special Director (appeals) lies before "Appellate Tribunal for Foreign Exchange." An appeal from an order of Appellate Tribunal would lie to the High Court. (sec 17,18,35) RIGHT OF FERA did not contain any express FEMA ASSISTANCE provision on the right of expressly recognizes the right 9 DURING LEGAL on impleaded person to take legal of appellant to take assistance PROCEEDINGS. assistance of legal practitioner or chartered accountant (32) POWER OF FERA conferred wide powers on a The scope and power of search SEARCH AND police officer not below the rank and seizure has been curtailed 10 SEIZE of a Deputy Superintendent of to a great extent Police to make a search A Step ahead from FERA to FEMA Enactment of FEMA has brought in many changes in the dealings of Foreign Exchange, as compared to FERA. Some of them are restrictive, and some has widened the However some of the relevant progresses made, from FERA to FEMA, are as follows: Withdrawal of Foreign Exchange Now, the restrictions on withdrawal of Foreign Exchange for the purpose of current Account Transactions, has been removed. However, the Central Government may, in public interest in consultation with the Reserve Bank impose such reasonable restrictions for current account transactions as may be prescribed. FEMA has also by and large removed the restrictions on transactions in foreign Exchange on account of trade in goods, services except for retaining certain enabling provisions for the Central Government to impose reasonable restriction in public interest. ----------------------------------------------------------------- 11: Role of Medium and small scale industries in our economy is vital- Analyze the statement in details
special Director (appeals) lies before "Appellate Tribunal for Foreign Exchange." An appeal from an order of Appellate Tribunal would lie to the High Court. (sec 17,18,35) 9 RIGHT OF ASSISTANCE DURING LEGAL PROCEEDINGS. FERA did not contain any express provision on the right of on impleaded person to take legal assistance FEMA expressly recognizes the right of appellant to take assistance of legal practitioner or chartered accountant (32) 10 POWER OF SEARCH AND SEIZE FERA conferred wide powers on a police officer not below the rank of a Deputy Superintendent of Police to make a search The scope and power of search and seizure has been curtailed to a great extent A Step ahead from FERA to FEMA Enactment of FEMA has brought in many changes in the dealings of Foreign Exchange, as compared to FERA. Some of them are restrictive, and some has widened the However some of the relevant progresses made, from FERA to FEMA, are as follows: Withdrawal of Foreign Exchange Now, the restrictions on withdrawal of Foreign Exchange for the purpose of current Account Transactions, has been removed. However, the Central Government may, in public interest in consultation with the Reserve Bank impose such reasonable restrictions for current account transactions as may be prescribed. FEMA has also by and large removed the restrictions on transactions in foreign Exchange on account of trade in goods, services except for retaining certain enabling provisions for the Central Government to impose reasonable restriction in public interest. ----------------------------------------------------------------- 11: Role of Medium and small scale industries in our economy is vital- Analyze the statement in details
be-final-notes-mj.docx