The mrtp act 1969 the competition act 2002 considers the modern issues of globalization and wto besides the shortcomings of the now repealed mrtp act 1969. Overview may 18, 1977 south asia programs for official use only document of the world bank this document has a restricted distribution and may be used by recipients. Foreign exchange regulation act, 1973 reserve bank of india. The decision to file appeal was taken at various levels which consumed valuable time. Organizational structuredownload our hierarchical organization chart. In 1997, indian government allowed 100% fdi in cash and carry wholesale and fdi in single brand retailing was allowed 51% in. The foreign exchange management act, 1999 fema is an act of the parliament of india to. The foreign exchange management act 1999fema was an act passed in the winter session of parliament in 1999 extends to the whole of india, which replaced foreign exchange regulation act 1973fera as most of us who are dealing with foreign exchange currency or negotiable instrument equivalent of currency, of any country except indian currency must have heard or dealt. As amended by the foreign exchange regulation amendment act, 1993 29 of 1993. So the judgment of acquittal passed by the trial court does not suffer any perversity and it is confirmed.
This page outlines our history and is for anyone interested in learning more about the agency. An act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in india. This was later replaced with the foreign exchange regulation act, 1973 fera, which came into effect on 1st jan. Here, the offence is considered to be a civil offence only punishable with some amount.
As per this act, all the foreign exchange earned by any resident of india was to be reserved and surrendered to the government. The said petition was opposed by the revision petitioner complainant in the counter that the complaint has been validly laid against the first accused company and also against the accused 2 and 3 under the provisions of section 68 of foreign exchange regulation act, 1973 herein after referred to as fera fully satisfying the requirements. Fera proceeded on presumption that all foreign exchange earned by indian residents rightfully belonged to the government of india and had to be collected and surrendered to the reserve bank of india rbi. Ferpa gives parents certain rights with respect to their childrens education records. Pdf a wide gap between the declared objectives of legislation and the actual results is nothing new in india.
The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Fera consists of 81 complex sections under fera, any offence was a criminal one which included imprisonment as per code of criminal procedure, 1973. Under the act, the state bank is responsible for day to day administration of foreign exchange policy which is exercised through its exchange policy department. The foreign exchange regulation act extended controls to the use or disposal of or dealings in coin, bullion, securities or foreign. The criminal appeal deserves to be dismissed and it is dismissed.
Management act, 1999 hereinafter called fema was right in rejecting a belated appeal filed under section 19 of the fema, applying the first proviso to subsection 2 of section 52 of the foreign exchange regulation act, 1973 hereinafter called fera instead of following the proviso to subsection 2 of section 19 of the fema. The directorate of enforcement initiated proceedings against the respondent for contravening the sections 81, 82 and 91d of the foreign exchange regulation act, 1973 fera since repealed. The foreign exchange regulation act, 1973 46 of 1973 is hereby repealed. Fera foreign exchange regulation act, 1973 goi government of. Short title, extent, application and commencement act no. Fera applied to all citizens of india, all over india.
Be it enacted by parliament in the twentyfourth year of the republic of india as follows short title, extent, application and commencement this act may be called the foreign exchange regulation act, 1973. The various statutes make it compulsory for the banker to disclose information about the customer s account. The principal office of the department is situated at karachi under the charge of a director. The citing of ferpa to conceal public records that are not educational in nature has been widely criticized, including by the acts primary senate sponsor. It was a legislation passed by the indian parliament in 1973 and came into force with effect from january 1, 1974. Account maintained in india under the rules made under the foreign exchange regulation act, 1973. This version depicts the law as of november 27, 2002. But the success of the compititon act 2002 depends on the identification and determination of anticompetitive agreement. Fera 18098 rb dated th january 1998 as amended from time to time hereinafter referred to as the said notification, shall be amended in the following manner, namely. Foreign exchange regulation act 1973 complete act bare act. Five laws that indira gandhi wanted to be out of legal. Provided that the provisions of this code, other than those relating to chapters viii, x and xi.
Section4 appointment and powers of officers of enforcement. It was formulated in the year 1999 while it replaced fera foreign exchange regulation act. The code of criminal procedure, 1973 crpc 2nd page. In contrast to it the competition act allows for monopolies but restricts the misuse of such dominance, apart from all this, the act was ineffective in promoting competition because of it being a reformative act instead of a punitive one.
Economic legislation enacted by government for private. It was amended by the foreign exchange regulation amendment act 1993 and later in 2000, was replaced by fema. The main purpose of classification of companies is to maintain the homogeneity and apparently regulate those companies with similar legal framework. This act may be called the foreign exchange regulation act, 1973. Accordingly, in 1973 the foreign exchange regulation act was amended. After the amendment to fera 1973 made in january 1993, no such confirmation of reserve bank is required to be obtained for transfer of shares as also bonds or debentures between two nonresidents. Exchange management act fema, 1999 that replaced the foreign exchange regulation act fera, 1973 which was less stringent. Here you will read the natures of tasks are performed by the ed to check the corruption in india. Archived from the original pdf on 9 september 2012. Person once convicted or acquitted not to be tried for same offence. Obligation to maintain secrecy of customer s account 1 under law. Mission statementhelping people before, during, and after disasters.
