FEMA (The Foreign Exchange Management Act) 1999

The foreign exchange management act 1999 or in short  FEMA has been introduced as a replacement for earlier foreign exchange regulation act ( FREA). FEMA came in to act on the 1st day june 2000. The main objective behind the foreign exchange management act 1999 is to consolidate and amend the law relating to foreign exchange with objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in india .