Foreign Exchange Regulation Act, 1973

E633186

Indian statute economic regulation law

The Foreign Exchange Regulation Act, 1973 was an Indian law that tightly controlled foreign exchange transactions and foreign ownership in India before being replaced by a more liberal regulatory framework in 1999.

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Statements (48)

Predicate	Object
instanceOf	Indian statute ⓘ economic regulation law ⓘ
administeredBy	Central Government of India NERFINISHED ⓘ Reserve Bank of India NERFINISHED ⓘ
alsoKnownAs	FERA 1973 NERFINISHED ⓘ
appliesTo	persons resident in India ⓘ persons resident outside India dealing in Indian foreign exchange ⓘ
cameIntoForceOn	1974-01-01 ⓘ
chapterFocus	offences and penalties ⓘ regulation of dealings in foreign exchange ⓘ regulation of export of goods and services ⓘ regulation of payments ⓘ
country	India ⓘ
criticizedFor	criminalization of technical violations ⓘ discouraging foreign investment ⓘ overly stringent controls on foreign exchange ⓘ
enactedBy	Parliament of India NERFINISHED ⓘ
historicalContext	enacted during a period of foreign exchange scarcity in India ⓘ
keyFeature	controls on remittances outside India ⓘ criminal penalties for violations ⓘ requirement of RBI permission for many foreign exchange transactions ⓘ restrictions on branch offices of foreign companies ⓘ restrictions on foreign ownership in Indian companies ⓘ stringent control over foreign exchange dealings ⓘ
legalDomain	foreign exchange regulation ⓘ foreign investment control ⓘ
legalNature	criminal law oriented ⓘ
policyOrientation	conservation of foreign exchange ⓘ control-oriented regulation ⓘ
purpose	to conserve foreign exchange resources of India ⓘ to regulate certain payments and dealings in foreign exchange and securities ⓘ to regulate foreign business operations in India ⓘ
relatedTo	Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 NERFINISHED ⓘ Foreign Exchange Management Act, 1999 NERFINISHED ⓘ
repealedBy	Foreign Exchange Management Act, 1999 NERFINISHED ⓘ
repealedOn	2000-06-01 ⓘ
replacedByFramework	more liberal foreign exchange management regime ⓘ
scope	acquisition and holding of immovable property by non-residents ⓘ foreign companies operating in India ⓘ foreign exchange transactions ⓘ foreign securities ⓘ foreign shareholding in Indian companies ⓘ import and export of currency ⓘ non-resident accounts ⓘ
shortName	FERA NERFINISHED ⓘ
status	repealed ⓘ
supersededBy	more liberal Foreign Exchange Management Act, 1999 ⓘ
yearOfEnactment	1973 ⓘ

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Foreign Exchange Management Act, 1999 → repealedAct → Foreign Exchange Regulation Act, 1973 ⓘ

Foreign Exchange Management Act, 1999 → replacedCriminalRegimeOf → Foreign Exchange Regulation Act, 1973 ⓘ