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of <h1>Foreign Exchange Management Act Regulates Cross-Border Financial Transactions, Promotes Economic Stability and Compliance for Indian Residents</h1> The Foreign Exchange Management Act of 1999 is a comprehensive legislation governing foreign exchange regulations in India. It applies to the entire country and extends to all branches and offices owned by Indian residents, including overseas contraventions. The Act aims to facilitate external trade, payments, and promote orderly development of the foreign exchange market. It came into force on June 1, 2000, with provisions that allow for staggered implementation dates.
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