India-Specific
Foreign Exchange Management Act — Indian law governing foreign exchange transactions and capital account.
The Foreign Exchange Management Act, 1999 — Act 42 of 1999, Ministry of Finance — is “An Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.” The words facilitating and orderly development are the whole point of the 1999 statute, and they mark the break from the regime it replaced: the object is management of a functioning market rather than conservation of a scarce resource. That change of purpose is why FEMA contraventions are civil matters by design, where the earlier law treated them very differently.
India Code publishes the Act itself, which is a stronger source here than an institutional “about us” page: a website describes a body, an Act constitutes it. What is quoted above is the Act’s long title — the purpose Parliament gave it — and nothing more. No section of any Act is quoted or cited on this page, because India Code’s section-level pages did not serve readable text; procedural detail, eligibility and thresholds are in the Act and its rules, not here.
From the AJG lexicon archive (July 2026).
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