FEMA, ANTI-MONEY LAUNDERING LAW TO REPLACE FERA
Article Abstract:
The government of India has decided to substitute Foreign Exchange Regulation Act (Fera) with Foreign Exchange Management Act (Fema) in the next session of the Parliament. Fema will be an investor friendly foreign exchange law to ensure smooth flow of money. Fera was useful in stopping illegal currency movements in the country. Fema will have two categories for offenses on capital account dealings. Reserve Bank of India will deal with one type of offence and Enforcement Directorate will deal with the other, which is of criminal nature. (rk)
Comment:
India: Govt decides to substitute Foreign Exchange Regulation Act w/ Foreign Exchange Management Act
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
RBI SIMPLIFIES NRI/OCB INVESTMENTS INTO INDIA
Article Abstract:
The norms for investments by non resident Indians (NRIs) and overseas corporate bodies (OCBs) in Indian companies under the 100 percent investment scheme have been simplified by the Reserve Bank of India (RBI). From now, Indian companies need not seek the permission of the RBI for receiving funds from and offering shares to NRIs and OCBs. The companies will have to submit the necessary documents to the RBI within 30 days after the issue of shares. (ag)
Comment:
India: Reserve bank of India simplifies rules of investment for non-resident Indians & overseas corporations in Indian cos
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
FOREX RESERVES HIT RECORD $31-BN
Article Abstract:
An increase in foreign exchange (forex) currency assets - forex reserves excluding gold and Special Drawing Rights - has resulted in India's foreign exchange reserves to reach $31.235 billion by March 19, 1999. The foreign exchange reserves of India increased by $315 million over those on March 12, 1999. The foreign exchange currency assets were $28.256 billion on March 19, 1999. (uh) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: FIs TO INVEST IN POWER PROJECTS NEARING FINANCIAL CLOSURE RELIANCE GETS ICICI LOAN FOR RUBBER PROJECT
- Abstracts: CONTINUES TO ELECTRIFY ALSTOM PLANNING TO REVAMP, DOWNSIZE OPERATIONS KIRLOSKAR ELECTRIC NET PROFIT DOWN 59%
- Abstracts: PVT INSURANCE COs MAY HAVE TO GO PUBLIC. GIC STAFF REVAMP RUNS INTO TROUBLE. BREATHING LIFE INTO INSURANCE SECTOR WITH COMPETITION
- Abstracts: NESTLE, EXCISE DEPT FIGHT OVER `WAFER'. 8 PERCENT EXCISE WILL HIT BRANDED TEA EXPORTS
- Abstracts: M&M TO EXPORT 5,000 ENGINES TO FRANCE. RANE ENGINE VALVES FD,CP. AUTO KIT INDUSTRY EXPECTS PRICE HIKE