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of <h1>Understanding FEMA 1999: Guidelines for Foreign Exchange Transactions, Remittance Limits, and RBI Approval Requirements</h1> The Foreign Exchange Management Act (FEMA) of 1999 governs foreign exchange transactions in India, distinguishing between capital and current account transactions. Residents can freely buy and sell foreign exchange for current account transactions, except where restrictions are imposed by the government. Authorised dealers and full-fledged money changers can provide foreign exchange for various purposes, such as business trips, medical treatment, and studies abroad, with specified limits. The Liberalised Remittance Scheme allows residents to remit up to USD 50,000 annually for permissible transactions. Specific guidelines apply to travel, remittances, and holding foreign currency. Certain transactions require prior approval from the Reserve Bank of India.
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