The Foreign Exchange Regulations were enacted in order to control the increased movement of funds into and out of India. The Reserve Bank of India (RBI) regulates foreign exchange regulations in India through the Foreign Exchange Management Act (FEMA). The Foreign Exchange Regulation Act of 1973 (FERA) was repealed in 1999, and the Foreign Exchange Management Act of 1999 took its place (FEMA). FEMA was passed by the Indian Parliament and came into effect on June 1, 2000. FEMA was introduced to fill all the drawbacks and loopholes of FERA. Hence FEMA Act added various significant reforms.
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