Difference Between FERA and FEMA
- Blog|FEMA & Banking|
- 1146 Views
- 2 Min Read
- By Taxmann
- Last Updated on 17 November, 2022
Formulation of FEMA:
FERA was mainly formulated to deal with deep crunch of foreign exchange post world war II and hence was a rigid piece of legislation which have left all the businesspeople and Indian citizens at the mercy of Enforcement Directorate as violence of FERA was considered a criminal act and there were major penalties associated with it.
Comparison between FERA and FEMA:
The main differences between FERA and FEMA – FERA was compiled with 81 different and complex provisions however FEMA have only 48 simple sections to it.
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