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Administration of the Act : The exchange control policy is determined in India by the Ministry of Finance Government of India on the basis of The Foreign Exchange Regulation Act, 1973 (amended in'1993 and 1995). The Act is administered by the Reserve Bank in accordance with the general policy laid down by the Central Government in consultation with the Bank. The Central Government is empowered to give to the Reserve Bank such general or special directions as it thinks fit. The Bank is obliged to comply with these directions in the discharge of its function under the act.
Exchange control is also related to and supplemented by trade control. India's foreign trade (exports and imports) is regulated under the provisions of the Foreign Trade (Development and Regulation) Act, 1992 and Foreign Trade (Regulation) Rules, 1993.Trade control is concerned with the physical transfer of goods whereas exchange control involves related financial transactions: Exchange control is more comprehensive and covers not only exports and imports but invisibles and capital transactions as well. Thus, a close coordination is maintained in the administration of the two controls. The customs authorities have also' an important role to play in the administration of certain aspects of exchange control for example
For enforcing the provision of Foreign Exchange Regulation Act, and dealing with prosecutions and adjudication for evasion or contravention of the regulation there is separate machinery. This is known as Directors of Enforcement, wit11 headquarter in New Delhi and branches in all important places in the country. The central Government may appoint such persons as it thinks fit to, be officers of Enforcement.
Purchase and sale of foreign exchange can be affected only by authorised dealers duly licensed by the Reserve Bank. These licences are generally granted only to commercial banks. However, in recent years licences have been given to some State Corporative Banks as well. Restricted licences have been granted to Industrial Development Bank of India and Export Import Bank. Licences have also been granted to certain established firms, hotels, and other organisations for dealing in foreign currency notes, coins and travellers cheques. They are called Money Changers.
Procedure for Claiming Duty Drawback : The claim of Duty Drawback (DBK) is processed and passed for payment, primarily on the basis of the relevant information given in the Drawba
Legal Framework : Section 50 of the Indian Customs Act requires the exporter to file a declaration in a prescribed form and submit supporting documents to enable the customs autho
Scope of the Act : The Foreign Exchange Regulation Act covers the types of transaction having international financial implications. Broadly the Exchange Control regulates the fo
Extraneous Perils : These are the incidental perils to which the cargo is exposed. These are caused mainly on account of the faults in loading, keeping, carrying and unloading of
IDENTIFICATION AND MEASUREMENT OF EXCHANGE RISKS : In foreign trade, you may be either an exporter or an importer. Let us now examine what is the exchange risk to which an exporte
This enable the decision maker to select the most appropriate course of action. This needs more care and efforts. If validates or verifies the expected outcomes of each hyp
please iam search for simple electronic ,fast result, instrument for test the ash in the flour could you guide me to the name of this instrument or model no. which should be hand h
Defining a problem involves the tasks of laying down boundaries within which a researcher shall study the problem with a pre determined objective in view. Defining a research pr
Advance against Bills Sent on Collection : Post-shipment finance is granted against bills sent on collection basis in the following situations: i) When the accommodation availa
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