(a) whether the Government has received proposals from various quarters to liberalise the Foreign Exchange Management Act (FEMA); and
(b) if so, the action taken thereon?
(a) whether the Government has received proposals from various quarters to liberalise the Foreign Exchange Management Act (FEMA); and
(b) if so, the action taken thereon?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a)& (b): Liberalisation of foreign exchange transactions,
regulated under Foreign Exchange Management Act, 1999 (FEMA),
is undertaken through amendment of Rules and Regulations under
the Act framed by the Government of India and Reserve Bank of
India respectively from time to time. The amendments are duly
notified in the Gazette of India and laid on the Table of both
Houses of Parliament. Liberalisation is a continuous and ongoing
process and it has been the constant endeavour of Government of
India/Reserve Bank of India to undertake it suo moto or otherwise,
as and when deemed necessary.