What is the main objective of FEMA?

 FEMA ensures that there is orderly development and maintenance of the foreign exchange market in India, and external trade and payments are in order as well. FEMA deals with all the provisions relating to the procedures, formalities, dealings, etc., with respect to the foreign exchange transactions in India.

The transactions relating to the foreign exchange have been classified under FEMA in two main categories,

  1. Current Account Transaction,
  2. Capital Account Transaction.
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