{"id":12167,"date":"2025-04-04T11:13:33","date_gmt":"2025-04-04T05:43:33","guid":{"rendered":"https:\/\/lakshmishree.com\/blog\/?p=12167"},"modified":"2026-03-23T16:37:15","modified_gmt":"2026-03-23T11:07:15","slug":"difference-between-fera-and-fema","status":"publish","type":"post","link":"https:\/\/lakshmishree.com\/blog\/difference-between-fera-and-fema\/","title":{"rendered":"Difference Between FERA and FEMA\u200b: Full Form &amp; What is it\u00a0"},"content":{"rendered":"\n<p>Imagine a time when strict rules controlled every rupee that moved in or out of India. Businesses struggled, foreign investments were restricted, and the economy felt locked up. This was the era of FERA (Foreign Exchange Regulation Act), a law meant to control foreign exchange in India. But as the country opened its doors to globalization, FERA was replaced by a more flexible and business-friendly law \u2013 FEMA (Foreign Exchange Management Act).<\/p>\n\n\n\n<p>So, why did India shift from FERA to FEMA? What was wrong with the old system, and how did the new one change the game? If you\u2019re curious to know the difference between FERA and FEMA, how they impact businesses, and why this transition was necessary, keep reading! <\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Content<\/h2><nav><ul><li class=\"\"><a href=\"#what-is-foreign-exchange-why-is-it-regulated\">What is Foreign Exchange &amp; Why is it Regulated?<\/a><\/li><li class=\"\"><a href=\"#fera-and-fema-full-form\">FERA and FEMA Full Form<\/a><\/li><li class=\"\"><a href=\"#what-is-fera\">What is FERA?<\/a><\/li><li class=\"\"><a href=\"#what-is-fema\">What is FEMA?<\/a><\/li><li class=\"\"><a href=\"#difference-between-fera-and-fema\">Difference Between FERA and FEMA<\/a><\/li><li class=\"\"><a href=\"#why-was-fera-replaced-by-fema\">Why Was FERA Replaced by FEMA?<\/a><\/li><li class=\"\"><a href=\"#fera-vs-fema-impact-on-the-indian-economy\">FERA vs. FEMA: Impact on the Indian Economy<\/a><ul><\/ul><\/li><li class=\"\"><a href=\"#conclusion\">Conclusion<\/a><\/li><li class=\"\"><a href=\"#frequently-asked-questions\">Frequently Asked Questions<\/a><ul><li class=\"\"><a href=\"#faq-question-1743670430605\">What is the full form of FERA and FEMA?<\/a><\/li><li class=\"\"><a href=\"#faq-question-1743670440400\">What is FERA and FEMA?<\/a><\/li><li class=\"\"><a href=\"#faq-question-1743670449267\">What is the difference between FERA and FEMA?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-foreign-exchange-why-is-it-regulated\"><strong>What is Foreign Exchange &amp; Why is it Regulated?<\/strong><\/h2>\n\n\n\n<p>Foreign exchange\u2014or Forex or FX\u2014is the system that lets countries trade their currencies. You see when you travel from India to the USA, you can't just use Indian rupees (INR) there. You need to exchange them for US Dollars (USD). Businesses and governments do the same for trade, investments and economic growth. That exchange of currencies is what we call foreign exchange.<\/p>\n\n\n\n<p>Governments regulate it because if they don't, a country's currency can lose value due to too many uncontrolled foreign transactions, black money movements or economic instability. India's laws, such as FERA and FEMA, were put in place to manage and protect the economy. FERA was quite strict and restrictive, while FEMA made foreign transactions smoother. That helped India integrate with the global economy more easily.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fera-and-fema-full-form\"><strong>FERA and FEMA Full Form<\/strong><\/h2>\n\n\n\n<p>FERA stands for the Foreign Exchange Regulation Act, which was introduced in 1973 to regulate foreign exchange transactions in India strictly. FEMA stands for the Foreign Exchange Management Act, which replaced FERA in 1999. Unlike FERA, FEMA focuses on managing and facilitating foreign exchange transactions rather than restricting them.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-fera\"><strong>What is FERA?<\/strong><\/h2>\n\n\n\n<p>The Foreign Exchange Regulation Act (FERA) was enacted in 1973 to regulate <a href=\"https:\/\/en.wikipedia.org\/wiki\/Foreign_exchange_market\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/en.wikipedia.org\/wiki\/Foreign_exchange_market\" rel=\"noreferrer noopener\">foreign exchange<\/a> and conserve India\u2019s limited foreign reserves. At that time, India faced a shortage of foreign currency, and the government wanted strict control over international financial transactions. FERA aimed to restrict foreign investments, regulate dealings in foreign currency, and prevent the misuse of foreign exchange.