Foreign Exchange Management Act, 1999 [FEMA]
It facilitating external trade and payments
Developing and Maintaining of foreign exchange market in India.
EXTANT AND APPLICATION:
- Extents to whole India
- Applies to all branches, offices, and agencies outside India owned and controlled by a person resident in India.
Note: FEMA does not apply to citizen of India who are living outside India unless they are Resident of India
Capital Account Transactions
Current Account Transactions
Person Resident in India [PRI]
Person Resident Resident Outside India [PROI]