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<h1>FEMA 1999: Streamlining India's Foreign Exchange Laws to Boost Trade and Payments, Effective June 1, 2000.</h1> The Foreign Exchange Management Act (FEMA) of 1999 consolidates and amends laws related to foreign exchange in India, aiming to facilitate external trade and payments and promote an orderly foreign exchange market. It applies throughout India and extends to branches, offices, and agencies outside India owned or controlled by Indian residents. The Act covers contraventions committed outside India by applicable persons. It came into effect on June 1, 2000, with provisions allowing for different commencement dates for various sections. FEMA is a civil law designed to support the development and maintenance of India's foreign exchange market.