<h1>FEMA 1999: Non-Residents Enjoy Full Convertibility; Residents Face Capital Account Restrictions; Property Rules Vary for NRIs.</h1> The Foreign Exchange Management Act, 1999 (FEMA) in India allows nearly full convertibility for non-residents on capital and current account transactions, while residents face restrictions on capital account transactions. Indian companies with foreign equity are treated equally with local companies under exchange control laws. Foreign capital and profits can generally be repatriated after tax payments, without needing Reserve Bank of India (RBI) permission, provided conditions are met. Non-residents can acquire necessary immovable property with RBI approval, while NRIs can purchase most property types, except agricultural land, with some transfer restrictions.