Further FEMA targets to promote foreign payments and trade in the country. The following are some of the important features of Foreign Exchange Management Act:.
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It is consistent with full current account convertibility and contains provisions for progressive liberalisation of capital account transactions. It classified the foreign exchange transactions in two categories, viz. It provides power to the Reserve Bank for specifying, in , consultation with the central government, the classes of capital account transactions and limits to which exchange is admissible for such transactions.
This act is a civil law and the contraventions of the Act provide for arrest only in exceptional cases. As is clear from the name of the Act itself, the emphasis under FEMA is on 'exchange management' whereas under FERA the emphasis was on 'exchange regulation' or exchange control. Under FERA it was necessary to obtain Reserve Bank's permission, either special or general, in respect of most of the regulations there under. FEMA has brought about a sea change in this regard and except for Section 3 which relates to dealing in foreign exchange, etc.
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Jagranjosh Education Awards Click here to join us Live. Post Comment. This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. Who is your issue with? In this guide: How to complain to a forex provider? How will RBI help me with my issue?
How will Resolver help you? I have to travel abroad, can I buy foreign exchange in advance? What can I do in case my account was debited twice? I did not receive any receipt for the forex transaction What will be the consequences if I cancel my forex transaction? How much foreign exchange can I buy when I am travelling abroad? I am going abroad for employment, how much foreign exchange can I get?
Is there any purpose for which the remittance cannot be made? In Summary. How to complain to a forex provider? Specify all the essential details and documents to support your complaint. If the Bank is unable to resolve the issue you may contact the Grievance Redressal Officer of the concerned Bank. Thereafter, take the complaint to the Internal banking ombudsman.
Further, you may also take a long route by taking the bank to the Consumer Court. Compensation offered by RBI: For Loss suffered : The Ombudsman has the power to direct the Bank to pay as compensation, equal to the amount of loss suffered because of the act or omission by the Bank or amount up to Rs 20 lakh, whichever is lower. What will be the consequences if I cancel my forex transaction? You can remit a maximum of USD 5, in any one year as: A gift to a person residing outside India, A donation to a charitable, educational, religious, cultural organisation outside India.
In case you face any issue, use Resolver to help you. In Summary Know your rights before making any transactions in forex. If you face any issue contact the helpdesk Make sure you know the terms and conditions thoroughly You may escalate the issue via Resolver. Allahabad Bank. Andhra Bank. Axis Bank. Akbar Travels. Aditi Tours And Travels. Ampl Travels Sathyasai Holidays.
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