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1. FEMA gives power to the central government for imposing restriction on activities like making payments to a person situated outside of the country or receiving Jul 1, 2015 - Feb 24, 2012 - Jul 14, 2016 - 1 FEMA AN OVERVIEW K.RAMESH BSc BL FCA ACS FIII Advocate & a Fellow of ICAI 2 FEMA AN FEMA – AN OVERVIEW SALIENT FEATURES OF FEMA.The Foreign Exchange Management Act (FEMA) was an act passed in the winter session of Parliament in 1999, which replaced Foreign Exchange Regulation Act. Know the difference between Foreign Exchange Management Act 1999 and Foreign Exchange Regulation Act 1974.Main Features of Foreign Exchange The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to 3 Main Features; 4 Regulations/Rules under FEMA; 5 Related legislation. 5.1 Foreign Tools. What links here · Related changes · Upload file · Special pages · Permanent link · Page information · Wikidata item · Cite this page Aug 14, 2014 -