Initially, the Foreign Exchange Regulation Act, 1947, and later, the Foreign Exchange Regulation

Act, 1973 (FERA) were enacted to control foreign exchange and for conservation of foreign

exchange resources of the country and proper utilisation thereof in the interest of economic

development of the country. But the desired results to control foreign exchange and to maintain

a healthy balance of payment position of the country could not be achieved. Hence, the present

Commentary on the Foreign Exchange Management Act comprehensively deals with the law

and its various provisions that regulate foreign exchange in India. In addition to providing case

law based commentary, emphasis has been laid on legal interpretation of words and phrases, and

special efforts have been made to correlate different provisions of the FEMA with the related

Rules and Regulations.

Key Features:

• Exhaustive section-wise commentary on Foreign Exchange Management Act, along with

allied Rules and Regulations

• Important words and phrases used in different provisions of the Act have been explained in

a simple way, based on the available case law and some other legislations wherein the said

expressions have been used

• Contains exhaustive list of appendices, providing relevant Rules, Regulations and Circulars

• Includes latest case law, up till March 2023