FOREIGN EXCHANGE MANAGEMENT

The Foreign Exchange Management Act (FEMA) was passed in 1999 replacing the earlier Foreign Exchange Regulatory Act (FERA) passed in 1974. This was done in order to relax the controls on foreign exchange in India. The incompatibility of FERA with pro-liberalization policies of government of India caused the urge to switch to FEMA.

FEMA is applicable to whole of India. It has brought a new management regime of Foreign Exchange compatible with the emerging framework of The World Trade Organisation. The objective of FEMA is to encourage foreign payments and trade in country as well maintain and develop the foreign exchange market in India. The foreign exchange market is the largest and most liquid market of India. The fungibility of this market can either be beneficial or too risky for our country.  Thus the management and proper functioning of foreign exchange market is the need of the hour.

Extensive efforts have been made to implement FEMA effectively. Unlike other laws under which the person is presumed innocent until proven guilty, under this act the person is presumed guilty until proven innocent.

Our firm has an extensive experience in cases related to FEMA.  We have a specialized team of attorneys who work dedicatedly in the interest of our prestigious clients dealing with problems related to foreign exchange management. Our team updated with constant changes in rules and regulations of foreign exchange market provides various inputs and valuable insights regarding the same to its clients. This has helped us earn a list of valuable and satisfying clients almost all over the world.