Regulation of Foreign Exchange Reserve in Indian Economy
Understand the regulations surrounding the foreign exchange reserve in India, including the Foreign Exchange Regulation Act (FERA) of 1973 and the Foreign Exchange Management Act (FEMA) of 1999. Explore the background, impact on multinational corporations (MNCs), equity capital requirements, and the role of the Reserve Bank of India (RBI) in maintaining financial stability.
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Presentation Transcript
Sem - II Paper III Indian Economy Regulation of Foreign Exchange Reserve
Regulation of Foreign Exchange Reserve in India Foreign Exchange Regulation Act (FERA), 1973 Foreign Exchange Management Act (FEMA), 1999
Foreign Exchange Regulation Act (FERA) bl bf/kfu;e dks 1973 esa ikl fd;k x;k bl bf/kfu;e dks 1974 ls ykxw fd;k x;k
i`BHkwfe(Background) LorU=rk izkfIr ds ns k ds vk;kr esa yxkrkj o`f) gksrh x;h tcfd fu;kZrksa esa mruh o`f) ugha gqbZ A ns k esa izkjEHk fd;s x;s vkS|ksfxdj.k dh izfdz;k] [kk|kUuksa dh vi;kZIrrk] rhu&rhu ;q) ds dkj.k vk;krksa esa yxkrkj o`f) gksrh x;h A 1973 esa ^rsy ladV* ds dkj.k Hkh vk;kr Hkqxrku esa rsth ls o`f) gqbZ A mijksDr dkj.kksa ls ns k esa fons kh fofue; ds ladV dh fLFkfr dks eglwl fd;k x;k A vr% bl ifLFkfr esa fons kh fofue; ds laj{k.k dh vko ;drk dks vifjgk;Z ekuk x;k A
vf/kfu;e ds m}s; cgqewY; fons kh fofue; ds ns k ds ckgj eqDr izokg dks fu;fU=r djuk ftlls fd fons kh eqnzk dks lajf{kr fd;k tk lds A lkFk gh lkFk fons kh dEifu;ksa (MNCs) ij vadq k yxkuk A D;ksafd fons kh dEifu;ka vius vftZr ykHkka k dks fons kh fofue; ds #i esa ns k ls ckgj ys tkrs gSa A
vf/kfu;e ds izko/kku fdlh Hkh xSj&cSafdax fons kh dEiuh dk fdlh vkSxksfxd bdkbZ esa lerk fuos k (Equity Capital) 40% ls vf/kd ugha gksuk pkfg, vFkkZr~ ;fn dksbZ fons kh dEiuh ns k esa ubZ bdkbZ yxkrh gS rks lerk fuos k (Equity Capital) 40% ls vf/kd ugha gksuk pkfg, lkFk&lkFk mu fons kh dEifu;ksa dks tks ns k esa igys ls gh LFkkfir Fkha dgk x;ks fd 40% ls vf/kd lerk fuos k
lHkh izdkj ds fonskh fofue; & pkgs pkyw [kkrk gks ;k iwWth [kkrk] ij fu;U=.k fdlh Hkh O;fDr ;k laLFkk dks fcuk vuqefr ds vius ikl fons kh eqnzk ugha j[kuk gksxk dksbZ Hkh O;fDr ;k laLFkk tks Hkh fons kh eqnzk vftZr djsxk mls dsUnzh; cSad (RBI) ds ikl tek djuk gksxk
;fn dksbZ Hkh O;fDr vFkok laLFkk bl vf/kfu;e ds izko/kkuksa dk mYy?kau djrk gS vFkok blds fdz;kUo;u esa ck/kk mRiUu djrk gS rks ;g xyrh vkijkf/kd ekeyksa ds vUrZxr vk;sxk bl izdkj ds ekeyksa ds fy, izorZu funs kky; dks ;g vf/kdkj gksxk fd og lEcfU/kr O;fDr dks fxjQrkj dj ldrk gS
funksZk gksus dh lR;rk dks izekf.kr djus dh ftEesnkjh lEcfU/kr O;fDr dh gksxh Qsjk dk ;g izko/kku Draconian Provision dgk tkrk Fkk
izko/kku esa lakks/ku 1980 ds n kd esa fons kh dEifu;ksa dks lerk fuos k dh 40 izfr kr dh lhek esa fu;kZr izksRlkgu ,oa mUur rduhdh ds izksRlkgu gsrq NwV izknu fd;k x;k A 1991 ds i pkr lerk fuos k dh lhek dks vkSj mnkj cuk;k x;kA tuojh 1993 esa ,d ifjfu;ekoyh ds ek/;e ls Qsjk esa rkRdkfyd izHkko ls vusdksa la kks/ku fd;k x;k A buesa ls ize[k Fks%&
fons kh dEifu;ksa dks 40 izfr kr dh lerk fuos k ls T;knk fuos k dh NwV A Hkkjrh; dEifu;ksa dks fons kksa esa la;qDr midze LFkkfir djus dh NwV A Hkkjrh; ukxfjdksa dks fons kksa esa vpy lEifRr j[kus dk vf/kdkj A Qsjk dEifu;ksa dks viuk Brand, Trade Mark iz;ksx djus dh NwV A
Qsjk dEifu;ksa dks Hkkjr esa vpy lEifRr;ksa dk lkSnk djus dh NwV A fdlh O;fDr ;k laLFkk dks dqN lhek (500 $) rd vius ikl fons kh eqnzk j[kus dh NwV A lksus rFkk pkWnh ds vk;kr&fu;kZr dks Qsjk ls eqDr dj fn;k x;k A fonsf k;ksa ds fu;qfDr ds lanHkZ esa iwoZ vuqefr ds izfrcU/k dks gVk fn;k x;k A
Refferences: Misra, S.K. and V.K. Puri, Indian Economy (37 ed, 2015) pp 499-505, Himalaya Publishing House, Mumbai. Datt, R. and K.P.M. Sundharam, Indian Economy, S. Chand & Company Ltd., New Delhi.
