FEMA Full Form is Foreign Exchange Management Act. FEMA’s important goal is to reform and integrate all laws related to Foreign Currency. It was introduced to replace the earlier Foreign Exchange Regulation Act (FERA) as FERA was not compatible with post-liberalisation policies. FEMA was passed in the winter session of Parliament in 1999. It became an act on 1 June 2000. However, apart from this, FEMA aims to promote foreign payment and trade in the country. FEMA promotes the maintenance and improvement of our Foreign Exchange Market in India.
Friends FEMA provides complete freedom to every person living in India that he can buy property outside India. FEMA was passed in the Winter Session of Parliament in 1999. It became an Act on 1 June 2000. According to this act, all offenses related to foreign currency are civil offenses as opposed to criminal offenses according to FERA.
Its head office is located in New Delhi. It has five zonal offices located in Delhi, Mumbai, Chennai, Kolkata and Jalandhar. But each of its zonal offices is headed by a deputy director. Each of its zones is further divided into 7 sub-regional offices and 5 field units. Friends, its sub-regional office is headed by Assistant Director and Chief Enforcement Officer headed by Field Unit.