a) Foreign Exchange Management Act, 1999

Question

09 Apr 2024

Answer :

Word Count : 275

The Foreign Exchange Management Act (FEMA) of 1999 is a crucial legislation in India that governs foreign exchange transactions. It replaced the outdated Foreign Exchange Regulation Act (FERA) of 1973, aiming to liberalize and streamline foreign exchange management. FEMA's primary objective is to facilitate external trade and payments and promote orderly development and maintenance of the foreign exchange market in India.

Key features of FEMA include:

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