The Foreign Exchange Management Act, 1999 (FEMA) contains only the substantive and procedural aspects of Foreign Exchange Regulations. The detailed provisions in regard to various aspects connected with Foreign Exchange Regulations are found in Rules, Regulations and Notifications under FEMA issued or promulgated by the Government of India or RBI. Thus, the Government of India, in exercise of the powers conferred on it under Section 46 of FEMA, has made various sets of Rules, namely—
4.1 Foreign Exchange Management (Current Transactions) Rules, 2000.
4.2 Foreign Exchange (Compounding Proceedings) Rules, 2000.
4.3 Foreign Exchange Management (Adjudication Proceedings and Appeal), Rules, 2000.
4.4 Foreign Exchange (Authentication of Documents) Rules, 2000.
4.5 Foreign Exchange Management (Encashment of Draft, Cheque Instrument and Payment of Interest) Rules, 2000.
FEMA came into force from 1.6.2000. Some of the most important Rules as given in detail in the different Regulations have been explained.