Budget 1997-98: Full Text
FERA and Money Laundering
- As we progress towards a more open economy with greater
trade and investment linkages with the rest of the world,
the regulations governing foreign exchange transactions
also need to be modernised. It is generally acknowledged
that the Foreign Exchange Regulation Act, 1973 needs to
be replaced by a new law consistent with full current
account convertibility and our objective of progressively
liberalising capital account transactions. Hence, I
propose to introduce, later this year, a Bill titled The
Foreign Exchange Management Act. An RBI-appointed group
is expected to complete the drafting of the Bill shortly.
- While FERA is being replaced, we will not let up in our
effort to curb the laundering of ill-gotten money. A Bill
dealing with money laundering is under preparation and I
propose to introduce it during this session of
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