Section 1 of FEMA : Section 1: Short Title, Extent, Application And Commencement
FEMA
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Explanation using Example
Imagine a software company based in Bangalore, India, which has a subsidiary in Singapore. According to the Foreign Exchange Management Act (FEMA), 1999, even though the subsidiary operates outside of India, it is bound by FEMA regulations because it is owned and controlled by a person or entity resident in India. So, if the subsidiary engages in any foreign exchange transactions, they must comply with FEMA. If they fail to adhere to FEMA and commit a contravention, they could be subject to penalties under the Act, despite being located outside India.
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