Need A Legal Advice<\/strong><\/h3>\n\n\n\nThe internet is not a lawyer and neither are you. Talk to a real lawyer about your legal issue<\/p>\n\n\n\n
\nTalk to a Lawyer<\/a><\/div>\n<\/div>\n<\/div>![\"\"](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
<\/a><\/figure><\/div>\n\n\n\n<\/div>\n\n\n\nExecutives Comply With The Implementation Of The Foreign Exchange Management Act & Foreign Exchange Regulation Act (FERA), 1973<\/h3>\n\n\n\n
Foreign Exchange Management Act<\/a> in itself is not a self-governing and separate law. The prerequisites of the Foreign Exchange Management Act are published at various places and also their administrative bodies. The Reserve Bank of India (RBI) administers the Foreign Exchange Management Act and orders are made by the central government.<\/p>\n\n\n\nAlthough the RBI is the overall governing authority in appreciation of the Foreign Exchange Management Act, the implementation of the Foreign Exchange Management Act is committed to a separate “Enforcement Directorate” designed for this purpose. (Section 36)<\/p>\n\n\n\n
Authorities Monitoring The Implementation Of The Foreign Exchange Management Act:<\/h3>\n\n\n\n\n- Foreign Exchange Department (FED) of Reserve Bank of India (RBI)<\/li>\n<\/ul>\n\n\n\n
\n- ED ( Directorate Of Enforcement ), Revenue Department, Ministry of Finance<\/li>\n<\/ul>\n\n\n\n
\n- Capital Markets Division, Department of Economic Affairs, Ministry of Finance <\/li>\n\n\n\n
- Division Of Foreign Trade, Economic Affairs Department, Ministry of Finance<\/li>\n<\/ul>\n\n\n\n
Administration And Superintendence Of Foreign Exchange<\/h3>\n\n\n\n
Foreign currency leads to specified money in the currency of another country or group of countries such as the euro. Foreign currency can be cash, funds available on credit cards and debit cards, traveler’s checks, bank deposits, or other short-term requirements. <\/p>\n\n\n\n
Section 2(n) of the Foreign Exchange Management Act declares that \u201cforeign exchange\u201d means foreign money and includes –<\/p>\n\n\n\n
(i) Deposits, credits, and balances obligatory in any foreign currency,<\/p>\n\n\n\n
(ii) Report Of Trade Bills, Traveler’s Cheque Or, Drafts, declared or drawn in Indian currency but obligatory in any foreign currency,<\/p>\n\n\n\n
(iii) Report Of Trade Bills, Traveler’s Cheque Or, Drafts drawn by banks, companies, or bodies outside India, but owing in Indian currency;<\/p>\n\n\n\n
Foreign Exchange Management Act Prohibits:<\/h3>\n\n\n\n\n- Trading or variation in foreign exchange or foreign security in any form other than a recognized person<\/li>\n<\/ul>\n\n\n\n
\n- make any payment unless through an approved person or in any transaction to the account of any person resident outside India, unless through an entitled person, by order, or by any means. No amount should be on the recommendation<\/a> of any citizen outside India.<\/li>\n<\/ul>\n\n\n\n
![\"\"](\"https:\/\/www.leadindia.law\/blog\/en\/wp-content\/uploads\/2022\/09\/talk-to-lawyer-black-logo.png\"){kind=logo}
<\/a><\/figure><\/div>\n\n\n\nExecutives Comply With The Implementation Of The Foreign Exchange Management Act & Foreign Exchange Regulation Act (FERA), 1973<\/h3>\n\n\n\n
Foreign Exchange Management Act<\/a> in itself is not a self-governing and separate law. The prerequisites of the Foreign Exchange Management Act are published at various places and also their administrative bodies. The Reserve Bank of India (RBI) administers the Foreign Exchange Management Act and orders are made by the central government.<\/p>\n\n\n\n Although the RBI is the overall governing authority in appreciation of the Foreign Exchange Management Act, the implementation of the Foreign Exchange Management Act is committed to a separate “Enforcement Directorate” designed for this purpose. (Section 36)<\/p>\n\n\n\n Foreign currency leads to specified money in the currency of another country or group of countries such as the euro. Foreign currency can be cash, funds available on credit cards and debit cards, traveler’s checks, bank deposits, or other short-term requirements. <\/p>\n\n\n\n Section 2(n) of the Foreign Exchange Management Act declares that \u201cforeign exchange\u201d means foreign money and includes –<\/p>\n\n\n\n (i) Deposits, credits, and balances obligatory in any foreign currency,<\/p>\n\n\n\n (ii) Report Of Trade Bills, Traveler’s Cheque Or, Drafts, declared or drawn in Indian currency but obligatory in any foreign currency,<\/p>\n\n\n\n (iii) Report Of Trade Bills, Traveler’s Cheque Or, Drafts drawn by banks, companies, or bodies outside India, but owing in Indian currency;<\/p>\n\n\n\nAuthorities Monitoring The Implementation Of The Foreign Exchange Management Act:<\/h3>\n\n\n\n
\n
\n
\n
Administration And Superintendence Of Foreign Exchange<\/h3>\n\n\n\n
Foreign Exchange Management Act Prohibits:<\/h3>\n\n\n\n
\n
\n