What is the objective of the Foreign Exchange Management Act? Discuss

Question

What is the objective of the Foreign Exchange Management Act? Discuss the mechanism for acquiring property in India by a non-resident and outside India by a resident

27 Apr 2023

Answer :

Word Count : 589

The Foreign Exchange Management Act (FEMA) is a legislation passed by the Indian Parliament in 1999 to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and promoting the orderly development and maintenance of foreign exchange market in India. The Act replaced the earlier Foreign Exchange Regulation Act (FERA), 1973, and aims to simplify and liberalize the foreign exchange regime in India.

The primary objective of FEMA is to regulate foreign exchange transactions and related matters in India. It empowers the Reserve Bank of India (RBI) to regulate foreign exchange transactions and restrict or prohibit certain transactions in the interest of national security or public interest. FEMA regulates ___ ___ ________ ____ ___ ___ ________ ___ ____ ________.
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