The Foreign Exchange And Remittance Department is committed to facilitating legal, regulated, and efficient remittance and foreign exchange services in India. We play a critical role in:
As a vital part of India’s financial framework, the Foreign Exchange And Remittance Department supports the Reserve Bank of India (RBI) in managing India’s external financial relationships. Our services ensure that India remains connected with global markets while maintaining robust capital flow regulations and currency stability.
Our department helps maintain a stable forex environment, which:
India's journey in foreign exchange began with strict controls under the Foreign Exchange Regulation Act (FERA) in 1973. Post-liberalization in 1991, the Foreign Exchange Management Act (FEMA) replaced FERA, introducing a modern, market-oriented approach.
Since then, the sector has grown rapidly, aided by digital infrastructure and the Reserve Bank of India's proactive regulation. India became the world's top remittance receiver, attracting billions annually, which supports its economy, especially in rural households.
The Reserve Bank of India (RBI) supervises all foreign exchange and remittance activities under the FEMA act. It licenses banks and financial institutions to operate as Authorized Dealers and ensures strict adherence to global financial standards.
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