ijrcm-3-IJRCM-3_vol-3_2013_issue-7-art-03 (1)

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VOLUME NO.3(2013),ISSUE NO.07 (JULY) ISSN2231-4245

A Monthly Double-Blind Peer Reviewed (Refereed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the ntern!tion!l "eri!l Directories

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INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS & MANAGEMENTA Monthly Double-Blind Peer Reviewed (Refereed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the ntern!tion!l "eri!l Directories

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CONTENTSCONTENTSCONTENTSCONTENTSSr.No. TITLE & NAME OF THE AUTHOR (S)

PageNo.

1 DIRECTION AND TRENDS OF INDIAS PINEAPPLE EXPORTS: A STUDY IN THE FREE TRADE REGIMEJOMY M THOMAS & DR. MARY JOSEPH

1

2 A STUDY ON HOUSEHOLDS CONSUMPTION PATTERN OF AAVIN MILK IN ERODE DISTRICT

SARAVANAN. R., YOGANANDAN. G., RUBY. N & KARTHI.C

6

3 A JOURNEY FROM FERA TO FEMA & ITS IMPACT ON FOREXDHEERAJ GANDHI & DR. I.C.KASHYAP

1

! EMERGENCE OF MORAL PRINCIPLES AND ETHICS IN MANAGEMENT EDUCATIONU. PADMAVATHI

1"

" EMPO#ERMENT OF #OMEN THROUGH MICROFINANCE: A STUDY IN CHITTOOR DISTRICTK. RAMANAMMA & P. MOHAN REDDY

1$

6 THE IMPACT OF MACROECONOMIC VARIA%LES ON STOCK MARKET INDEX: AN EMPIRICAL STUDYPRADEEP K & DR. Y. NAGARAJU

22

IMPACT OF COALMINE INDUSTRIAL EFFLUENTS ON PRODUCTIVITY OF PULSE CROPDR. S. RADHA KRISHNA

2'

$ IMPACT OF MERGER ON THE PROFITA%ILITY PERFORMANCE OF REGIONAL RURAL %ANKS (RR%)* IN %IHAR STATE OF INDIA: ANEMPIRICAL STUDY

DR. MANAS CHAKRABARTI

32

' PERFORMANCE OF MGNREGA IN MANIPUR: A CROSS DISTRICT ANALYSISJIYAUR RAHMAN & ZEBA SHEEREEN 3

1 A STUDY ON PROSPECTS AND FINANCE PRO%LEMS OF FOOD %ASED SMALL SCALE INDUSTRIES #ITH SPECIAL REFERENCE TO MADURAIDR. S.FATIMA ROSALINE MARY & D.ANUSANKARI

!2

11 PROGRESS AND PERFORMANCE OF PRIMARY AGRICULTURE CO+OPERATIVE SOCIETIES IN INDIAPARDEEP KUMAR CHAUHAN

!$

12 SUSTAINA%LE GRO#TH: UTILIATION OF NATURAL RESOURCESV. VANEENDRA SASTRY

"1

13 HEALTH INFRASTRUCTURE IN HARYANA: AN ANALYSISISHU GARG

"!

1! CHALLENGES AND OPPORTUNITIES FOR RURAL #OMEN ENTREPRENEURSJAINENDRA KUMAR VERMA

"$

1" A STUDY ON PERFORMANCE OF STATE CONSUMER DISPUTES REDRESSAL COMMISSIONS IN INDIAGURLEEN KAUR

6

16 STUDY OF SENSITIVITY TO#ARDS IMPORTANCE OF GEOGRAPHICAL INDICATION REGISTRY IN UTTARAKHANDDEEPAK JOSHI 63

1 MARKET MIX STRATEGIES FOR DESTINATION AS A RURAL TOURISM PRODUCTAJAZ AHMAD DAR, HAMID ABDULLAH & PRIYA SINGH

1$ SPECIES+#ISE MAJOR MARINE FISH PRODUCTION: TRENDS AND GRO#TH PERFORMANCE IN SINDHDR. MOHAMMAD PERVEZ WASIM

!

