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FERA FEMA
Violation of FERA was a criminal offence. Violation of FEMA is a civil wrong.
Offences under FERA were not compoundable. Offences under FEMA are compoundable.
Penalty was 5 times the amount involved. Penalty is 3 times the sum involved.
Citizenship was a criteria to determine residential Stay in India for more than 182 days is the
status of a person under FERA. criteria to decide residential status.
There was only one Appellate Authority namely There are two appellate authorities namely
Foreign Exchange Regulation Appellate Board. 1. Special Director (Appeals) and
2. Appellate Tribunal for Foreign Exchange.
Selected Terms
Revenue Deficit Difference between revenue expenditure & revenue receipts
Budget Deficit Difference between total expenditure & revenue receipts
Fiscal Deficit Budget deficit plus non debt creating capital receipts
Primary Deficit Fiscal deficit – Interest Payments.
FIPB Foreign Investment Promotion Council
MIGA Multilateral Investment Guarantee Agency