Study of Foreign Exchange Management Act
Keywords:
Foreign Exchange Management Act, foreign exchange transactionsAbstract
The Foreign Currency Management Act (FEMA) is essential for managing foreign exchange transactions and maintaining a country's foreign exchange market. analyse the Foreign Exchange Management Act's goals, essential clauses, economic effect, critiques, and opportunities for improvement. The examination starts with FEMA's basic goals: enabling external commerce and payments, fostering orderly foreign exchange market growth and management, and safeguarding foreign currency reserves. The Act authorises the central bank to control foreign currency and payments, affecting cross-border commerce and investment. the essential FEMA provisions that monitor and oversee foreign currency transactions. These laws regulate capital account, current account, foreign property purchase and ownership, and more. The study shows how FEMA affects foreign traders, corporations, and financial institutions by evaluating these laws.
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