1' GOVERNMENT EXPENDITURE AND ECONOMIC GRO#TH IN ASEAN+": LONG+RUN TENDENCIES AND SHORT+TERM ADJUSTMENTEHSAN RAJABI & JUNAINA MUHAMMAD

$"

2 AN ASSESSMENT OF COMPETITIVE STRATEGIES ADOPTED %Y COMMERCIAL COLLEGES IN NAIRO%I, KENYA IN IMPROVING THEIRENROLMENT CAPACITY

ALICE WAIRIMU KANDE

'

21 ORGANIATIONAL ANALYSIS OF PANCHAYATI RAJ INSTITUTIONS IN INDIAPARDEP KUMAR CHAUHAN

'"

22 RELATIONSHIP %ET#EEN EXCHANGE RATE AND TRADE %ALANCE OF SOUTH ASIA: THE J+CURVE PATTERN

ADNAN ALI SHAHZAD

''

23 VOLATILITY IN GOLD PRICE IN INDIA: AN UPDATEMADHUSMITA BHUYAN

16

2! A STUDY ON PERFORMANCE OF CONSUMER DISPUTES REDRESSAL AGENCIES IN STATE OF KARNATAKAGURLEEN KAUR

111

2" THE LONG RUN RELATIONSHIP %ET#EEN STOCK MARKET RETURNS AND INVESTMENT GRO#TH IN NIGERIA: (1'6 + 21*DR. FREDRICK ONYEBUCHI ASOGWA

113

26 THE EFFECT OF PENSION FUNDS ON THE GRO#TH OF NIGERIAN ECONOMYSAMUEL, KEHINDE OLUWATOYIN & OKE, MARGARET ADEBIMPE

11

2 AGRICULTURE AND #OMEN ENTREPRENEURSHIP IN INDIAHRIDESHWER GUPTA

123

2$ #OMEN ENTREPRENEURSHIP: AN EMERGING #ORKFORCE IN 21)-CENTURY

JAINENDRA KUMAR VERMA

126

2' AN EMPIRICAL STUDY ON THE DYNAMICS OF COMMODITY DERIVATIVE MARKETS IMPACT ON INDIAN INVESTMENT

PRASAD R.A

12$

3 AGRICULTURAL GRO#TH AND FOOD SECURITY: PRO%LEMS AND CHALLENGESKUMARI MARY MATHE

131

RE.UEST FOR FEED%ACK 13$


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CHIEF PATRONCHIEF PATRONCHIEF PATRONCHIEF PATRONPROF/ K/ K/ AGGAR#AL

,h!ir3!n% M!l!viy! '!tion!l nstitute of 6echnolo&y% J!ipur(An in!i!"!# $% N!i$n' I)$*!n+# & %"'' %"n-#- Mini!* $% H"n R#$"*+# D#/#'$)#n!, G$/#*n#n! $% In-i0

,h!ncellor% 7 R M!n&!l!3 8niversity% #ur&!on

,h!ncellor% 9in&!y!:s 8niversity% $!rid!b!d

$ounder ;ice-,h!ncellor (


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PROF/ NA#A% ALI KHANDep!rt3ent of ,o33erce% Ali&!rh Musli3 8niversity% Ali&!rh% 8P

PROF/ S/ P/ TI#ARI.e!d% Dep!rt3ent of ?cono3ics Rur!l Develop3ent% Dr R!3 M!noh!r 9ohi! Av!dh 8niversity% $!i!b!d

DR/ ANIL CHANDHOKProfessor% $!culty of M!n!&e3ent% M!h!rishi M!r!ndeshw!r 8niversity% Mull!n!% A3b!l!% .!ry!n!

DR/ ASHOK KUMAR CHAUHANRe!der% Dep!rt3ent of ?cono3ics% 7urushetr!8niversity% 7urushetr!

DR/ SAM%HAVNA$!culty% 6M% Delhi

DR/ MOHENDER KUMAR GUPTAAssoci!te Professor% PJ9'#overn3ent,olle&e% $!rid!b!d

DR/ VIVEK CHA#LAAssoci!te Professor% 7urushetr! 8niversity% 7urushetr!

DR/ SHIVAKUMAR DEENEAsst Professor% Dept of ,o33erce% "chool of Business "tudies% ,entr!l 8niversity of 7!rn!t!!% #ulb!r&!

ASSOCIATE EDITORSASSOCIATE EDITORSASSOCIATE EDITORSASSOCIATE EDITORSPROF/ A%HAY %ANSAL

.e!d% Dep!rt3ent of nfor3!tion 6echnolo&y% A3ity "chool of ?n&ineerin& 6echnolo&y% A3ity 8niversity% 'oid!

