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of <h1>FEMA 1999: Streamlining Foreign Exchange in India, Promoting Trade, Investment, and Market Development.</h1> The Foreign Exchange Management Act (FEMA) of 1999 was introduced in India to manage foreign exchange in an orderly manner, replacing the more restrictive Foreign Exchange Regulation Act (FERA) of 1973. Effective from June 1, 2000, FEMA facilitates external trade, payments, and foreign exchange market development while safeguarding reserves. It provides a legal framework for foreign exchange transactions, regulated by the Reserve Bank of India (RBI) and the Central Government. Key features include regulation of resident and non-resident transactions, investment guidelines, control over capital account transactions, and enforcement through the Directorate of Enforcement and RBI. FEMA is considered more liberal and investor-friendly, promoting foreign investment in India.
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