The nonresident transferee, however, requires permission under section 291b of fera 1973 for purchase of the shares or the indian company for. Scribd is the worlds largest social reading and publishing site. In india, all transactions that include foreign exchange were regulated by foreign exchange regulations act fera,1973. The foreign exchange regulation act fera was legislation passed in india in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange forexand securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. The main objective of fera was conservation and proper utilisation of the foreign exchange resources of the country. Fera was enacted in september 1973 and it came in force from january 1, 1974. Copy public disclosure authorized policies and prospects. This was meant to close all the loopholes and drawback of fera and hence major economic reforms were introduced under this act. Jurisdiction of appellate tribunal to condone delay beyond. Historical background the foreign exchange regulation act of 1973 fera enacted in 1973, in the backdrop of acute shortage of foreign exchange in the country, fera had a controversial 27 year stint during which many bosses of the indian corporate world found themselves at the mercy of the enforcement directorate e.
Learned single judge has held that deputy legal advisor was not competent to file revision on behalf of the appellant prior to 23rd february, 2009. The political and legal environments facing business what is political risk. Introduction the foreign exchange regulation act fera. Family educational rights and privacy act wikipedia. An act to consolidate and amend the law regulating certain payments.
The act is also referred to as the buckley amendment, for one of its proponents, senator james l. Jurisdiction of the offices of exchange policy department. The mrtp act, 1969 the mrtp act, 1969, aims at preventing the. Imprisonment is prescribed only when one fails to pay the penalty. Paperwork samples freight shipment paperwork checklist. Since then, a number of development banks and financial institutions such as ifci and idbi have also entered this field. Foreign exchange regulation act, 1973 complete act bare act. The section embodies the common law principle contained in the doctrine of autre fois acquit and autre fois convict which means that if a person is tried and acquitted or. Foreign exchange regulation act, 1973 fera criminal. Foreign exchange regulation act 1973, 43 of 1973 restriction on holding of immovable property outside india no person resident in india shall, except with the general or special permission of the reserve bank, acquire or hold or transfer or dispose of by sale, mortgage, lease, gift, settlement or otherwise, any immovable property situate outside india. Section 300 of code of criminal procedure, 1973 cr. Export performance, problems, policies and prospects in two volumes volume 1. Foreign exchange is the system or process of converting one national currency into another, and of transferring money from one country to another 3. Foreign exchange regulation act fera was introduced at a time when foreign exchange forex reserves of the country were low.
As amended by the foreign exchange regulation amendment act, 1993. In this article we have explained the functions of the enforcement directorate in detail. Foreign exchange regulation act was introduced in 1947. Application of 1section 360 of the code of criminal procedure, 1973, and of the probation of offenders act, 1958.
The provisions of sarfaesi act are not applicable in case of a loan account in which the amount. Directorate of enforcement, the petitioner opposed the charges and contended that their company was not accountable to be accused under section 56 of fera act 1973. The foreign exchange regulation act, 1973 indian kanoon. But what is distinctive about the foreign exchange regulation act fera is that. Since the minimum sentence in section 61 i under the act states imprisonment for a period which is lesser than six months with fine.
Save judgments add notes store search result sets organizer client files start your free. The fera regulations in 1973, which required a large number of foreign companies to dilute their shareholdings in india, gave a boost to the merchant banking activities in india. While fera is an act of the parliament introduced in the year 1973, with an intent to manage and conserve indias foreign reserves, the foreign. Students to whom the rights have transferred are eligible students. Schedule of the bangladesh laws revision and declaration act, 1973 act no. Aimed at minimizing dealings in foreign exchange and foreign securities. Government initiated the process of liberalisation of indian economy in 1991. These rights transfer to the student when he or she reaches the age of 18 or attends a school beyond the high school level. Legal provisions of section 300 of code of criminal procedure, 1973 cr. Issues relating to filing of entity master file we appreciate reserve bank of indias rbis effort to simplify reporting under foreign exchange and management act, 1999 fema. An online collection of various legal aspects like foreign exchange management act fema under indian law.
A snapshot of the clean water act provisions, as expressed in the amended law, is available in its entirety or by title from the listings below in portable document file pdf format. However, in the process of simplifying the compliance procedures, technical. Restrictive policies such as the quotapermitlicence raj and high taxes in the 1960s 1980s had become counterproductive. Fera has now been replaced by the foreign exchange management act, 1999. The government of india formulated fema or foreign exchange management act to encourage the external payments and across the border trades in india. Also the mrtp act was in restriction of the monopolies which is not inherently wrong or illegal. The code of criminal procedure, 1973 crpc 1st page. The foreign exchange regulation act fera, 1973 was established at the time when india was not earning enough foreign exchange. Fera emphasized strict exchange control over everything that was specified, relating to foreign exchange.
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