PARVEEN KHURANAAssoci!te Professor% Mu!nd9!l'!tion!l,olle&e% 2!3un! '!&!r

SHASHI KHURANAAssoci!te Professor% "M"7h!ls!9ub!n!#irls,olle&e% B!r!r!% A3b!l!

SUNIL KUMAR KAR#ASRAPrincip!l% A!!sh,olle&e of ?duc!tion% ,h!nder7!l!n% 6oh!n!% $!teh!b!d

DR/ VIKAS CHOUDHARY

Asst Professor% '6 (8niversity)% 7urushetr!

TECHNICAL ADVISORTECHNICAL ADVISORTECHNICAL ADVISORTECHNICAL ADVISORAMITA

$!culty% #overn3ent M "% Moh!li

FINANCIAL ADVISORSFINANCIAL ADVISORSFINANCIAL ADVISORSFINANCIAL ADVISORSDICKIN GOYAL

Advoc!te 6!@ Adviser% P!nchul!NEENAnvest3ent ,onsult!nt% ,h!3b!&h!t% "ol!n% .i3!ch!l Pr!desh

LEGAL ADVISORSLEGAL ADVISORSLEGAL ADVISORSLEGAL ADVISORSJITENDER S/ CHAHAL

Advoc!te% Pun5!b .!ry!n! .i&h ,ourt% ,h!ndi&!rh 86

CHANDER %HUSHAN SHARMAAdvoc!te ,onsult!nt% District ,ourts% 2!3un!n!&!r !t J!&!dhri

SUPERINTENDENTSUPERINTENDENTSUPERINTENDENTSUPERINTENDENTSURENDER KUMAR POONIA


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6r!nsl!tionE ,o3puter Aided Desi&n (,AD)E ,o3puter Aided M!nuf!cturin&E ,o3puter #r!phicsE ,o3puter Or&!ni!tion ArchitectureE D!t!b!se

"tructures "yste3sE Discrete "tructuresE nternetE M!n!&e3ent nfor3!tion "yste3sE Modelin& "i3ul!tionE 'eur!l "yste3s/'eur!l 'etworsE

'u3eric!l An!lysis/"cientific ,o3putin&E Ob5ect Oriented Pro&r!33in&E Oper!tin& "yste3sE Pro&r!33in& 9!n&u!&esE RoboticsE "y3bolic $or3!l

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0 AUTHOR NAME (S* & AFFILIATIONS: 6he !uthor (s) =?? B0?>7->0??71* words 6he !bstr!ct 3ust be infor3!tive !nd e@pl!in the b!c&round% !i3s% 3ethods%results conclusion in ! sin&le p!r! Abbrevi!tions 3ust be 3entioned in full


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I MANUSCRIPT:M!nuscript 3ust be in BRITISH ENLISHprep!red on ! st!nd!rd A+ sie !ORTR"IT SETTIN !"!ER t 3ust be prep!red on ! sin&le sp!ce !ndsin&le colu3n with 3!r&in set for top% botto3% left !nd ri&ht t should be typed in = point ,!libri $ont with p!&e nu3bers !t the botto3 !nd centre of every

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-?) ;=)- @ 7@0 -8 -7@?>B=5 S0=5)

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*

A JOURNEY FROM FERA TO FEMA & ITS IMPACT ON FOREX

DHEER"% "NDHI

RESE"RCH SCHOL"R

DE!"RTMENT OF COMMERCE

B"REILL& COLLEE

B"REILL&

DR. I.C.K"SH&"!

E'(RE"DER ) HE"D

DE!"RTMENT OF COMMERCE

B"REILL& COLLEE

B"REILL&

A%STRACTT1i *##*+1 !$)i+ i "n-#*!2#n in $*-#* !$ "n-#*!n- )*$/ii$n 'i- FERA (F$*#i3n E4+1n3# R#3"'!i$n A+!0 n- !1# -i%%i+"'! $* )*$'# %+#- !1#

in-i/i-"' in i-in3 !1# )*$/ii$n n- '$ !1# )*$'# %+#- !1# 3$/#*n#n! !$ *i# %$*#i3n in/#!#n! in !1# +$"n!*. I! 5 -"# !$ !1# !*in3#n! n-

33*#i/# )*$/ii$n $% FERA, !1! !1# n##- %$* in!*$-"+!i$n $% FEMA (F$*#i3n E4+1n3# Mn3##n! A+!0 5 %#'!. A%!#* 'i#*'i6!i$n 51#n !1# 3'$' *2#!

