Ch 6 · Foreign Exchange Management Act, 1999

📘 Core concepts

1. 1FEMA regulates external trade & payments; replaced FERA in 1999.
2. 2Current account transactions generally permitted (Sec 5); capital account regulated.
3. 3Authorised Persons: AD-Cat I/II/III, Full-Fledged Money Changers.
4. 4Resident in India (Sec 2(v)): >182 days in preceding FY (subject to purpose-based exceptions).
5. 5RBI is the regulator; Enforcement Directorate handles violations.