Question

Foreign exchange and foreign currencies in india are governed by

Answer 1

Answer:

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Answer 2

Foreign exchange and foreign currencies in India are governed by The Foreign Exchange Management Act (FEMA), 1999.

• The Foreign Exchange Management Act (FEMA), 1999 governs foreign exchange and foreign currency in India.
• This act is an act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.
• It provides the legal framework within which foreign exchange transactions have to be carried out in India.
• The Foreign Exchange Management Act, of 1999 is a comprehensive act regulating international payments and governs all foreign exchange transactions.

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