GATS INDIA LTD IS START ON ASSITACTES 2002 IN AT REGSITER OFFICE SCO-1-3 B SWAMI VIVEKANAND MARKET B BLOCK MODEL TOWN EXTN. LUDHIANA. WE GOT THE FOREX FFMC LICENCE 197/FE.CG. FFMC 197/2017 IN YEAR OF 2017. WE HAVE DONE CURRENCY SELL & BUY, SEND MONEY ABROAD, FOREX TRAVEL CARD & MONEY TRANSFER (INTERNATIONAL). WE HAVE DEAL IN BEST RATES OFFER IN ALL CURRENCY SALE OR PURCHASE LIKE A (USD,CAD,AUD,NZD,AED,BHD,QAR,KWD,OMR,THB,HKD,MYR). WE HAVE ALSO AUTRIOSED TO ISSUING RESTRICTED MONEY CHANGER LICENCE SOURDING 100 KM AREA COVERED. WE HAVE ALREADY COVERRED AREA LUDHIANA, JALANDHAR, PHILLAUR,GORAYA, KHANNA,DORAHA, AMLOH, MALERKOTLA, SHANEWAL, GIASPURA, HAIBOWAL KALAN,RAHON, MACHHIWARA, KOHARA,KATANI KALAN etc.
WE HAVE FOLLOW THE RBI LICENCE RULE AND REGULATION
The Foreign Exchange Regulation Act (FERA) was legislation passed in India in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex)and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. The bill was formulated with the aim of regulating payments and foreign exchange. FERA came into force with efect from January 1, 1974. FERA was introduced at a time when foreign exchange (Forex) reserves of the country were low. FERA therefore proceeded on the presumption that all foreign exchange earned by Indian residents rightfully belonged to the Government of India and had to be collected and surrendered to the Reserve Bank of India (RBI). FERA primarily prohibited all transactions not permitted by RBI. Coca-Cola was India's leading soft drink until 1977 when it left India after a new government ordered the company to turn over its secret formula for Coca-Cola and dilute its stake in its Indian unit as required by the Foreign Exchange Regulation Act (FERA). In 1993, the company (along with PepsiCo) returned after the introduction of India's Liberalization policy. FERA did not succeed in restricting activities such as the expansion of Multinational Corporations. The concessions made to FERA in 1991-1993 showed that FERA was on the verge of becoming redundant. After the amendment of FERA in 1993, it was decided that the act would become the FEMA. This was done in order to relax the controls on foreign exchange in India. FERA was repealed in 1998 by the government of Atal Bihari Vajpayee and replaced by the Foreign Exchange Management Act, which liberalised foreign exchange controls and restrictions on foreign investment. The buying and selling of foreign currency and other debt instruments by businesses, individuals and governments happens in the foreign exchange market. Apart from being very competitive, this market is also the largest and most liquid market in the world as well as in India.It constantly undergoes changes and innovations, which can either be beneficial to a country or expose them to greater risks. The management of foreign exchange market becomes necessary in order to mitigate and avoid the risks. Central banks would work towards an orderly functioning of the transactions which can also develop their foreign exchange market. Foreign Exchange Market Whether under FERA or FEMA’s control, the need for the management of foreign exchange is important. It is necessary to keep adequate amount of foreign exchange from Import Substitution to Export Promotion. FEMA served to make transactions for external trade and easier – transactions involving current account for external trade no longer required RBI’s permission. The deals in Foreign Exchange were to be ‘managed’ instead of ‘regulated’. The switch to FEMA shows the change on the part of the government in terms of for the capital. Activities such as payments made to any person outside India or receipts from them, along with the deals in foreign exchange and foreign security is restricted. It is FEMA that gives the central government the power to impose the restrictions. Without general or specific permission of the MA restricts the transactions involving foreign exchange or foreign security and payments from outside the country to India – the transactions should be made only through an authorised person. Deals in foreign exchange under the current account by an authorised person can be restricted by the Central Government, based on public interest generally. Although selling or drawing of foreign exchange is done through an authorized person, the RBI is empowered by this Act to subject the capital account transactions to a number of restrictions. Residents of India will be permitted to carry out transactions in foreign exchange, foreign security or to own or hold immovable property abroad if the currency, security or property was owned or acquired when he/she was living FEMA.