Foreign Exchange Management Act of 1999, (FEMA) was enacted to consolidate and alter the law governing foreign exchange and with an ultimate goal of enabling international trade and payments and supporting the steady growth and management of India’s foreign currency market. FEMA’s major goal was to assist India in facilitating external trade and payments. It lays out the procedures, rules, and dealings that all foreign exchange transactions in India must follow.
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Foreign Exchange Management Act of 1999, (FEMA) was enacted to consolidate and alter the law governing foreign exchange and with an ultimate goal of enabling international trade and payments and supporting the steady growth and management of India’s foreign currency market. FEMA’s major goal was to assist India in facilitating external trade and payments. It lays out the procedures, rules, and dealings that all foreign exchange transactions in India must follow.
