Fema & rbi regulations

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2013 If an employee of Indian Company is going abroad for employment for short duration. Then what are the formalities to be fulfilled as per FEMA & RBI. Can I get details regarding the procedure & declaration etc.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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17 October 2013 Foreign Exchange Management Act or in short (FEMA) is an act that provides guidelines for the free flow of foreign exchange in India. It has brought a new management regime of foreign exchange consistent with the emerging frame work of the World Trade Organisation (WTO). Foreign Exchange Management Act was earlier known as FERA (Foreign Exchange Regulation Act), which has been found to be unsuccessful with the proliberalisation policies of the Government of India.

FEMA is applicable in all over India and even branches, offices and agencies located outside India, if it belongs to a person who is a resident of India.

more info.links are:

https://www.caclubindia.com/forum/something-about-inward-remittance-110729.asp#.Ul-xGVNHhkg

http://www.infodriveindia.com/Exim/Guides/Export-Finance/Ch_13_Exim_Policy.aspx