What is fema? explain the recent amendments?
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The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate andamend 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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• FEMA means Foreign Exchange Management Act.
• It was passed by the Parliament of India.
• This act makes violations related to foreign exchange civil violations.
• Recent amendments in the FEMA act are as follows.
NRIs can be Joint Holders in Residents accounts.
Gifts to NRIs can be credited to NRO accounts in Rupees.
Residents can be Joint Holders in NRE Accounts.
Shares of listed and published companies can be acquired.
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