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of <h1>FEMA Section 3: Regulating Foreign Exchange Transactions, Preventing Unauthorized Deals, and Ensuring Compliance with Legal Frameworks</h1> Section 3 of the Foreign Exchange Management Act (FEMA), 1999, regulates foreign exchange transactions, applying to both Persons Resident in India (PRIIs) and Persons Resident Outside India (PROIs). It restricts unauthorized dealings in foreign exchange, including transfers, payments, and financial transactions, unless through authorized dealers or with Reserve Bank permission. Examples highlight prohibited activities, such as a PROI selling foreign currency to a resident or making payments for non-residents without proper channels. Unauthorized financial transactions, like Hawala, are also restricted. The section ensures foreign exchange flows are controlled and compliant with legal frameworks.
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