FEMA FERA Foreign Exchange Management Act 1999 Authorised Dealers  Deposits by NRI Non resident Indians Rules Regulations Notifications Directions Act 

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OVERVIEW OF

FOREIGN EXCHANGE IN INDIAN CONTEXT

        Foreign Exchange is a very very wide topic and has a special significance for the Bankers as well as general public.  At the same time it is one of the areas which very few bankers have mastered.   General public is all the more less aware and is ignorant even about the basics of this field.  However, after the liberalisaton and deregulation of the financial sector in India, a number of changes have taken place in the area of foreign exchange.  To make the things simple, the whole of foreign exchange can be covered under the following broad heads :-

 

 
A EXPORTERS Export Control Regulations; FEDAI Guidelines; Special Economic Zones; Status Holders; Pre-shipment Credit, including Packing Credit ; Post-Shipment Credit; Exchange Earners Foreign Currency (EEFC) accounts; Export Letter of Credit; Export Credit Insurance (ECGC) ; UCPDC; Forfaiting; Forward Sale Contacts;
B IMPORTERS  Import Control Regulations; FEDAI Guidelines; Import Letter of Credit; Foreign Sale Contracts;
C TRAVELERS   Rules under FEMA; Concept of Authorised Dealers for Foreign Exchange; Sale / Purchase of Traveller Cheques and Currency Notes; Money Changes; Restricted Money Changers;
D REMITTANCES Rules for Outward Remittances; Rules for Inward Remittances;
E CARDS Credit Cards; Debit Cards
F NON RESIDENT INDIANS (NRIs): Various NRI accounts; Overseas Corporate Bodies ;  Portfolio Investment Scheme;
G FOREIGN CURRENCY ACCOUNTS OF RESIDENTs RFC; EEFC;
I MISCELLANEOUS Export Import Policy 2002-2007; Foreign Exchange Reserves; Balance of Payments; External Debt; 
   
 

 

  

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