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of <h1>RBI Issues Circular on FEMA 1999 Implementation: Transition from FERA 1973, New Rules for Foreign Exchange Dealers Effective June 2000.</h1> The Reserve Bank of India (RBI) issued a circular to all authorized foreign exchange dealers regarding the implementation of the Foreign Exchange Management Act (FEMA), 1999, effective from June 1, 2000. The circular outlines the transition from the Foreign Exchange Regulation Act, 1973, and introduces new rules and regulations governing foreign exchange transactions. It includes summaries of key provisions related to current and capital account transactions, export regulations, and other foreign exchange management aspects. Authorized dealers are instructed to study the Act's provisions and ensure compliance, with existing licenses deemed valid under the new framework. The circular emphasizes the importance of obtaining necessary declarations and information to prevent contraventions of the Act.
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