Overview of Foreign Exchange Regulations Act 1973 in India
The Foreign Exchange Regulations Act (FERA) of 1973 in India imposed strict regulations on foreign exchange transactions, payments, and securities dealings. It included restrictions on currency import/export, illegal payments, dealings in foreign exchange, export payments regulated by RBI, bearer securities, immovable property outside India, establishment of business in India, and more. RBI had the authority to require information, search suspects, and seize documents under FERA.
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FERA(Foreign Exchange Regulations Act 1973 Dr.Sikandar prasad yadav Deptt of Economics M.L.A.COLLEGE KASBA,PURNEA.
Foreign exchange regulations ACT (FERA) The foreign exchange regulations ACT was legislation passed in India in 1973 that imposed strict regulations on certain kinds of payments, the dealing in Foreign exchange and securities and the transaction which had an indirect impact on the foreign exchange and the import and export of currency. Features of FERA Or Objective of FERA There are following features of FERA (1) Restriction on import and export of currency (2) Restriction on payment that is illegal
Features of FERA 3 Restriction on dealing in Foreign exchange 4 Payment for exported goods are done according to RBI 5 Restriction on issue of bearer securities. 6 Restriction on settlement in other countries 7Restriction on holding of immovable property outside India 8Restriction on the export of certain persons and companies as agent for doing Forex. 9 Restriction on establishment of place of business in India
Features of FERA 10 Permission of Reserve Bank required for practicing protection etc 11 RBI has the power to call for intermation of any person documents like Indian currency. 12 Power to search suspected person and seize document.
