FERA FEMA

It is an old
It is new enactment.
enactment.
It was passed in the
It was passed in the year 1999.
year 1973.
FERA consisted of FEMA consist of only 49
Provisions
81 sections, sections.

It was more complex It is much simple

Terms like Capital

Terms like Capital Account
Account Transaction,
New terms Transaction, current account
current Account
Transaction person, service
in fema Transaction, person,
etc., have been defined in
service etc. were not
detail in FEMA
defined in FERA.
The definition of Authorized
Definition of
person has been widened to
Definition of "Authorized Person"
include banks, money
authorized Person in FERA was a
changes, off shore banking
narrow one ( 2 b)
Units etc. (2 c)
Quantum of The monetary Under FEMA the quantum of
penalty. penalty payable penalty has been considerably
under FERA, was decreased to three times the
nearly the five times amount involved.
 the amount involved.

It was considered
Nature basically It is a civil law
as a criminal law
The complainant has full
There was no right to take legal help from
Legal help
provision for legal assistance a lawyer or a chartered
accountant
The term defined
The term has defined in
Definition of was not in
accordance with income tax
Resident accordance with
act
income tax ct