Foreign Exchange Regulation Act 1947 – Bankingallinfo-World Largest Bank Information Portal

Foreign Exchange Regulation (FER) Act, 1947 (Act No. VII of 1947) CONTENTS SECTIONS 1. Short title, extent and commencement 2. Interpretation 3. Authorised dealers in foreign exchange 4. Restrictions on dealing in foreign exchange 5. Restrictions on payment 6. Blocked accounts 7. Special accounts 8. Restrictions on import and […]

Foreign Exchange Regulation Act 1947 Foreign Exchange Regulation Act 1947: There is an elaborate machinery to effectively operate the exchange control and regulation in the country. The machinery comprises the authorities empowered to regulate foreign exchange transactions and to enforce the provisions of Foreign Exchange Regulation Act and to deal with […]

Foreign Exchange Regulation Act 1947, Guidelines of Foreign Exchange Transactions What is Foreign Exchange? Foreign exchange is the conversion or exchange of one country’s currency into another currency. Foreign exchange also refers to the global market where currencies are traded virtually around-the-clock. The term foreign exchange is usually abbreviated as […]