5#*# $)#n#- %$* !*-in3 n- in/#!in3 )*$/ii$n $% FERA 5 +!in3 'i2# $!+'# in *iin3 %$*#i3n +"**#n+. FEMA 5 in!*$-"+#- 5i!1 !1# /i#5 !$ i)'i%

)*$/ii$n n- #n+$"*3# %$*#i3n in/#!#n! in !1# +$"n!*. T1i *##*+1 ))#* %$+"# $n in!*$-"+!i$n $% FEMA 51i+1 1- )$i!i/# i)+! $n %$*#i3n

#4+1n3# (FORE70 5#'' $n $n# "))', F$*#i3n Di*#+! In/#!#n! (FDI0 & F$*#i3n In!i!"!i$n' In/#!$* (FII0.

KEY#ORDS$D% $s% $?MA% $?RA% $OR?

INTRODUCTION: A JOURNEY FROM FERA TO FEMA?RA in its e@istin& for3 bec!3e ineffective% therefore% incre!sin&ly inco3p!tible with the ch!n&e in econo3ic policy in the e!rly 1 of $?RA provided for restrictions on ndi!n residents holdin& i33ov!ble properties outside ndi! 'ow the restriction is under sub-cl!use I(+)

Reduction in the nu3ber of sections 3e!ns nothin& Re!l u!lity of liber!li!tion will be nown when !ll notific!tions circul!rs !re fin!lied published

O%JECTIVES OF THE STUDY 6o underst!nd provisions l!id by $?RA !nd the difficulty or proble3s f!ced by the individu!ls in !bidin& the provisions

6o !n!lyse the proble3s f!ced by the &overn3ent to r!ise forei&n invest3ent in the country

6o !ssess the need for introduction of $?MA 6o !n!lyse the i3p!ct of $?MA on $OR?% Money "upply% $D $s


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METHODOLOGY OF THE STUDY6his is ! conceptu!l p!per !nd the rese!rcher h!s !dopted the 3ethod of reviewin& different rese!rch !rticles% rese!rch 5ourn!ls% !nd c!se studies% to collect

d!t! !bout $?RA !nd $?MA which is conseuently incorpor!ted !s ! conceptu!l p!per dr!fted by the rese!rcher 6he study is b!sed on second!ry sources of

d!t! only

FERA+ THE NAUGHTY ACTAn Act to consolid!te !nd !3end the l!w re&ul!tin& cert!in p!y3ents% de!lin&s in forei&n e@ch!n&e !nd securities% tr!ns!ctions indirectly !ffectin& forei&n

e@ch!n&e !nd the i3port !nd e@port of currency% for the conserv!tion of the forei&n e@ch!n&e resources of the country !nd the proper utili!tion thereof in the

interests of the econo3ic develop3ent of the country

() 6his Act 3!y be c!lled the $orei&n ?@ch!n&e Re&ul!tion Act% ) t e@tends to the whole of ndi!

(0) t !pplies !lso to !ll citiens of ndi! outside ndi! !nd to br!nches !nd !&encies outside ndi! of co3p!nies or bodies corpor!te% re&istered or incorpor!ted in

ndi!

(+) t sh!ll co3e into force on such d!te !s the ,entr!l #overn3ent 3!y% by notific!tion in the Offici!l #!ette% !ppoint in this beh!lf4

P50> th!t different d!tes 3!y be !ppointed for different provisions of this Act !nd !ny reference in !ny such provision to the co33ence3ent of this Act

sh!ll be construed !s ! reference to the co3in& into force of th!t provision

NEED TO INTRODUCE FERA!) $?RA w!s introduced !t ! ti3e when forei&n e@ch!n&e ($OR?) reserves of the country were low% $OR? bein& ! sc!rce co33odity

b) $?RA therefore proceeded on the presu3ption th!t !ll forei&n e@ch!n&e e!rned by ndi!n residents ri&htfully belon&ed to the #overn3ent of ndi! !nd h!d

to be collected !nd surrendered to the Reserve b!n of ndi! (RB)