<\/p>\n\n\n\n<p>It had 81 sections and covered various aspects of currency conversion, fund transfers, overseas property purchases, and dealings with non-residents. The <a href=\"https:\/\/en.wikipedia.org\/wiki\/Reserve_Bank_of_India\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/en.wikipedia.org\/wiki\/Reserve_Bank_of_India\" rel=\"noreferrer noopener\">Reserve Bank of India (RBI)<\/a> had the power to enforce FERA, and any violations could result in severe penalties, asset seizures, or imprisonment.<\/p>\n\n\n\n<p><strong>Key Features of FERA:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The RBI had full authority over foreign exchange transactions.<\/li>\n\n\n\n<li>Only authorised dealers and money changers could deal in foreign currency.<\/li>\n\n\n\n<li>Foreign currency could only be used for the purpose for which it was acquired.<\/li>\n\n\n\n<li>No individual could send money abroad without RBI\u2019s approval.<\/li>\n\n\n\n<li>Indian companies needed special permission to do business with non-residents.<\/li>\n\n\n\n<li>Any unused foreign currency had to be returned or sold within 30 days.<\/li>\n\n\n\n<li>Strict penalties were imposed for any violation, including seizure of assets and imprisonment.<\/li>\n<\/ul>\n\n\n\n<p>Despite its goal of protecting India's economy, FERA became a major obstacle to foreign trade and investments. Its rigid policies led to economic restrictions, making business expansion difficult. Recognizing these challenges, the Indian government replaced FERA with the Foreign Exchange Management Act (FEMA) in 1999, bringing in a more flexible and business-friendly system.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><mark style=\"background-color:#fdf3f3\" class=\"has-inline-color\"><strong>Also Read: <a href=\"https:\/\/lakshmishree.com\/blog\/ce-and-pe-in-the-stock-market\/\">What is CE and PE in the Stock Market?<\/a><\/strong><\/mark><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/bit.ly\/lisl_blogs\" target=\"_blank\" rel=\" noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"909\" height=\"280\" src=\"https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26.jpg\" alt=\"Start Investing - LISPL Investment\" class=\"wp-image-11711\" style=\"width:659px;height:auto\" srcset=\"https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26.jpg 909w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26-752x232.jpg 752w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26-768x237.jpg 768w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26-150x46.jpg 150w\" sizes=\"(max-width: 909px) 100vw, 909px\" \/><\/a><\/figure>\n<\/div>\n\n\n<div style=\"height:17px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-fema\"><strong>What is FEMA?<\/strong><\/h2>\n\n\n\n<p>The Foreign Exchange Management Act (FEMA) was enacted in 1999, replacing the strict and outdated Foreign Exchange Regulation Act (FERA). FEMA was introduced as part of India's economic liberalization to promote foreign trade, investment, and economic growth. Unlike FERA, which focused on restricting foreign exchange transactions, FEMA aimed at managing and facilitating them in a structured and transparent manner. <\/p>\n\n\n\n<p>The Act consists of 49 sections and provides a legal framework for foreign currency transactions, cross-border trade, and international financial dealings.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"716\" height=\"716\" src=\"https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/04\/ChatGPT-Image-Apr-4-2025-11_00_43-AM.jpg\" alt=\"What is FEMA?\" class=\"wp-image-12190\" style=\"width:412px;height:auto\" srcset=\"https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/04\/ChatGPT-Image-Apr-4-2025-11_00_43-AM.jpg 716w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/04\/ChatGPT-Image-Apr-4-2025-11_00_43-AM-421x421.jpg 421w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/04\/ChatGPT-Image-Apr-4-2025-11_00_43-AM-45x45.jpg 45w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/04\/ChatGPT-Image-Apr-4-2025-11_00_43-AM-96x96.jpg 96w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/04\/ChatGPT-Image-Apr-4-2025-11_00_43-AM-150x150.jpg 150w\" sizes=\"(max-width: 716px) 100vw, 716px\" \/><\/figure>\n<\/div>\n\n\n<div style=\"height:22px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Key Features of FEMA:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Liberalized foreign exchange regulations to encourage international business and investments.