current account convertibility and liberalisation of Indian investments abroad the Foreign Exchange Management Act (FEMA) was enacted in 1999 to replace FERA. FEMA became effective from June 1 2000. FEMA aims at facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange markets in India. Emphasising the shift in focus the Reserve Bank in due course also amended (since January 31 2004) the name of its department dealing with the foreign exchange transactions to Foreign Exchange Department from Exchange Control Department.csrgk today monthly magazine
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