Quick Mail

Please enter your name

Please type your message


Your captcha code looks wrong

Rashmin Sanghvi & Associates

Chartered Accountants

109, 1st Floor, Arun Chambers,
Tardeo Road,
Mumbai - 400 034,
Maharashtra, India.

Tel. Nos.: (+91 22) 2351 1878, 2352 5694.

Fax : (+91 22) 2351 5275.

Email : [email protected]

Click here for google map / directions

 
Home Articles Foreign Exchange Law         Share :

Taxmann’s Guide to Foreign Exchange Management Act, 1999

VIII. COMPARISON

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


Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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
(Section 27 was deleted.)		 27
8,9,16,19		 3,4,8  
23 Restrictions on the appointment
of certain persons and companies
as agents		 28 - -
    36    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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 the provisions --		 35 - -
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    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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 72A 11 I
70 Delegation 74 - -
71 Power of Central Government
to give directions		 75 - -
    40    
         
Sr. No. Subject Fera 1973 Fema 1999 Remarks
(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.

Back  |  Back To Content