Preview

Compare Fema and Fema Aact

Good Essays
Open Document
Open Document
792 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Compare Fema and Fema Aact
Q. Compare and contrast provisions of FERA, 1973 and FEMA, 1999.

The Foreign Exchange Management Act, 1999 (FEMA) replaced the Foreign Exchange Regulation Act, 1973 (FERA). FERA was introduced in 1974 to consolidate and amend the then existing law relating to foreign exchange. FERA aimed at having strict controls to conserve India’s foreign exchange. FERA was amended in 1993 to bring about certain changes, as a result of introduction of economic reforms and liberalization of the Indian economy. But it was soon realized that FERA had by and large outlived its utility in the changed economic scenario and therefore was replaced by FEMA in 1999.
The basic difference between FERA and FEMA is:
FERA is an act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions affecting foreign exchange and import and export of currency for the conservation of the foreign exchange resources of the country and the proper utilization thereof in the interests of the economic development of the country.
Whereas FEMA is an act to consolidate and amend the law relating to the foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
There are many defenses between FERA and FEMA but there is, however, one underlying similarity in both FERA and FEMA. FEMA would also be governed by the notifications to be issued by the Central Government/Reserve Bank of India for granting general permission as was the case under FERA.
But the question is about the differences so the differences are mentioned below.

Comparison of provisions of FERA, 1973 and FEMA, 1999 Sr. No | DIFFERENCES | FERA | FEMA | 1 | PROVISIONS | FERA consisted of 81 sections, and was more complex | FEMA is much simple, and consist of only 49 sections. | 2 | FEATURES | Presumption of negative intention (Mens Rea ) and joining hands in

You May Also Find These Documents Helpful

  • Powerful Essays

    Ap U.S. Study Guide

    • 1996 Words
    • 8 Pages

    Foreign exchange The transfer of credits or accounts between the citizens or financial institutions of different nations. “The new law clothed the president with power to regulate banking transactions and foreign exchange….”…

    • 1996 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    FEMA: Project Impact

    • 303 Words
    • 2 Pages

    preparedness of our country in general, FEMA developed a program called “Project Impact”. The role of Project Impact was to build disaster resistant communities and was designed to create an efficient and effective emergency management program within every community across the entire United States. FEMA had now developed in to a highly effective program.…

    • 303 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    The northern and southern colonies were different from each other. Different reasons brought people here. the colonies survived in different ways judging by their resources. The north didn't develop slavery but the south did. People came to America for different reasons.…

    • 263 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    FEMA is not a first responder agency. FEMA helps with disaster preparedness by paying for training/equipment, during a disaster by providing coordination and funding, and after a disaster by providing funding. FEMA is a source of money, not a force of rescuers.…

    • 413 Words
    • 2 Pages
    Good Essays
  • Good Essays

    In 1979, President Jimmy Carter formed the Federal Emergency Management Agency (FEMA) by consolidating several government organizations. That same year Congress appropriated funds to transfer the Civil Defense Staff College (CDSC) and United States Fire Administration (USFA) and National Fire Academy (NFA) into FEMA.…

    • 906 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Louisiana and Mississippi activated their emergency plan on 26, August, 2010, trying to evacuate everyone, but unfortunately not everyone could leave due to medical reason or had no access to transportation. In Hurricane Katrina there were more than 1,800 people that died. In Louisiana more than 1,500 lost their lives and in Mississippi 230 people lost their lives. In Florida 14 people lost their lives (University of Rhode Island. 2010-2015). Prior to Hurricane Katrina’s arrival, the state, local and federal were responsible for emergency response to a hurricane striking New Orleans and the Gulf Coast. Along with Federal Emergency Management Agency. Hurricanes on average come through there about every three years, so plans were always being implemented in order to keep everyone safe. Information Please Database, (2007) states that, “The Department of Homeland security had come out with a plan in early 2005, which states that vastly improved coordination among federal, state, local, and tribal organizations . . . by increasing the speed, effectiveness, and efficiency of incident management." However Michael Chertoff, the Department's Secretary, waited until two days after the hurricane hit before putting the plan into effect by declaring it an "incident of national significance." (Information Please Database, 2007). FEMA does training sessions but when it came down to it FEMA was not…

    • 1399 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    However, FEMA’s response brought aid and comfort to many survivors. FEMA provided temporary housing and medical treatment through the Individuals and Households Programs (IHP). FEMA provided aid in clearing out debris and help rebuilding through the Public Assistance (PA) program. They provided aid to prevent loss from future disaster through the Hazard Mitigation Grant Program (HMGP). It was critical to establish medical response teams as well as search and rescue teams. They provided water, meals, blankets, and temporary housing. (Fugate). They helped communities affected by damaged roads, bridges, sewerage, water, and energy systems. (Ladislaw) They helped sign up more than half a million people for federal aid due to the storm. This complex but organized system helped provide $50 billion in aid to survivors to rebuild after the storm. (Fugate) FEMA also provided mental health counseling to many survivors after the storm. No one job was small. While an entire coastline seemed devastated, the structure and success of this operation handled the situation with as much ease as possible. (“Overview of Federal Disaster…

