – import trade to keep in mind that in spite of large scale Liberalization, Privatization and Globalization (LPG) steps after 1990 in the Indian Economy, the Foreign Trade is under Foreign Exchange Management Act, (FEMA) 1999.
ISBN – 13 : 978-8193458020