The Foreign Exchange Management Act, 1999, was enacted to replace the Foreign Exchange Regulation Act, 1973 with an objective of consolidating and amending the laws relating to foreign exchange. While the 1973 Act focuses more on regulations and controls, whereas FEMA, 1999 deals more with the management of foreign exchange. FEMA facilitates external trade and promotes the orderly development and maintenance of foreign exchange market in India. The new Act enables the Reserve Bank of India and the Central Government to pass regulations and rules relating to foreign exchange in tune with the Foreign Trade Policy of India. This book comprehensively covers all aspects of foreign exchange management and regulations. This book will be useful for Chartered Accountants, Company Secretaries, Cost Accountants, Advocates and other professionals dealing with FEMA.
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