ASIAPEDIA
Q&A
What is the significance of India’s Foreign Exchange Management Act (FEMA)?
What is the significance of India’s Foreign Exchange Management Act (FEMA)?
India’s Foreign Exchange Management Act (FEMA) was put into place in 1999 in an effort to promote the foreign exchange market in India. Through FEMA, the Indian government and the Reserve Bank of India (RBI) work to adjust India’s trade policy to match foreign exchange regulatory mechanisms by facilitating external trade and payment.
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