Seminar on "Foreign Exchange Management Act (FEMA) for Exports & Imports" organised by FIEO Punjab Chapter

Ludhiana, January 31, 2019: Federation of Indian Export Organizations (FIEO) Punjab Chapter with the support of Export Credit Guarantee Corporation of India Ltd (ECGC) Ltd, Ludhiana organized a Seminar on" Foreign Exchange Management Act (FEMA)- Provisions related to Contraventions pertaining to Exports and Imports" at Ludhiana. The seminar was aimed at sensitizing industry members about the provisions under the Foreign Exchange Management Act (FEMA). Senior officials and experts from ECGC Ltd Ludhiana and Parshotam & Associates interacted during the session. CA (Mr). Nipan Bansal, Partner, Parshotam & Associates, while interacting with participants discussed major aspects of FEMA under the notices of Reserve Bank of India (RBI) and Enforcement Directorate (ED) in relation to exports and imports. He also added that, "FEMA is defined as the laws that directs the procedures and formalities to use foreign exchange reserves in the most efficient manner. It works as a regulatory mechanism that enables RBI and Central Government to pass rules and regulations relating to foreign exchange in tune with Foreign Trade Policy of India. Provisions under FEMA have been formulated in such way so as to help orderly development and maintenance of foreign exchange market of India". Mrs. Sunita Kalra, Branch Head, ECGC Ltd, Ludhiana during her address deliberated on the key role which ECGC's performs in strengthening exports by assisting exporters in recovery of Bad Debts & providing details related to the Credit-Worthiness of Overseas Buyers. ECGC assists exporters right from beginning to completion of the process by covering all exports related risks against foreign exchange fluctuations through various schemes. Mr. Sarvjit Singh, Prop. MAN International (Govt of India recognized Star Export House) & Executive Member, FIEO Punjab State Committee, shared his views about various provisions under FEMA and its importance for export fraternity. FEMA was formulated to encourage external trade and payments across the border of country. It came as a replacement to Foreign Exchange Regulatory Act (FERA) in the year 1999, with a vision to liberalize foreign exchange control & restrictions on foreign investment. The session was well attended by more than 50 representatives from the prominent organizations from the region.