Foreign Exchange Management Manual is the authoritative reference for India’s foreign exchange law and practice, providing a comprehensive and up-to-date consolidation of the Foreign Exchange Management Act, 1999 (FEMA), along with all associated rules, regulations, notifications, master directions, and relevant laws. This Edition presents a two-volume set, meticulously updated to incorporate all amendments and regulatory developments, including the latest FEMA & FDI regulatory regime, compounding procedures, liberalised remittance, and capital account transaction rules. With practical section-wise notes, comprehensive digests of case law, and a dedicated FEMA & FDI Ready Reckoner, this Manual serves as the gold standard for professionals and institutions engaging in cross-border transactions, foreign investments, and compliance with Indian exchange control law

This book is intended for the following audience:

• Chartered Accountants, Company Secretaries, Cost Accountants – For handling FEMA advisory, compliance, certification, due diligence, audits, and representation before authorities
• Corporate Legal & Secretarial Teams, CFOs, Treasurers – For practical, transaction-level guidance on foreign investment, borrowing, repatriation, property acquisition, and regulatory reporting
• Law Firms, Advocates, Consultants – For litigation, adjudication, appellate practice, enforcement, and case law research under FEMA, PMLA, FCRA, and allied laws
• Banks & Financial Institutions – For managing forex transactions, NRI/OCI accounts, overseas investments, export-import finance, and compliance with RBI circulars
• Multinational Companies & Start-ups – For structuring inbound and outbound investments, FDI/ODI compliance, and regulatory strategy
• Academicians, Researchers & Students – For a comprehensive study of exchange control law, policy developments, and legal interpretations

The Present Publication is the 46^th Edition | 2025, amended up to 15^th June 2025. This book is edited/authored by Taxmann’s Editorial Board, with the following noteworthy features:

• [Annotated FEMA Text] Complete and updated text of FEMA and rules/regulations framed thereunder, with expert commentary and cross-references
• [Comprehensively Updated] Integrates all statutory amendments, regulatory updates, and RBI/GOI policy changes up to 2025
• [RBI Master Directions & Circulars] Full text and consolidated list of Master Directions, circulars, and clarifications from 2000 to 2025
• [FDI, ODI, LRS Coverage] Detailed coverage of Foreign Direct Investment (FDI) policy, Overseas Direct Investment (ODI), Liberalised Remittance Scheme (LRS), and sector-specific rules
• [Practical Guidance] Ready Reckoner covering all operative provisions on capital and current account transactions, export-import, borrowing, lending, property, NRI/OCI regulations, compounding, enforcement, and penalty mechanisms
• [Case Laws Digest] Extensive, section-wise digest of Supreme Court, High Court, and Appellate Tribunal for Foreign Exchange (ATFE) decisions for nuanced interpretation
• [Allied Laws & Procedures] In-depth inclusion of Prevention of Money Laundering Act (PMLA), Foreign Contribution (Regulation) Act (FCRA), FDI Press Notes, FEDAI Rules, Asian Clearing Union Rules, etc.
• [Prescribed Forms & Notifications] Complete set of updated forms, notifications, and amending notifications for statutory compliance and procedural ease
• [Authoritative and Reliable] The most trusted and cited resource for FEMA, FDI, and allied laws, relied upon by the profession, regulators, and courts
• [Practical Utility] Equally valuable for day-to-day transaction compliance, advisory, audit, litigation, and strategic planning in foreign exchange and investment matters

The coverage of the book is as follows:

• Volume 1
  • Annotated FEMA and all principal Rules, Regulations, and Notifications
  • Comprehensive listing and full text of all FEMA notifications, amending notifications, and RBI Master Directions
  • Memorandum of Instructions, RBI’s operational guidelines
  • Complete law relating to Foreign Contributions (FCRA) and Prevention of Money Laundering (PMLA)
  • Foreign Direct Investments and allied acts/rules, including guidelines and circulars
• Volume 2
  • FEMA & FDI Ready Reckoner – Concise, transaction-wise chapters on:
    • Liberalised Remittance Scheme (LRS)
    • Current & Capital Account Transactions
    • NRI/OCI account regulations
    • Borrowing, lending, ECBs, and foreign investments
    • Export-import rules and repatriation requirements
    • Property acquisition in India/abroad
    • Compliance for branches, liaison offices, and project offices
    • Penalties, enforcement, and compounding of offences
  • FEMA Case Laws Digest
    • Section-wise digests of all key judicial pronouncements under FEMA and FERA
  • RBI Circulars & Clarifications
    • Chronological, subject-wise, and full-text repository of all major RBI instructions and clarifications issued since 2000.
  • Appendices
    • Historical statutes, exchange control manual, FEDAI rules, and Asian Clearing Union procedures for advanced research

The structure of the book is as follows:

• Logical Division – Spread over 15 Divisions across two volumes, each division devoted to a distinct aspect—FEMA legislation, rules, notifications, Master Directions, Memoranda, FCRA, PMLA, FDI policy, Tribunal/ATFE, practical reckoner, case law digest, and RBI circulars
• User-friendly Navigation – Detailed subject index, alphabetical and chronological lists of rules/regulations, press notes, and notifications for quick reference
• Practical Tools – Inclusion of all prescribed forms, application formats, and checklists for everyday compliance
• Section-wise and Chapter-wise Arrangement – Ensures direct access to precise topics, be it legal provisions, procedural aspects, or regulatory FAQs.