FEMA Full Form In English
FEMA stands for Foreign Exchange Management Act. It is an important law enacted by the Government of India in 1999 to manage and regulate foreign exchange and external trade in the country. The main objective of FEMA is to facilitate external payments and promote orderly development of the foreign exchange market in India. FEMA replaced the earlier FERA (Foreign Exchange Regulation Act) of 1973 and focuses more on managing and promoting rather than controlling foreign exchange transactions.
FEMA Full Form In Hindi
FEMA का फुल फॉर्म Foreign Exchange Management Act होता है, जिसे हिंदी में विदेशी मुद्रा प्रबंधन अधिनियम कहा जाता है। यह कानून भारत सरकार द्वारा 1999 में विदेशी मुद्रा और बाहरी व्यापार को नियंत्रित एवं संचालित करने के लिए बनाया गया था। इसका मुख्य उद्देश्य विदेशी भुगतान को सुगम बनाना और विदेशी मुद्रा बाजार के सुव्यवस्थित विकास को बढ़ावा देना है।
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Frequently Asked Questions
What is the main objective of FEMA?
The main objective of FEMA is to facilitate external trade and payments and promote the orderly development of the foreign exchange market.
When was FEMA enacted?
FEMA was enacted in 1999 and came into force on June 1, 2000.
Which act did FEMA replace?
FEMA replaced the Foreign Exchange Regulation Act (FERA), 1973.
Who administers FEMA in India?
FEMA is administered by the Reserve Bank of India (RBI) and the Central Government.
Is FEMA applicable outside India?
FEMA applies to all branches, offices, and agencies of Indian citizens or companies operating outside India.
Conclusion
FEMA plays a vital role in simplifying foreign exchange transactions and promoting international trade. It ensures that India’s foreign exchange market operates smoothly, contributing to economic stability and global trade relations.
