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Section 1, Foreign Exchange Mgt. Act 1999: Short Title, Extent, Appl. & Comm.

Section 1 (Short title, extent, application and commencement) under Chapter I (Preliminary) of the Foreign Exchange Management Act 1999 (FEMA)

❝(1) This Act may be called the Foreign Exchange Management Act, 1999.

(2) It extends to the whole of India.

(3) It shall also apply to all branches, offices and agencies outside India owned or controlled by a person resident in India and also to any contravention thereunder committed outside India by any person to whom this Act applies.

(4) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:

 Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.❞



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Preamble of the Act: An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.

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Effective date of the Act — 1st June, 2000, vide notification No. G.S.R. 371(E), dated 1st May, 2000, see Gazette of India, Extraordinary, Part II, sec. 3(i).

The Foreign Exchange Management Act, 1999 (FEMA) replaced the erstwhile Foreign Exchange Regulation Act, 1973 (FERA). 
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Extra Notes:

The Foreign Exchange Management Act, 1999 was amended by:
- the Finance Act, 2015 (Act No. 20 of 2015);
- the Finance Act, 2016 (Act No. 28 of 2016);
- the Finance Act, 2017 (Act No. 07 of 2017).

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