The statutory power for exchange control was provided by the Foreign Exchange Regulation Act (FERA) of 1947 which was subsequently replaced by a more comprehensive Foreign Exchange Regulation Act 1973. This Act empowered the Reserve Bank and in certain cases the Central Government to control and regulate dealings in foreign exchange payments outside India export and import of currency notes and bullion transfer of securities between residents and non-residents acquisition of foreign securities and acquisition of immovable property in and outside India. among other transactions.csrgk today monthly magazine
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