Foreign Exchange Department - આરબીઆઈ - Reserve Bank of India
Overview
The Foreign Exchange Regulation Act, 1973 (FERA) was repealed and a new Act called the Foreign Exchange Management Act, 1999 (FEMA) came into force with effect from June 1, 2000. The objective of the new dispensation is to facilitate external trade and payments and promote orderly development and smooth conduct of foreign exchange market in India.
Facilitator of Forex Transactions
Since the procedures have been simplified and powers have been delegated to the Authorised Persons under the FEMA, 1999, the role of the Foreign Exchange Department is minimum so far as individual citizens are concerned. Persons resident in India have to simply approach the Authorised Persons for their foreign exchange needs. Guided by the Current Account Rules notified, from time to time by the Government of India and Capital Account Regulations notified by the Reserve Bank, the Authorised Persons will facilitate foreign exchange transactions of individuals. The Reserve Bank processes only those applications which require its prior approval under Foreign Exchange Management (Current Account Transactions) Rules and (Capital Account Transactions) Regulations.
Compounding of FEMA Contraventions
In keeping with the spirit of the FEMA, the Government of India has empowered the Reserve Bank under section 15 of the Act to compound the contraventions of all sections of FEMA, 1999 except section 3(a) of the Act. Under compounding the contravener has the option of voluntarily admitting to the contravention, pleading guilty and seeking redressal. The process provides comfort to individuals and corporates that have inadvertently contravened FEMA while taking serious view of wilful, mala fide and fraudulent transactions.
Contact the Executives
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Dr. Aditya Gaiha
Chief General Manager-in-Charge
Reserve Bank of India 11th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai-400 001.
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22610623
Data Releases
This Section provides data on various aspects of Indian economy, banking and finance. While the current data defined as data for the past one year is available at the links provided below, researchers may also access data series available in the Database on Indian Economy link available on this page.
પેજની છેલ્લી અપડેટની તારીખ: ઑગસ્ટ 19, 2024