India had for long time adverse balance of payment position in international trade. Government started liberalization of Indian economy in 1991. Foreign investment in various sectors was permitted. Foreign Exchange Management Act (FEMA) aims to facilitate external trade and payments and for promoting the orderly development and maintenance of foreign exchange markets in India.
Money is generated in large scale due to crimes like in cover trade in narcotics, smuggling, trade in banned/prohibited articles, antics, corruption, counterfeiting currency, gambling, trade in prohibited arms/ammunition, selling national secrets etc. This money is required to be converted into untainted money/white money so that it can be used. Prevention of Money Laundering Act aims to make it difficult to convert black money into white money to prevent crime.
Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA) gives wide powers to executive to detain a person on mere suspicion of smuggling.
Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act [SAFEMA] applies to person convicted under Customs Act, FEMA and to those detained under COFEPOSA. Under SAFEMA illegal acquired properties of the smugglers and foreign exchange manipulators are forfeited.
- Transaction Advisory
- Compliance Management
- Audit & Certification
- Registration and Licensing
- Appearance before Regulators
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