Exchange controls

摘要

The government sets India's exchange-control policy in conjunction with the Reserve Bank of India (RBI, the central bank). The main legislation is the Foreign-Exchange Management Act (FEMA) of 2000. FEMA dictates conditions for Indian nationals to hold foreign currency and immovable property outside of India (or vice versa) as well as rules for exporters. It also regulates the type of foreign-exchange (forex) activities permitted, remittance of dividends and profits overseas, forex trading and access to banking facilities. The government regulates current-account transactions, and the RBI regulates capital-account transactions.