1️⃣ FEMA (1999) – Replaced FERA to liberalize foreign exchange and boost trade
Fi2️⃣ Transaction Types – Divides forex transactions into Capital Account (investments, loans) and Current Account (trade, remittances
FiImport-Export Role – Regulates forex dealings, remittances, and ownership of foreign assetst
Fill Penalties – Fines up to 3× the amount or ₹2 lakh, plus ₹5,000/day for continued violations.