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...Mba iii semester mb legal aspects of business unit topic fema dr faryas kausar ansari page foreign exchange management act came into force by an parliament it was enacted on december this new is in consonance with the frameworks world trade organisation wto also paved way for prevention money laundering which effect from july what a set regulations that empowers reserve bank india to pass and enables government rules relating tune policy did replace replaced called regulation fera when passed legislation january regulate financial transactions concerning securities introduced forex reserves country were very low why not comply post liberalization policies main change brought compared made all criminal offences as civil objectives objective indian facilitate external payments addition formulated assist orderly development maintenance market outlines formalities procedures dealings these have been classified two categories capital account current under balance payment record between citi...