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The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend 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". [1]
Additionally, upon incorporation into DHS, FEMA was legally dissolved and a new Emergency Preparedness and Response Directorate was established in DHS to replace it. Following enactment of the Post-Katrina Emergency Management Reform Act of 2006 FEMA was reestablished as an entity within DHS, on March 31, 2007.
The Reserve Bank of India Act and the Foreign Exchange Management Act, 1999 set the legal provisions for governing the foreign exchange reserves. The Reserve Bank of India (RBI) accumulates foreign currency reserves by purchasing from authorized dealers in open market operations.
In 1988 the Stafford Disaster Relief and Emergency Assistance Act became law. The Stafford Act established a system of federal assistance to state and local governments and required all states to prepare individual Emergency Operations Plans. Also, the Stafford Act authorized the Director of FEMA to prepare a Federal Response Plan (FRP). [3]
Under the FEMA, the order of adjudication is to be made by the 'Adjudicating Authority' which is subject to challenge before the Special Director (Appeals). Appeal against the order of the Special Director (Appeals), or in case where one of the Special Directors is the 'Adjudicating Authority', is before the "Appellate Tribunal for Foreign ...
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Transactions on ECB are governed by Foreign Exchange Management Act, 1999. ECB can be raised through Automatic Route or Approval Route. Under Automatic Route, the cases are examined by the AD Category-I Banks. Whereas under Approval Route, borrowers send their requests to the Reserve Bank of India through their AD banks for examination.
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