The conversation between human and AI assistant.
What are the Foreign Exchange Management Act's provisions?
That's interesting. What about the provision related to control of foreign exchange transactions?
The Foreign Exchange Management Act is designed to regulate and monitor all foreign exchange transactions taking place in India. All cross-border transactions must be reported to the Reserve Bank of India, and certain transactions may require prior approval from the RBI. The Act also empowers the RBI to inspect the books and records of any person engaged in foreign exchange transactions.