By B.N. GURURAJ, B.G. CHIDANANDA URS, N ANAND

COMMENTARIES ON FEMA, MONEY LAUNDERING ACT & COFEPOSA (Law, Practice & Procedure With Allied Laws) Edition 2005. The Foreign Exchange Regulation Act, 1973 was far from being progressive compared to the Act of 1947, but was merely a rehash of repealed law, so however, as to take care of lacunae found in the law. First winds of change came in early nineties, when LERMS (Liberal Exchange Resource Management System) was introduced. By way of a series of notifications and ADMA Circulars, the Central Government liberalised the Exchange Control Law. However, due to the requirements of WTO regime, obligations under the IMF and internal clamour for opportunity to participate in global business system, the Government introduced the present law, i.e., the Foreign Exchange Management Act, 1999. It took another seven months before all the Regulations were in place so as to commence the new regime. India has had no reasons to regret the liberalised exchange management. It has opened up host of opportunities for individuals as well as corporates. In this book, the authors have attempted to write a full-fledged commentary on the Foreign Exchange Management Act, the Rules and Regulations. An important feature of this law is that it is not entirely self-contained. A practitioner in this area must necessarily have working knowledge of other branches of law such as Company law, Securities law, Income tax, Property law, law relating to citizenship and domicile, to name a few. Another peculiar nature of Foreign Exchange law is that it is oriented more towards chamber practice than litigation. Reported case law on this branch of law, which has been in force for over six decades, is dismally poor. The authors have attempted to discuss all the case laws that continue to be relevant under the FEMA regime.

Interstingly, the Supreme Court has held that even though the contraventions of the provisions of FEMA are no longer criminal offences, provisions of COFEPOSA would continue to apply to offenders under the FEMA. Hence, the editors have considered it expedient to write a commentary on the COFEPOSA, 1974, instead of merely giving the text of the bare Act. Similarly, FEMA and the Prevention of Money Laundering Act, are intrinsically related and hold overlapping field. A fairly detailed commentary has been written on this Act also.

On this subject, it is very easy to bring out a mammoth book by reproducing all the circulars and allied Acts and Rules. But, the editors have deliberately refrained from burdening the readers with raw data reproduced verbatim. The book contains extracts and summary of all the AP(DIR) Circulars and forms. Allied Acts, which are relevant are given in a separate part of the book.

Published Year: 2005 Format: n/a ISBN: INBL11 Publisher: Lexis Nexis Butterworths Wadhwa Nagpur No of Pages: 1500 Our Price: India. Rs. 1,495.00 Reviews: 0 reivew(s).

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