5th Annual FEMA Summit 2014


Date and Time:

April 17, 2014 9:30 AM - 6:00 PM

Event Location:

Hotel Novotel, Mumbai, India

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The Foreign Exchange Management Act (FEMA) is a 1999 Indian law “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”. This act seeks to make offenses related to foreign exchange civil offenses. It extends to the whole of India, replacing FERA, which had become incompatible with the pro-liberalisation policies of the Government of India. It enabled a new foreign exchange management regime consistent with the emerging framework of the World Trade Organisation (WTO). The enactment of FEMA also brought with it the Prevention of Money Laundering Act of 2002, which came into effect from 1 July 2005.

The buying and selling of foreign currency and other debt instruments by businesses, individuals and governments happens in the foreign exchange market. Apart from being very competitive, this market is also the largest and most liquid market in the world as well as in India. It constantly undergoes changes and innovations, which can either be beneficial to a country or expose them to greater risks. The management of foreign exchange market becomes necessary in order to mitigate and avoid the risks. Central banks would work towards an orderly functioning of the transactions which can also develop their foreign exchange market. The need for the management of foreign exchange is important. It is necessary to keep adequate amount of foreign exc from Import Substitution to Export Promotion.

This two day event will provide an exclusive forum for participants to understand the FEMA Regulations, FDI Policy, AML framework and regulators view on various aspects of Anti money laundering compliance with topics on regulatory expectations, recent developments and new regulations in anti-money laundering compliance and discuss challenges faced by financial institutions presented by regulators, law enforcement professionals and anti money laundering specialist.

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