Comparison
TABLE SHOWING SECTIONS OF FERA, 1973 AND CORRESPONDING PROVISIONS OF FEMA, 1999
				Remarks
Sr. No.	Subject	Fera 1973	Fema 1999	(see note below)

1	Object of the Act	Preamble	Preamble	I

2	Short title, extent, application and commencement	1	1	I

3	Definitions	2	2	I

3.01	Appellate Board	2(a)	2(b)	M

3.02	Authorised Dealer	2(b)	2(c)	I

3.03	Bearer Certificate	2(c)	-	-

3.04	Certificate of Title to a Security	2(d)	-	-

3.05	Coupon	2(e)	-	-

3.06	Currency	2(f)	2(g)	M

3.07	Foreign Currency	2(g)	2(l)	N

3.08	Foreign Exchange	2(h)	2(m)	I

3.09	Foreign Security	2(i)	2(n)	I

3.10	Indian Currency	2(k)	2(p)	N

3.11	Indian Custom Waters	2(l)	-	-

3.12	Money-changer	2(m)	-	-
			[However, see 2(c)]

3.13	Overseas Market	2(n)	-	-

3.14	Owner	2(o)	-	-

3.15	Person resident in India	2(p)	2(v)	S

		34


	TABLE SHOWING SECTIONS OF FERA AND FEMA
				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)

3.16	Person resident outside India	2(q)	2(w)	N

3.17	Precious Stone	2(r)	-	-

3.18	Prescribed	2(s)	2(x)	N

3.19	Reserve Bank	2(t)	2(z)	M

3.20	Security	2(u)	2(za)	M

3.21	Transfer	2(w)	2(ze)	M

4	Classes of officers of Enforcement	3	-	-

5	Appointment . & powers of officers of Enforcement	4	36	M

6	Entrustment of functions of Director or other officer of Enforcement	5	36	M

7	Authorised dealers in foreign exchange	6	10	M

8	Money-changers	7	10	M

9	Restrictions on dealing in foreign exchange	8	3, 4, 9	S

10	Restrictions on payments	9	3,5, 6	S

11	Blocked accounts	10	-	-


		35
				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)

12	Restrictions on import and export of certain currency	13	6(3)(g)	-

13	Acquisition by Central Government of foreign exchange	14	-	-

14	Duty of persons entitled to receive foreign exchange	16	8, 9	S

15	Payment for exported goods	18	7	S

16	Payment for lease, hire or other arrangement	18A	-	-

17	Regulation of export and transfer of securities	19	6(3)(h)	S

18	Restrictions on issue of bearer securities	22	-	-

19	Restriction on settlement etc.	24	-	S

20	Restriction on holding of immovable property outside India	25	6	S

21	Certain provisions as to guarantee in respect of debt or other obligation	26	6	S

22	Joint Venture abroad	27	3,4,8
	(Section 27 was deleted.)	8,9,16,19

23	Restrictions on the appointment of certain persons and companies as agents	28	-	-

		36

				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)

24	Restrictions on establishment of place of business in India	29	6	S

25	Prior permission of Reserve Bank required for practising profession, etc. in India by nationals of foreign States.	30	-	-

26	Restriction on acquisition, holding etc., of immovable property in India	31	6	S

27	Power to call for information	33	-	-

28	Power to search suspected persons and to seize documents	34	36

29	Power to arrest for violation of	35	-	-
	the provisions --

30	Power to arrest for non-payment of penalty	57	13

31	Power to stop and search conveyances	36	36

32	Power to search premises	37	36

33	Power to seize documents, etc.	38	36

34	Power to examine persons	39	38

35	Power to summon persons to give evidence and produce documents	40	38

36	Custody of documents, etc.	41	38


		37
				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)


37	Encashment of cheque, draft, etc.	42	-	-

38	Inspection	43	38

39	Prohibition of disclosure of documents or information except in certain cases	44	38

40	Power of police officers and other officers to enter, search etc.	45	38

41	Procedure in respect of foreign exchange or any other goods seized by police officers	46	-	-

42	Contracts in evasion of the Act	47	-	-

43	False statements	48	-	-

44	Failure to comply with conditions subject to which permissions or licences have been given or granted under the Act to be contravention of the provisions of the Act.	49	-	-

45	Penalty	50	13	S

46	Power to adjudicate	51	13	S

47	Appeal to Appellate Board	52	17, 18

48	Powers of the adjudicating officer and the Appellate Board to summon witnesses, etc.	53	13, 18

		38
				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)


49	Appeal to High Court	54	35

50	Continuance of proceeding in the event of death or insolvency	55	43

51	Offences and prosecutions	56	13

52	Penalty for contravention of order made by adjudicating officer, Appellate Board and High Court	57	13

53	Vexatious search etc., by officers of Enforcement	58	-	-

54	Presumption of culpable mental state	59	-	-

55	Power to tender immunity from prosecution	60	-	-

56	Cognizance of offences	61	-	-

57	Certain offences to be non-cognizable	62	-	-

58	Confiscation of currency, security, etc.	63	13(2)	-

59	Preparation, attempt, etc.	64	-	-

60	Correction of clerical errors, etc.	65	-	-


		39

				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)

61	Application of section 360 of the Code of Criminal Procedure, 1973 and of the Probation of Offenders Act, 1958	66	-	-

62	Application of the Customs Act, 1962	67	-	-

63	Offences by companies	68	42	N

64	Power of court to publish name, place of business, etc., of companies convicted under the Act.	69	-	-

65	Recovery of sums due to Government	70	-	-

66	Burden of proof in certain cases	71	-	-

67	Presumption as to documents in certain cases	72	39	N

68	Supplemental provisions	73	11, 12	I

69	Penalty for contravention of direction of Reserve Bank or for failure to file returns	73A	11	I

70	Delegation	74	-	-

71	Power of CentralGovernment to give directions	75	-	-


		40
				Remarks
Sr.No.	Subject	Fera 1973	Fema 1999	(see note below)

72	Factors to be taken into account by the Central Government and the Reserve Bank while giving or granting permissions or licences under the Act.	76	-	-

73	Certain officers to assist officers of Enforcement	77	38

74	Bar of legal proceedings	78	44	N

75	Power to make rules	79	46	I

76	Power to remove difficulties	80	45	I

77	Repeal and saving	81	49	I

		41
NOTES

I	means changes are Important though the changes are not substantial to change
	the meaning of the section.

S	means the changes are Substantial or the section is totally overhauled.

M	means the changes are Minor or there are gramatical changes, but by and large
	the meaning of the section has not been changed.

	It is possible the section may be new but it only represents a new name
	for the old provision. e.g. definition of "Appellate Board" under FERA is known
	as "Appellate Tribunal" under FEMA. In such cases also, 'M' is shown.

N	means there is No change.

	Clarifications:

	The above are based on the personal views of the authors and are meant to be
	only a guide.

	This is a comparision based on only the FEMA Act. Real picture will
	emerge after all circulars and notifications under FEMA are available.

Comparison

TABLE SHOWING SECTIONS OF FERA, 1973 AND CORRESPONDING PROVISIONS OF FEMA, 1999