Information about foreign exchange management act,1999
As per article 246 of constitution of India the Parliament has exclusive power to make law with respect to any of the matter enumerated in the union list in the seventh schedule the foreign exchange management Act 1999 can be traced to various entries in the union list. The foreign exchange management Act 1999 was enacted to consolidate and amend the law relating to Foreign Exchange with objective of acid relating external trade and payment and for promoting the orderly development and maintenance of foreign exchange market in India in fact it is the central legislation that deals with inbound investment in to India and outbound investment from India and trade and business between India and the other countries. There are some facilities which provided by fema:- Faimer provide free transaction on current account subject to reasonable restriction that may be imposed. Fema provide capital account transaction realisation of export proceeds. Fema provide dealing in foreign exchange th...