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What is the extent and application of Foreign Exchange ManagementAct (FEMA)?

April 26, 2017application extent FEMA foreign exchange

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What is the extent and application of Foreign Exchange ManagementAct (FEMA)?

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FEMA extends to the whole of India. It applies to all branches,offices and agencies outside India, owned or controlled by a person,resident in India. It also applies to any contravention, there under,committed in or, outside India, by any person to whom the Act applies.