According towards the World Bank report, since 2004, remittance to India has increased to up to33%. In 2006, $24.6 billion was remitted to India. On the years, the strengthening Indian market has succeeded in winning the confidence of foreign investors in purchasing India. This has really helped the Indian economy to live in the recession period. To facilitate foreign investors, the government of India replaced the Foreign Exchange Control Act (FERA) with Foreign Exchange Management Act (FEMA) in 2000. FEMA offers more relaxation in contrast with to FERA.
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