<\/li>\n\n\n\n<li>Authorized dealers and individuals can now facilitate forex trading with proper compliance.<\/li>\n\n\n\n<li>The Reserve Bank of India (RBI) has the power to regulate and monitor foreign exchange transactions.<\/li>\n\n\n\n<li>Indian nationals can now own immovable property outside India, provided it was acquired legally through inheritance or purchase during foreign travel.<\/li>\n\n\n\n<li>FEMA covers foreign exchange remittances, allowing Indian residents to transact in foreign currency for travel, education, and other purposes.<\/li>\n\n\n\n<li>The Act sets limits on forex transactions to prevent misuse, with penalties for violations.<\/li>\n\n\n\n<li>In case of non-compliance, penalties can be three times the amount involved or \u20b92 lakh, with an additional fine of \u20b95000 per day for continuing violations.<\/li>\n\n\n\n<li>If foreign assets are involved in a violation, they can be confiscated as part of the penalty.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"difference-between-fera-and-fema\"><strong>Difference Between FERA and FEMA<\/strong><\/h2>\n\n\n\n<p>FERA was a strict law focused on controlling foreign transactions, whereas FEMA replaced it with a more flexible and business-friendly framework. While FERA imposed harsh penalties for violations, FEMA took a management-oriented approach, smoothing foreign trade and investments.<\/p>\n\n\n\n<div class=\"wp-block-group is-vertical is-content-justification-stretch is-layout-flex wp-container-core-group-is-layout-b16ad781 wp-block-group-is-layout-flex\">\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>FERA (Foreign Exchange Regulation Act)<\/th><th>FEMA (Foreign Exchange Management Act)<\/th><\/tr><\/thead><tbody><tr><td><strong>Enactment Year<\/strong><\/td><td>1973<\/td><td>1999<\/td><\/tr><tr><td><strong>Purpose<\/strong><\/td><td>Restrict and control foreign exchange transactions<\/td><td>Manage and facilitate foreign exchange transactions<\/td><\/tr><tr><td><strong>Approach<\/strong><\/td><td>Rigid and strict<\/td><td>Liberal and flexible<\/td><\/tr><tr><td><strong>Number of Sections<\/strong><\/td><td>81<\/td><td>49<\/td><\/tr><tr><td><strong>Regulating Authority<\/strong><\/td><td>Reserve Bank of India (RBI) and Enforcement Directorate<\/td><td>Reserve Bank of India (RBI)<\/td><\/tr><tr><td><strong>Applicability<\/strong><\/td><td>Applied to Indian citizens and foreign companies operating in India<\/td><td>Applied to all residents of India, including foreign entities doing business in India<\/td><\/tr><tr><td><strong>Approval Requirement<\/strong><\/td><td>Foreign exchange transactions needed strict RBI approval<\/td><td>Transactions are permitted unless specifically restricted<\/td><\/tr><tr><td><strong>Penalty for Violation<\/strong><\/td><td>Lower, simplified procedures make compliance easier<\/td><td>Criminal offence with heavy fines and imprisonment<\/td><\/tr><tr><td><strong>Business Friendliness<\/strong><\/td><td>Discouraged foreign investments and trade<\/td><td>Encourages foreign direct investment (FDI) and international trade<\/td><\/tr><tr><td><strong>Compliance Burden<\/strong><\/td><td>High; strict regulations made compliance difficult<\/td><td>Lower; simplified procedures make compliance easier<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-was-fera-replaced-by-fema\"><strong>Why Was FERA Replaced by FEMA?<\/strong><\/h2>\n\n\n\n<p>FERA was replaced by FEMA in 1999 because the Indian economy had evolved, and the old law no longer suited the country\u2019s growing needs. FERA was introduced in 1973 when India had limited foreign reserves and needed strict control over foreign exchange. However, as India moved towards economic liberalization in the 1990s, these rigid restrictions became a roadblock to progress.<\/p>\n\n\n\n<p>Here\u2019s why FERA was replaced:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Harsh &amp; Rigid Regulations<\/strong> \u2013 FERA treated even minor foreign exchange violations as criminal offenses, making it difficult for businesses to operate smoothly. FEMA, in contrast, decriminalized such violations and introduced monetary penalties instead.<\/li>\n\n\n\n<li><strong>Globalization &amp; Economic Reforms<\/strong> \u2013 After the 1991 economic crisis, India opened up to global trade and investment. FERA\u2019s strict controls discouraged <a href=\"https:\/\/en.wikipedia.org\/wiki\/Foreign_direct_investment#:~:text=8%20External%20links-,Definitions,operations%2C%20and%20intra%20company%20loans.