Commentary on the Foreign Exchange Management Act

Initially, the Foreign Exchange Regulation Act, 1947, and later, the Foreign Exchange Regulation Act, 1973 (FERA) were enacted to control foreign exchange and for conservation of foreign exchange resources of the country and proper utilisation thereof in the interest of economic development of the country. But the desired results to control foreign exchange and to maintain a healthy balance of payment position of the country could not be achieved. Hence, the present Commentary on the Foreign Exchange Management Act comprehensively deals with the law and its various provisions that regulate foreign exchange in India. In addition to providing case law based commentary, emphasis has been laid on legal interpretation of words and phrases, and special efforts have been made to correlate different provisions of the FEMA with the related Rules and Regulations.

Key Features:

• Exhaustive section-wise commentary on Foreign Exchange Management Act, along with allied Rules and Regulations
• Important words and phrases used in different provisions of the Act have been explained in a simple way, based on the available case law and some other legislations wherein the said expressions have been used
• Contains exhaustive list of appendices, providing relevant Rules, Regulations and Circulars
• Includes latest case law, up till March 2023