All categories
Commentary on The Foreign Exchange Management Act (An Exhaustive Case Law based Section Wise Commentary on FEMA along with allied Rules and Regulations)

Commentary on The Foreign Exchange Management Act (An Exhaustive Case Law based Section Wise Commentary on FEMA along with allied Rules and Regulations)

  • ₹995.00

In Stock

.........................................................................................................................
Description
For a country like India, who is importing latest technology in different fields and huge amount of petroleum products for its fuel and other requirements, foreign exchange is a precious commodity. The earlier efforts to control foreign exchange in the form of the Foreign Exchange Regulation Act, 1947 had several drawbacks which led to amendments and later passing of the Foreign Exchange Regulation Act, 1973 (FERA). FERA was enacted to consolidate and amend the law relating to certain payments dealing in foreign exchange and securities, transactions, indirectly affecting the foreign exchange and import and export and import of currency, for conservation of foreign exchange resources of the country and proper utilisation thereof in the interest of economic development of the country. But it did not achieve the desired results of control over foreign exchange to maintain balance of payment position of the country healthy, notwithstanding the penal provisions which provided for sentence of imprisonment for foreign exchange violation and strict control on investments connected with foreign exchange. Later, on account of variety of reasons including foreign remittance and liberalisation of the economy, it made the foreign exchange position for our country healthy, which was a driving force for shunning the strict control regime and strict penal provisions which provided for sentence of imprisonment, to give way to liberalised approach of hefty penalty amount for foreign exchange violations and also provided an escape route to the violators for compounding of the offences and violations of provisions of Act, Rules and Regulations with the permission of the competent authorities, in the present Foreign Exchange Management Act, 1999 (FEMA).
In FEMA, the emphasis is on management of foreign exchange and not regulation and control, as the name of the Act would suggest. The foreign exchange violations are not treated as crime which deserves sentence of imprisonment and only punishment of the fine on higher side was found adequate. The compounding of the violation of foreign exchange is permitted in the manner indicated in relevant Rules and Regulations. The foreign exchange transactions are classified into Current Account Transactions and Capital Account Transactions. The Central Government, to achieve the objectives of management of foreign exchange, framed different types of Rules by exercising powers under section 46. The regulatory body, Reserve Bank of India is empowered under section 47 to make Regulations on different aspects of foreign exchange transactions to facilitate the implementation of the provisions of the Act by different authorities and persons connected with foreign exchange transactions. These important Rules and Regulations form part of the Appendix of this book.
.........................................................................................................................
Contents
Chapter I Preliminary
Chapter II Regulation and Managment of Foreign Exchange
Chapter III Authorised Person
Chapter IV Contravention and Penalities
Chapter V Adjudication and Appeal
Chapter VI  Directorate of Enforcement
Chapter VII Miscellaneous
Appendicies
Table of Cases

.........................................................................................................................
Author Details
S. K. Sarvaria
is author/revising author of several law books. His daughter Snigdha Sarvaria and son Apoorv Sarvaria who have helped him in the present work are working as judicial officers of Delhi Judicial Service in Delhi. Another co-author, his daughter-in-law Yashika Sarvaria is an advocate who is associated with a reputed law firm in Delhi doing international arbitration matters. He joined Delhi Judicial Service in September 1980 and was promoted to Delhi Higher Judicial Service in November, 1997. After completing his long and distinguished service tenure, he retired on 30th November, 2013 as District and Sessions Judge (Northwest), Delhi. As judicial officer in Delhi Judicial Service, he worked as Metropolitan Magistrate, Civil Judge, Additional Rent Controller and while working in Delhi Higher Judicial Service he worked in various capacities as Presiding Officer of Labour Courts, Court of Sessions, Court of District Judge, Additional Rent-Control Tribunal in District Courts in Delhi from time to time and has also worked as Presiding Officer of Registrar's Court in Delhi High Court. Presently, he is working as President, District Consumer Disputes Redressal Forum (Southwest), Delhi.
......................................................................................................................... 

Write a review

Note: HTML is not translated!
    Bad           Good

Similar Products

Recently Viewed