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Please explain the difference between FEMA and FERA?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Dear friends. I want to know what is the difference between FEMA ( Foreign Exchange Management Act ) and FERA (Foreign Exchange Regulation Act) . So please give me the information regarding the topic, the difference between FEMA And FERA.

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hie FERA (Foreign Exchange Regulation Act) was passed in 1947 which was amended in 1973. The new FERA came into force from 1.1.1974. The objective was the conservation of India’s Foreign Exchange reserves, judicious use of foreign exchange, using mainly in these sector which require foreign technol­ogy. Transactions in foreign exchange were absolutely prohibited excepting in certain selected sectors. Every foreign company had to maintain Indian share of 26 percent. FERA was repealed in 1998 and Foreign Exchange Management Act (FEMA) was enacted. No unauthorised person would be allowed to deal in foreign exchange. The authorised person could sell; draw foreign exchange from any authorised person on current Account transaction, subject to approval of R.B.I.

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Open uri20170510 32134 h540ea?1494421812 answered

FEMA is the updated version of FERA .

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

FERA (Foreign Exchange Regulation Act) was passed in 1947 which was amended in 1973. The new FERA came into force from 1.1.1974. The objective was the conservation of India’s Foreign Exchange reserves, judicious use of foreign exchange, using mainly in these sector which require foreign technol­ogy. Transactions in foreign exchange were absolutely prohibited excepting in certain selected sectors. Every foreign company had to maintain Indian share of 26 percent. FERA was repealed in 1998 and Foreign Exchange Management Act (FEMA) was enacted. No unauthorised person would be allowed to deal in foreign exchange. The authorised person could sell; draw foreign exchange from any authorised person on current Account transaction, subject to approval of R.B.I.

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