c) t re&ul!ted not only tr!ns!ctions in $OR?% but !lso !ll fin!nci!l tr!ns!ctions with non-residents $?RA pri3!rily prohibited !ll tr!ns!ctions% e@cept to the

e@tent per3itted by &ener!l or specific per3ission by RB

O%JECTIVES OF FERA6he 3!in ob5ective of the $?RA


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O%JECTIVES & EXTENT OF FEMA6he ob5ective of the Act is to consolid!te !nd !3end the l!w rel!tin& to forei&n e@ch!n&e with the ob5ective of f!cilit!tin& e@tern!l tr!de !nd p!y3ents !nd for

pro3otin& the orderly develop3ent !nd 3!inten!nce of forei&n e@ch!n&e 3!ret in ndi! $?MA e@tends to the whole of ndi! t !pplies to !ll br!nches% offices

!nd !&encies outside ndi! owned or controlled by ! person who is ! resident of ndi! !nd !lso to !ny contr!vention there under co33itted outside ndi! by !ny

person to who3 this Act !pplies

?@cept with the &ener!l or speci!l per3ission of the Reserve B!n of ndi!% no person c!n4-

de!l in or tr!nsfer !ny forei&n e@ch!n&e or forei&n security to !ny person not bein& !n !uthoried personE

3!e !ny p!y3ent to or for the credit of !ny person resident outside ndi! in !ny 3!nnerE

receive otherwise throu&h !n !uthoried person% !ny p!y3ent by order or on beh!lf of !ny person resident outside ndi! in !ny 3!nnerE

re!son!ble restrictions for current !ccount tr!ns!ctions !s 3!y be prescribedAny person 3!y sell or dr!w forei&n e@ch!n&e to or fro3 !n !uthoried person for ! c!pit!l !ccount tr!ns!ction 6he Reserve B!n 3!y% in consult!tion with the,entr!l #overn3ent% specify 4-

!ny cl!ss or cl!sses of c!pit!l !ccount tr!ns!ctions which !re per3issibleE

the li3it up to which forei&n e@ch!n&e sh!ll be !d3issible for such tr!ns!ctions

.owever% the Reserve B!n c!nnot i3pose !ny restriction on the dr!win& of forei&n e@ch!n&e for p!y3ents due on !ccount of !3orti!tion of lo!ns or for

depreci!tion of direct invest3ents in the ordin!ry course of business

6he Reserve B!n c!n% by re&ul!tions% prohibit% restrict or re&ul!te the followin& -

6r!nsfer or issue of !ny forei&n security by ! person resident in ndi!E

6r!nsfer or issue of !ny security by ! person resident outside ndi!E

6r!nsfer or issue of !ny security or forei&n security by !ny br!nch% office or !&ency in ndi! of ! person resident outside ndi!E

Any borrowin& or lendin& in forei&n e@ch!n&e in wh!tever for3 or by wh!tever n!3e c!lledE

Any borrowin& or tendin& in rupees in wh!tever for3 or by wh!tever n!3e c!lled between ! person resident in ndi! !nd ! person resident outside ndi!E

Deposits between persons resident in ndi! !nd persons resident outside ndi!E

?@port% i3port or holdin& of currency or currency notesE

6r!nsfer of i33ov!ble property outside ndi!% other th!n ! le!se not e@ceedin& five ye!rs% by ! person resident in ndi!E Acuisition or tr!nsfer of i33ov!ble property in ndi!% other th!n ! le!se not e@ceedin& five ye!rs% by ! person resident outside ndi!E

#ivin& of ! &u!r!ntee or surety in respect of !ny debt% obli&!tion or other li!bility incurred-

i by ! person resident in ndi! !nd owed to ! person resident outside ndi! or

ii by ! person resident outside ndi!

A person% resident in ndi! 3!y hold% own% tr!nsfer or invest in forei&n currency% forei&n security or !ny i33ov!ble property situ!ted outside ndi! if such

currency% security or property w!s !cuired% held or owned by such person when he w!s resident outside ndi! or inherited fro3 ! person who w!s resident

outside ndi!

A person resident outside ndi! 3!y hold% own% tr!nsfer or invest in ndi!n currency% security or !ny i33ov!ble property situ!ted in ndi! if such currency%

security or property w!s !cuired% held or owned by such person when he w!s resident in ndi! or inherited fro3 ! person who w!s resident in ndi!

