The document summarizes key aspects of the Foreign Exchange Management Act (FEMA) in India: 1) FEMA replaced the older Foreign Exchange Regulation Act (FERA) in 1999 to liberalize foreign exchange policies and make offenses civil rather than criminal. 2) It consolidated and amended laws relating to foreign exchange to facilitate trade and maintain foreign exchange markets. 3) FEMA is administered by the Reserve Bank of India and enforced by an Enforcement Directorate based in New Delhi.