\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/en.wikipedia.org\/wiki\/Foreign_direct_investment#:~:text=8%20External%20links-,Definitions,operations%2C%20and%20intra%20company%20loans.\" rel=\"noreferrer noopener\">foreign direct investment<\/a> (FDI), while FEMA was designed to attract foreign investors and boost economic growth.<\/li>\n\n\n\n<li><strong>Incompatibility with WTO &amp; IMF Standards<\/strong> \u2013 FERA\u2019s restrictive policies did not align with international trade norms. FEMA modernized foreign exchange regulations, bringing India to global economic standards.<\/li>\n\n\n\n<li><strong>Easier Compliance &amp; Transparency<\/strong> \u2013 Under FEMA, foreign exchange transactions became easier, reducing bureaucratic delays and making India a more business-friendly destination.<\/li>\n<\/ul>\n\n\n\n<p>In short, FERA was a law of restrictions, while FEMA is a law of regulation and facilitation. This shift helped India integrate with the global economy and encourage foreign investments.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><mark style=\"background-color:#fff6f6\" class=\"has-inline-color\">Also Read: <a href=\"https:\/\/lakshmishree.com\/blog\/what-is-bo-id-in-cdsl\/\">What is BO ID in CDSL &amp; How to Find it?<\/a><\/mark><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fera-vs-fema-impact-on-the-indian-economy\"><strong>FERA vs. FEMA: Impact on the Indian Economy<\/strong><\/h2>\n\n\n\n<p>The transition from FERA to FEMA had a significant impact on India\u2019s economy, shaping its growth and global position. Here\u2019s how:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"positive-changes-after-fema\"><strong>Positive Changes After FEMA<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increase in Foreign Investment<\/strong> \u2013 With relaxed forex policies, FDI and foreign institutional investment (FII) surged, bringing more capital into India.<\/li>\n\n\n\n<li><strong>Boost in International Trade<\/strong> \u2013 FEMA\u2019s simplified foreign exchange laws made it easier for Indian businesses to expand globally and attract foreign partners.<\/li>\n\n\n\n<li><strong>Economic Growth &amp; Stability<\/strong> \u2013 India\u2019s GDP improved, and foreign reserves increased, reducing the financial vulnerabilities that existed under FERA.<\/li>\n\n\n\n<li><strong>Stronger Compliance &amp; Transparency<\/strong> \u2013 Businesses now operate under clear regulations set by the RBI, making transactions more structured and efficient.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"challenges-limitations\"><strong>Challenges &amp; Limitations<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Foreign Exchange Volatility<\/strong> \u2013 With greater freedom, India became more exposed to global currency fluctuations.<\/li>\n\n\n\n<li><strong>Risk of Money Laundering<\/strong> \u2013 Liberalization also opened doors for illegal forex dealings, requiring stricter monitoring by regulatory authorities.<\/li>\n<\/ul>\n\n\n\n<p>Overall, FEMA helped India shift from a closed economy to a globally competitive one, making it a preferred destination for trade and investment.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/bit.ly\/lisl_blogs\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"909\" height=\"280\" src=\"https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26.jpg\" alt=\"Start Investing - LISPL Investment\" class=\"wp-image-11711\" style=\"width:607px;height:auto\" srcset=\"https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26.jpg 909w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26-752x232.jpg 752w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26-768x237.jpg 768w, https:\/\/lakshmishree.com\/blog\/wp-content\/uploads\/2025\/02\/Blog-in-article-banners-26-150x46.jpg 150w\" sizes=\"(max-width: 909px) 100vw, 909px\" \/><\/a><\/figure>\n<\/div>\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>The basic difference between FERA and FEMA is their approach to foreign exchange regulation. FERA was strict and focused on restrictions, making it difficult for businesses to engage in international trade. On the other hand, FEMA is a more flexible and business-friendly law, allowing smoother foreign transactions and encouraging foreign investments. With simplified compliance and a transparent legal framework, FEMA has helped India align with global economic standards.