Foreign Exchange Lawyers in Mumbai, India
International Trade Lawyers | FEMA Lawyers | Regulatory Approvals | RBI Approvals | Investments
Legaleye Associates is gradually being recognized as being one of the best law firms in India for FEMA related works. The Firm assists international clients in making investment in India and setting up Indian liaison and branch offices. The Firm through its network of finanlcial and tax consultants handle regulatory filings, all types of Reserve Bank of India approval and foreign collaboration agreements with various types of government approvals FIPB approvals and compliance follow up.
IS FEMA STILL IN FORCE IN INDIA?
Yes. The Foreign Exchange Management Act (FEMA) relates to the foreign direct investment in the country. The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA) which was formulated in 1973. FEMA became an act on the 1st day of June, 2000. Since FERA dint fit in with post-liberalisation policies, FEMA was introduced to replace it. FEMA was introduced in order to be compatible with pro-liberalization policies. The main objective of the FEMA is to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments. It was also formulated to promote the orderly development and maintenance of foreign exchange market in India. Also, a significant change introduced under the FEMA was that it made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA.
The FEMA has assisted the country by encouraging external payment and trade and encouraged the orderly maintenance and development of the foreign exchange market in India. The Act is applicable to the entire country. Agencies, offices and branches, outside India, which are owned by Indian residents, also fall under the jurisdiction of this act and it also extends to any dispute that are committed in offices, agencies and branches outside India owned by individuals covered by this act. The FEMA head-office, also known as Enforcement Directorate is situated in New Delhi and is headed by a Director. The Directorate is further divided into zonal offices.
Continued extensive efforts have been undertaken since its enactment to ensure the effective implementation of FEMA in India. Effective implementation and efficient supervision are the significant key preconditions for the success of the Foreign Exchange Management Act (FEMA). Legaleye Associates is gradually being recognized as being one of the best lawyers in India for FEMA related works. Fema lawyers at Legaleye Associates advise clients on setting up Indian liaison/branch offices of foreign companies, handle regulatory filings and regularly advise on foreign investment opportunities in India.