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What is Foreign Exchange Management Act ? FEMA?

By IndianMoney , 9 months ago

1. The Central Government of India formulated an act to encourage external payments and across the border trades in India known as the Foreign Exchange Management Act. 2. FEMA (Foreign Exchange Management Act) was introduced in the year 1999 to replace an earlier act FERA (Foreign Exchange Regulation Act). 3. FEMA was formulated to fill all the loopholes and drawback of FERA (Foreign Exchange Regulation Act) and hence several economic reforms (major reforms) were introduced under the FEMA act. 4. FEMA was basically introduced to de-regularize and have a liberal economy in India.

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