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  FERA A report by Shivani Singh  ● It was a legislation passed by the indian parliament in 1973 and came i to force with effect from January 1, 1974. ● It emphasized strict exchange control over everything that was specified, relating to foreign exchange. ● Law violators were treated as criminal offenders. ● Aimed at minimizing dealings in foreign exchange and foreign securities. About  Summary To regulate certain payments. To regulated rdealings in foreign exchange and securities. To regulated transaction. To regulated import and export of currencyTo preserve precious foreign exchange Proper utilisation of foreign exchange, so as to utilise and promote the economic development in the country.  Current laws in Fera !! ● RBI can authorize a person / company to deal in foreign exchange. ● RBI can authorize the dealers to do transact the Foreign Currencies, subject to review and RBI was given power to revoke the authorization in case of non-compliancy ● NO person, other than “authorized dealer” would enter in any transaction of the foreign currency. ● No person shall make any credit in an account of a person resident out of India. ● No person except authorized by RBI shall send foreign currency out of India ● A person who has right to receive the foreign exchange would have not to delay the receipt of the foreign exchange.
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