6he Reserve B!n 3!y% by re&ul!tion% prohibit% restrict% or re&ul!te est!blish3ent in ndi! of ! br!nch% office or other pl!ce of business by ! person resident

outside ndi!% for c!rryin& on !ny !ctivity rel!tin& to such br!nch% office or other pl!ce of business ?very e@porter of &oods !nd services 3ust4-

$urnish to the Reserve B!n or to such other !uthority ! decl!r!tion in such for3 !nd in such 3!nner !s 3!y be specified% cont!inin& true !nd correct

3!teri!l p!rticul!rs% includin& the !3ount representin& the full e@port v!lue or% if the full e@port v!lue of the &oods is not !scert!in!ble !t the ti3e of

e@port% the v!lue which the e@porter% h!vin& re&!rd to the prev!ilin& 3!ret conditions% e@pects to receive on the s!le of the &oods in ! 3!ret outside

ndi!E $urnish to the Reserve B!n such other infor3!tion !s 3!y be reuired by the Reserve B!n for the purpose of ensurin& the re!li!tion of the e@port

proceeds by such e@porter 6he Reserve B!n 3!y% for the purpose of ensurin& th!t the full e@port v!lue of the &oods or such reduced v!lue of the &oods

!s the Reserve B!n deter3ines% h!vin& re&!rd to the prev!ilin& 3!ret-conditions% is received without !ny del!y% direct !ny e@porter to co3ply with such

reuire3ents !s it dee3s fit Chere !ny !3ount of forei&n e@ch!n&e is due or h!s !ccrued to !ny person resident in ndi!% such person sh!ll t!e !ll

re!son!ble steps to re!lie !nd rep!tri!te to ndi! such forei&n e@ch!n&e within such period !nd in such 3!nner !s 3!y be specified by the Reserve B!n

FEMA RULES & POLICIES6he $orei&n ?@ch!n&e M!n!&e3ent Act% % $?MA bro!dly covers !ll 3!tters rel!ted to forei&n e@ch!n&e% invest3ent !venues for 'Rs such !s i33ov!ble property% b!n

deposits% &overn3ent bonds% invest3ent in sh!res% units !nd other securities% !nd forei&n direct invest3ent in ndi!

$?MA vests with the Reserve B!n of ndi!% the sole !uthority to &r!nt &ener!l or speci!l per3ission for !ll forei&n e@ch!n&e rel!ted !ctivities 3entioned !bove

S->0< 2 + 6he Act here provides cl!rity on sever!l definitions !nd ter3s used in the conte@t of forei&n e@ch!n&e "t!rtin& with the identific!tion of the 'on-

resident ndi!n !nd Persons of ndi!n ori&in% it defines Lforei&n e@ch!n&eL !nd Lforei&n securityL in sections >(n) !nd >(o) respectively of the Act t describes !tlen&th the forei&n e@ch!n&e f!cilities !nd where one c!n buy forei&n e@ch!n&e in ndi! $?MA defines !n !uthoried de!ler% !nd !ddresses the per3issible

e@ch!n&e !llowed for ! business trip% for studies !nd 3edic!l tre!t3ent !bro!d% fore@ for forei&n tr!vel% the use of !n intern!tion!l credit c!rd% !nd re3itt!nce

f!cility

S->0< 3 prohibits de!lin&s in forei&n e@ch!n&e e@cept throu&h !n !uthoried person "i3il!rly% without the prior !pprov!l of the RB% no person c!n 3!e !ny

p!y3ent to !ny person resident outside ndi! in !ny 3!nner other th!n th!t prescribed by it 6he Act restricts non-!uthoried persons fro3 enterin& into !ny

fin!nci!l tr!ns!ction in ndi! !s consider!tion for or in !ssoci!tion with !cuisition or cre!tion or tr!nsfer of ! ri&ht to !cuire !ny !sset outside ndi!

