This document summarizes key differences between FEMA and FERA, India's foreign exchange laws. It outlines differences in provisions, features, definitions, authorized persons, compatibility with income tax law, types of punishments, appeal processes, and assistance rights. Key terms like capital account transactions, current account transactions, and authorized persons are also defined. The roles and powers of entities like the Directorate of Enforcement and appellate tribunals are briefly described.

1. FEMA

2. FERA FEMA difference FEMA Simple 49 Sec Excluded Current a/c, service all defined Has been widened to include banks Considers resident in India similar to IT FERA Complex 841 Sec Presumption of Mens Rea Current A/c not defined Narrow Def Not dealt Differences 1. Provisions 2.Features 3.Definitions 4.Authorised Person 5.Compatibility with IT

3. FERA /FEMA Civil Offence, with monetary fine 3 times the Amt. Special dir. (appeals), Appelate Tribunal / High C Sec 32 gives rt to help of legal practitioner Criminal offence 5 Times the Amt. AA went to high Court No help allowed 6.Punishment type 7.Quantity of monetary penality 8.Appeal 9.Right of assistance

22. Adjudicating authority Special Dir. Appeals Appelate Tribunal High Court Adjudiaction and Appeal