Foreign Exchange Management Act 1999
On 29th April, 2023, the Enforcement Directorate (ED) conducted searches and seizure action at three premises linked to an EdTech firm in Bengaluru under the provisions of the Foreign Exchange Management Act (FEMA).
About FEMA
- It replaced the Foreign Exchange Regulation Act, 1973.
- It came into force on the 1st day of June, 2000.
- The object of the Act is to consolidate and amend the law relating to foreign exchange with objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
- The Central Government has established the Directorate of Enforcement ....
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