    • 1093 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    Like many other hospitals, Memorial waited for help to come from the National Guard and the Federal Emergency Management Administration (FEMA). FEMA is expected to provide guidance in natural and man-made disasters, furthermore, they are not meant to take over situations (Shoup, 2005). In advance of the disaster the then Louisiana Governor Kathleen Blanco wrote to President Bush requesting a disaster declaration to allow federal assistance. The emergency responses were delayed by bureaucratic process, poor communication and lack of coordination of resources. Additionally, millions of federal dollars were devoted to responding to terrorist attacks and not on natural disasters (Shoup, 2005). FEMA received substantial criticism for the poor management post Katrina. In 2006, the Pets Evacuation and Transportation Standards Act (PETS) was enacted to include family pets and service animals to be evacuated with residents facing disaster (AVMA, n.d.).…

    • 522 Words
    • 3 Pages
    Good Essays
  • Good Essays

    There were multiple different systems involved in the response to Hurricane Katrina. The local, state, and federal governments certainly had a large impact on the amount of people left stranded and the…

    • 1346 Words
    • 6 Pages
    Good Essays
  • Better Essays

    Many of FEMA’s resources were relocated and a major part of FEMA’s mission became focused on the prevention of terrorism after 9/11. In 2006, Bush signed the Post-Katrina Emergency Reform Act, which brought new life to FEMA (Wrede). Today, FEMA is more important than ever. This organization provides aid in the event of a large-scale catastrophe, whether it’s a natural disaster or a man-made one, like oils spills or nuclear reactor leakages. FEMA will provide temporary housing for those people in danger, it will provide medical assistance, and aid in the rebuilding and recovery process. FEMA can even help restore mobile communications with their fleet of MERS, or Mobile Emergency Response Support, vehicles (U.S. Department of Homeland Security). In recent years, FEMA has been on the site after tragedies like Hurricane Sandy and the Joplin, Missouri…

    • 866 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Hurricanes and tornadoes can have a destructive end result where a lot of financial damage occurs. However, the two natural disasters have many distinct characteristics which result in a lot of damage. Hurricanes and tornadoes have many similarities as well as many differences.…

    • 466 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Fema and Hurricane Katrina

    • 1794 Words
    • 8 Pages

    It has been almost three years since the catastrophic hurricane winds and water of Hurricane Katrina ripped through the Gulf Coast. New Orleans was the most damaged city and media coverage showed the outcries of the neglected people. Many feel that the Federal Emergency Management Agency is to blame and, rightfully so. FEMA is a very disorganized and dysfunctional agency; its entire agency should be revamped. Most critics argue that it was incompetence of government officials and various decisions were or were not made at critical times to ensure the health of the residents. The deficiencies the government had include command and control, communication, coordination, equipment, infrastructure design, leadership, management, planning, and training (Krane 31). The Federal Emergency Management Agency has incurred problems since the creation of it. Competence of appointees is one of the biggest issues. Critics argue that FEMA was filled with political appointees like Michael Brown who had no prior experience with emergency management. There should be changes of the mandate, mission, and most of all placement of the Federal Emergency Management Agency.…

    • 1794 Words
    • 8 Pages
    Good Essays
  • Good Essays

    For an exchange to take place there has to be five conditions that are met. The first one is that they must be at least two parties. In this case it would be the company Netflix and the customers. Second each party must have something that would be of value to the other party. Netflix has the DVDs that customers want to watch and the customers have money to pay for them. They also have DVDs that need to be returned to Netflix after watching them. Each party has to be capable of communication and delivery. Netflix has 34 strategically placed warehouses it uses to ship out the DVDs. They also have live operators to help out if there are any questions. The customers receive a paid packaging from Netflix to return the DVDs to the company. Each party has to be free to accept or reject the exchange offer. The customers can call the operators if they feel they haven’t received good service. The customers also have a choice of which subscription plan they would like to choose. Finally each party believes it’s desirable to deal with the other party. Netflix has a lot of options for their customers making them easy to work with.…

    • 477 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Emergency Management is a complex system used to protect the lives and property of human beings all over the planet. In the United States and within the Department of Homeland Security lies the Federal Emergency Management Agency. According to the FEMA website this agency is responsible for supporting the citizens and first responders in building, sustaining, and improving their capabilities to prepare for, protect against, respond to, recover from, and mitigate all hazards (FEMA.gov, 2015). One of the processes that FEMA focuses on is the four phases of Emergency Management. These phases are the quintessential actions taken during the involvement of an emergency incident. These phases include mitigation, preparedness, response, and recovery.…

    • 610 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Fair Trade Commision

    • 361 Words
    • 2 Pages

    The Fair Trading Commission (FTC) is the administrative body responsible for implementing the Fair Competition Act (FCA). The functions of the FTC include the following:…

    • 361 Words
    • 2 Pages
    Good Essays