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of <h1>FEMA 1999: Key Provisions on Foreign Exchange, Property Transactions, Exemptions, and RBI Oversight Explained</h1> The major provisions of FEMA, 1999 cover dealing and holding foreign exchange, current and capital account transactions, acquisition and transfer of immovable property both within and outside India, export of goods and services, and the realization and repatriation of foreign exchange. It includes exemptions in certain cases, guidelines for authorized persons dealing in foreign exchange, and the Reserve Bank of India's (RBI) power to inspect these individuals. The act also outlines contraventions, penalties, adjudication, appeals, the role of the Directorate of Enforcement, and other miscellaneous provisions.
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