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FEMA replaces FERA

The Indian government Thursday set up an Appellate Tribunal for Foreign Exchange under the Foreign Exchange Management Act, or FEMA, which has replaced the Foreign Exchange Regulation Act, or FERA, 1973.

The notification setting up the tribunal was issued by the Department of Legal Affairs in the Ministry of Law, Justice and Company Affairs, an official release said.

The Appellate Tribunal for Foreign Exchange replaces the Foreign Exchange Regulation Appellate Board, which stands dissolved with the repeal of FERA from Thursday. The chairman and the members of the FERA board also cease to hold office from Thursday.

All the cases pending with the Foreign Exchange Regulation Appellate Board stand transferred to the Appellate Tribunal for Foreign Exchange. In addition to the fresh appeals to be filed before it, the Appellate Tribunal for Foreign Exchange will also have to decide those pending cases.

The tribunal, to be headed by a chairman and as many members as the central government may deem fit, will hear cases arising from the orders of Enforcement Directorate of the Finance Ministry and its adjudicating authorities and the special director-appeals.

UNI

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