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The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "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". [1]
The foreign exchange reserves of India are holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee. The foreign-exchange reserves are managed by the Reserve Bank of India (RBI) for the Indian government , and the main component is foreign currency assets.
The rules for IDRs were operationalized by the Securities and Exchange Board of India (SEBI)—the Indian markets regulator in 2006. Operation instructions under the Foreign Exchange Management Act were issued by the Reserve Bank of India on July 22, 2009. [2] The SEBI has been notifying amendments to these guidelines from time to time.
India's foreign exchange reserves are built through foreign capital inflows instead of a current account surplus like in the case of Russia or China. Additionally, the central bank is forced to raise interest rates in order to arrest some of the capital outflows hence reducing domestic demand and accompanying economic effects.
Transactions on ECB are governed by Foreign Exchange Management Act, 1999. ECB can be raised through Automatic Route or Approval Route. Under Automatic Route, the cases are examined by the AD Category-I Banks. Whereas under Approval Route, borrowers send their requests to the Reserve Bank of India through their AD banks for examination.
Foreign trade in India includes all imports and exports to and from India. At the level of the Central Government , trade is administered by the Ministry of Commerce and Industry . [ 1 ] Foreign trade accounted for 48.8% of India's GDP in 2018.
The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible ...
India's foreign exchange reserves are an essential aspect of its economic framework, reflecting the country's growth trajectory and its integration into the global economy. With reserves currently around $598.69 billion, they play a vital role in ensuring financial stability, managing currency fluctuations, and enhancing India's standing in ...