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"frequently-asked-questions\"><strong><strong>Frequently Asked Questions<\/strong><\/strong><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<ol class=\"rank-math-list \">\n<li id=\"faq-question-1743670430605\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>What is the full form of FERA and FEMA?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The full form of FERA is Foreign Exchange Regulation Act, and FEMA stands for Foreign Exchange Management Act. FERA was enacted in 1973 to regulate foreign exchange transactions in India, while FEMA replaced it in 1999 with a more flexible and business-friendly approach.<\/p>\n\n<\/div>\n<\/li>\n<li id=\"faq-question-1743670440400\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>What is FERA and FEMA?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>FERA was a law designed to control and restrict foreign exchange transactions, making it difficult for businesses to operate internationally. FEMA, on the other hand, was introduced to manage and facilitate foreign exchange, allowing smoother foreign trade and investment while maintaining regulatory oversight.<\/p>\n\n<\/div>\n<\/li>\n<li id=\"faq-question-1743670449267\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>What is the difference between FERA and FEMA?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The basic difference between FERA and FEMA is that FERA imposed strict regulations and criminal penalties on foreign exchange violations, whereas FEMA is more flexible and treats violations as civil offenses. FERA aimed to conserve foreign exchange reserves, while FEMA focuses on efficiently managing foreign transactions in line with global financial standards.<\/p>\n\n<\/div>\n<\/li>\n<li id=\"faq-question-1743670459567\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>Is FEMA still in effect in India?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Yes, FEMA is still in effect in India. It continues to regulate foreign exchange transactions, ensuring compliance with RBI guidelines. FEMA has replaced FERA\u2019s strict controls with a liberalized legal framework, making foreign transactions easier for businesses and individuals while preventing money laundering and illegal forex activities.<\/p>\n\n<\/div>\n<\/li>\n<li id=\"faq-question-1743670469458\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><strong>How does FEMA impact foreign investors?<\/strong><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>FEMA has had a positive impact on foreign investors, making India a more attractive destination for foreign direct investment (FDI). Unlike FERA, which imposed heavy restrictions, FEMA simplifies foreign exchange policies, reduces bureaucratic delays, and ensures easier repatriation of funds, thereby encouraging global businesses to invest in India.<\/p>\n\n<\/div>\n<\/li>\n<\/ol>\n<\/div>\n\n\n<pre class=\"wp-block-code\"><code><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Disclaimer: This article is for educational purposes only and should not be considered financial advice. Always conduct your research and consider consulting with a financial advisor before making any investment decisions.<\/mark><\/code><\/pre>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine a time when strict rules controlled every rupee that moved in or out of India. Businesses struggled, foreign investments were restricted, and the economy felt locked up. This was the era of FERA (Foreign Exchange Regulation Act), a law meant to control foreign exchange in India. But as the country opened its doors to [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":12180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[269],"tags":[651],"class_list":["post-12167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basics","tag-fera-and-fema"],"_links":{"self":[{"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/posts\/12167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/comments?post=12167"}],"version-history":[{"count":5,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/posts\/12167\/revisions"}],"predecessor-version":[{"id":12193,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/posts\/12167\/revisions\/12193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/media\/12180"}],"wp:attachment":[{"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/media?parent=12167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/categories?post=12167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakshmishree.com\/blog\/wp-json\/wp\/v2\/tags?post=12167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}