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The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "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". [1]
The same was formed under the FEMA Act which replaced the erstwhile Foreign Exchange Regulation Act (FERA). While the main object of FERA was to conserve the foreign exchange resources and prevent the misuse thereof; the object of the FEMA was to promote and develop the foreign exchange management in India. [2]
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FMF funds eligible governments to purchase U.S. defense articles, services and training through the government-to-government the Foreign Military Sales (FMS) program and purchases made through the Direct Commercial Contracts (DCC) program, which oversees sales between foreign governments and private U.S. companies. [7]
COFEPOSA or the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act is an Act of Parliament passed in 1974 during the administration of Indira Gandhi, trying to retain foreign currency and prevent smuggling. It was an economic adjunct to the controversial Maintenance of Internal Security Act (MISA) which was enacted in 1971.
According to FEMA, assistance is determined by comparing applicants’ losses and needs to the available programs and services. After applying, you can review your application and get information ...
Foreign exchange controls used to be common in most countries. For instance, many western European countries implemented exchange controls in the years immediately following World War II. The measures were gradually phased out, however, as the post-war economies on the continent steadily strengthened; the United Kingdom, for example, removed ...
FEMA’s Risk Rating 2.0 system is designed to produce fair flood insurance rates. ... Risk Rating 2.0 maintained prior discount opportunities and updated rules to allow for more flexibility to ...