Exporters and importers in India are required to know FEMA rules What does the letter M denoted in the term FEMA ?
FEMA is Foreign Exchange management Act, it gives power to RBI and the Central government to regulate the rules of foreign exchange in line with India's foreign trade policy. It was introduced to replace FERA (Foreign Exchange Regulation Act) because FERA did not comply with the post-liberalisation policies of the government.
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