What is the object and scope of Foreign Exchange Management Act, 1999?
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2021
What is the object and scope of Foreign Exchange Management Act, 1999?
Answer & Explanation:
The Foreign Exchange Management Act, 1999 was enacted 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. In fact it is the central legislation that deals with inbound investments into India and outbound investments from India and trade and business between India and the other countries. Foreign Exchange Management Act, 1999 extends to the whole of India. It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and also to any contravention thereunder committed outside India by any person to whom this Act applies.
Topics: Foreign Exchange Management Act (FEMA)
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