S->0< ! restr!ins !ny person resident in ndi! fro3 !cuirin&% holdin&% ownin&% possessin& or tr!nsferrin& !ny forei&n e@ch!n&e% forei&n security or !ny

i33ov!ble property situ!ted outside ndi! e@cept !s specific!lly provided in the Act

S->0< 6 de!ls with c!pit!l !ccount tr!ns!ctions 6his section !llows ! person to dr!w or sell forei&n e@ch!n&e fro3 or to !n !uthoried person for ! c!pit!l

!ccount tr!ns!ction RB in consult!tion with the ,entr!l #overn3ent h!s issued v!rious re&ul!tions on c!pit!l !ccount tr!ns!ctions in ter3s of sub-section (>)

!nd (0) of section I

S->0< covers the e@port of &oods !nd services All e@porters !re reuired to furnish to the RB or !ny other !uthority% ! decl!r!tion re&!rdin& full e@port

v!lue

S->0< $ puts the responsibility of rep!tri!tion on the persons resident in ndi! who h!ve !ny !3ount of forei&n e@ch!n&e due or !ccrued in their f!vour to &et

the s!3e re!lised !nd rep!tri!ted to ndi! within the specific period !nd in the 3!nner specified by the RB6he duties !nd li!bilities of the Authoried De!lers h!ve been de!lt with in S->0


10/13

VOLUME NO.3(2013),ISSUE NO.07 (JULY)

INTERNATIONAL JOURNAL OA Monthly Double-Blind Peer Reviewed (Refe

IMPACT OF FEMA ON FOREX8ntil *** there h

"ince the ye!r


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http4//i5rc3or&in/

+

the two re&ul!tes the for3er 3ore closely 8nder $?MA residenti!l st!tus will not depend upon the intent of the person to reside in ndi! but would depend

upon the e@!ct period of his st!y in ndi! 6he provisions of the $?MA Bill !i3s !t consolid!tin& !nd !3endin& the l!w rel!tin& to forei&n e@ch!n&e with the

ob5ect of f!cilit!tin& e@tern!l tr!de !nd p!y3ents !nd for pro3otin& the orderly p!y3ent !nd !3end3ents in forei&n e@ch!n&e 3!rets in ndi! 6he $?MA Bill

e3powers the RB to !uthorie persons to de!l in forei&n securities specifyin& the conditions for the s!3e t !lso provides for ! person resident in ndi! in

holdin&% ownin&% tr!nsferrin& or investin& in forei&n security !nd for ! person resident outside ndi! in holdin&% ownin&% tr!nsferrin& or investin& in ndi!n

"ecurities

REFERENCES ,h!udh!ri B7% A&!rw!l OP (>**K)% A 6e@tboo of $orei&n 6r!de $orei&n ?@ch!n&e .i3!l!y! Publishin& .ouse% 'ew Delhi

> #!r& Rich! (>**)% $orei&n ?@ch!n&e M!n!&e3ent ;rind! Public!tions (P) 9td% Delhi

0 J!in R!5iv% $orei&n ?@ch!n&e M!n!&e3ent (9!w Pr!ctice)

+ '!y! B M!yur (,h!rtered Account!nt)% Article $?RA v $?MA

1 "eth 7 Dilip% 6re!tise on $?RA (9!w Pr!ctice)

I "hetty% 6hrish!% .!rish (>**)% $?MA4 An Overview

#E%SITES

K http4//business3!psofindi!co3/fipb/forei&n-e@ch!n&e-3!n!&e3ent-!ctht3l

= http4//e@i3indi!3!rtco3/!ct-re&ul!tions/fe3!->***ht3l


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http4//i5rc3or&in/

1

RE*UEST FOR FEEDB"CK

D75 R75)

At the very outset% ntern!tion!l Journ!l of Rese!rch in ,o33erce% ?cono3ics !nd M!n!&e3ent (JR,M)

!cnowled&es !ppreci!tes your efforts in showin& interest in our present issue under your ind perus!l

would lie to reuest you to supply your critic!l co33ents !nd su&&estions !bout the 3!teri!l published

in this issue !s well !s on the 5ourn!l !s ! whole% on our ?-3!il >5;/05B/>5;B;7>?/0;

!3 sure th!t your feedb!c !nd deliber!tions would 3!e future issues better ! result of our 5oint

effort

9ooin& forw!rd !n !ppropri!te consider!tion

Cith sincere re&!rds

6h!nin& you profoundly

A7;>7??4 40=5)

"d/-

C0+05>


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INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS & MANAGEMENTA M thl D bl Bli d P R i d (R f d/J i d) O A t ti l J l l d d i th t ti l " i l Di t i

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ijrcm-3-IJRCM-3_vol-3_2013_issue-7-art-03 (1)