The Foreign Exchange Management Act (FEMA) of 1999 is an Indian law that
regulates foreign exchange and payments in the country. Enacted to facilitate external trade and payments and to promote orderly development and maintenance of the foreign exchange market, FEMA
replaced the Foreign Exchange Regulation Act (FERA). It empowers the Reserve Bank of India (RBI) to formulate regulations governing foreign exchange transactions and oversee compliance with the
provisions of the Act.
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