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of <h1>Foreign Exchange Management Act, 1999: Key Framework for Regulating India's Foreign Exchange and Link to Income-Tax Act, 1961.</h1> The Foreign Exchange Management Act, 1999, outlines statutory provisions related to the management and regulation of foreign exchange in India. It provides definitions and guidelines necessary for the governance of foreign exchange transactions. The Act is referenced in the Income-tax Act, 1961, indicating its relevance to taxation and financial regulations. It establishes the legal framework for facilitating external trade and payments and aims to promote the orderly development and maintenance of the foreign exchange market in India.
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