Applicability & Commencement of FEMA, 1999

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....ndia. (b) Extent and Application (Section 1 of FEMA Act 1999 read with regulation 5 of FEMA (IFSC) Regulation, 2015) * It extends to the whole of India. * In British India Steam Navigation Co. Ltd. vs. Shanmugha Vilas Cashew Industries (1990) 48 ELT 481 (SC). It was held that foreign ship on high seas, or her foreign owners or their agents in foreign country are not covered under FERA unless....

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....se the emphasis is on the words "owned or Controlled". contravention of the FEMA committed outside India by a person to whom this act applies will also be covered FEMA (c) Commencement * The FEMA Act,1999 came into force with effect from 1st Jun, 2000 vide Notification G.S.R. 371(E), dated 01.05.2000. * The proviso to section 1(4) states that different dates may be appointed for dif....