FERA FEMA difference FEMA Simple 49 Sec Excluded Current a/c, service all defined Has been widened to include banks Considers resident in India similar to IT FERA Complex 841 Sec Presumption of Mens Rea Current A/c not defined Narrow Def Not dealt Differences 1. Provisions 2.Features 3.Definitions 4.Authorised Person 5.Compatibility with IT
FERA /FEMA Civil Offence, with monetary fine 3 times the Amt. Special dir. (appeals), Appelate Tribunal / High C Sec 32 gives rt to help of legal practitioner Criminal offence 5 Times the Amt. AA went to high Court No help allowed 6.Punishment type 7.Quantity of monetary penality 8.Appeal 9.Right of assistance
means any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency;
means bringing into India the realised foreign exchange and-
the selling of such foreign exchange to an authorised person in India in exchange for rupees; or
the holding of realised amount in an account with anauthorised person in India to the extent notified by the Reserve Bank, and includes use of the realised amount for discharge of a debt or liability denominated in foreign exchange and the expression "repatriation" shall be construed accordingly;
furnish to theRBI or to such other authority a declaration, containing true and correct material particulars, the amount of full export value or, where it is not ascertainable the expected value on the sale in markets outside India.
furnish to the RBI other information as may be required , for the purpose of ensuring the realisation of the export proceeds by such exporter.
The Reserve Bank may, direct any exporter to comply to requirements to received without any delay such export value.
Every exporter of services shall furnish to the RBI or to such other authorities a declaration in such form , containing the true and correct material particulars in relation to payment for such services.
" means an authorised dealer, money changer, off-shore banking unit or any other person for the time being authorised under sub-section (1) of section 10 to deal in foreign exchange or foreign securities;
3 times the amount if quantifiable, or up to Rs 2 L where the amount is not quantifiable, contravention is a continuing one, further penalty which may extend to 5000/ for every day after the first day during which the contravention continued
application made by the person committing such contravention, be compounded within 180 days from the date of receipt of application by the Director of Enforcement or such other officers of the Directorate of Enforcement and officers of the RBI may be authorised in this behalf by the Central Government in such manner as may be prescribed.
Adjudicating authority Special Dir. Appeals Appelate Tribunal High Court Adjudiaction and Appeal
Any person aggrieved by any decision or order of the Appellate Tribunal or the Special Director (Appeals) may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Appellate Tribunal or the Special Director (Appeals) to him on any question of law arising out of such order:
Appointed by CG shall be called officers of Enforcement,
the Director of Enforcement / Additional Director of Enforcement / Special Director of Enforcement / Deputy Director of Enforcement to appoint officers of Enforcement below the rank of an Assistant Director of Enforcement.
The officers shall exercise the like powers which are conferred on the income-tax authorities, subject to such conditions and limitations as the CG