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<h1>Foreign exchange regulation under FEMA governs transactions, repatriation, authorised persons and enforcement procedures.</h1> FEMA, 1999 regulates dealing, holding, acquisition and transfer of foreign exchange and foreign securities; differentiates current account and capital account transactions; governs acquisition and transfer of immovable property in India and abroad; sets rules for export, realization and repatriation of foreign exchange and specified exemptions; prescribes the role and inspection powers of authorised persons; and provides for enforcement, penalties, adjudication, appeal and the Directorate of Enforcement.