Section 3 Of Fema

Fema is regulatory mechanism that enables rbi and central government to pass regulations and rules relating to foreign exchange in tune with foreign trade policy of india.
Section 3 of fema. A person shall not deal in foreign exchange or foreign security to any person not being an authorised person. As per section 3 of fema all the current account transactions are free. Security means shares stocks bonds and debentures government securities as defined in the public debt act 1944 18 of 1944 savings certificates to which the government savings certificates act 1959 46 of 1959 applies deposit receipts in respect of deposits of securities and units of the unit trust of india established under sub section 1 of section 3 of the unit trust of india.
A person shall not transfer foreign exchange or foreign security to any person not being an authorised person okay. Fema section 3 a 1. Section 3 describes the steps in the increased cost of compliance icc claims process and the roles and responsibilities of various entities in those steps.
Section 3 in the foreign exchange management act 1999. 3 any other foreign currency loan proposed to be raised by a person resident in india which falls outside the scope of the schedule shall require the prior approval of the central government. Iii meet the permit requirements of paragraph b 1 of this section and the elevation and anchoring requirements for manufactured homes in paragraph c 6 of this section.
Before sharing sensitive information make sure you re on a federal government site. Section 3 dealing in foreign exchange etc. Section 3 of fema capital account transactions are permitted to the extent specified by rbi by issuing regulations.
However central government at any time could impose reasonable instructions by issuing special rules. Section 4 holding of foreign exchange etc. Fema envisages that rbi will have a controlling role in management of foreign exchange.
Federal government websites often end in gov or mil. Increased cost of compliance coverage guidance for state and local officials page 3 1.