The Foreign Exchange Management Act, 1999 was enacted to regulate foreign exchange transactions in India and to ensure the orderly development and maintenance of the foreign exchange market in the country.

The Reserve Bank of India (RBI) is the primary authority responsible for administering and enforcing the provisions of the Foreign Exchange Management Act, 1999.

The Foreign Exchange Management Act, 1999 plays a crucial role in facilitating international trade by simplifying the process of import and export, providing incentives for exporters, and ensuring the availability of foreign exchange for trade transactions.

Holding foreign currency accounts in India is not a prohibited transaction under the Foreign Exchange Management Act, 1999.

Violating the provisions of the Foreign Exchange Management Act, 1999 can result in both fine and imprisonment.

Remittance of funds for education abroad, medical treatment abroad, and pilgrimage abroad are all permitted transactions under the Foreign Exchange Management Act, 1999.

As per the Foreign Exchange Management Act, 1999, an individual can carry up to $10,000 in foreign currency while traveling abroad.

The Foreign Exchange Management (Deposit) Regulations, 2016 were introduced to regulate the acceptance of foreign currency deposits in India.

Non-Resident Ordinary (NRO) accounts are not permitted under the Foreign Exchange Management Act, 1999.

The Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 were introduced to regulate the export of goods and services from India.

Purchase of foreign currency does not require prior approval from the Reserve Bank of India.

The Foreign Exchange Management (Import of Goods and Services) Regulations, 2015 were introduced to regulate the import of goods and services into India.

Holding foreign currency accounts in India is not prohibited under the Foreign Exchange Management Act, 1999.

The Foreign Exchange Management (Cross-Border Trade) Regulations, 2015 were introduced to regulate cross-border trade transactions.

Remittance of funds for business purposes is not permitted under the Foreign Exchange Management Act, 1999.