⭐ Important points (exam-critical)
- ⭐FEMA is civil law; FERA was criminal — fundamental shift.
- ⭐FDI in India: automatic vs approval route; sectoral caps vary.
- ⭐LRS limit: USD 250,000 per FY per resident individual.
- ⭐Penalty: up to 3 times the sum involved (Sec 13). Compounding allowed.
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