FERA (Foreign Exchange Regulation Act) and FEMA (Foreign Exchange Management Act) are two important laws governing foreign exchange in India, but they differ significantly in approach and enforcement. FERA was enacted during a time of economic control and treated violations as criminal offenses, focusing on strict regulation of foreign currency and cross-border transactions. In contrast, FEMA, enacted in 1999, liberalized the approach by decriminalizing most foreign exchange violations and treating them as civil offenses. FEMA aims to facilitate external trade, promote orderly development of the forex market, and simplify compliance for businesses engaged in international transactions. Read more - https://finlaw.in/blog/differences-between-fera-and-fema-penalties-compliance-and-key-provisions-compared