The Foreign Exchange Regulation Act, 1973(Fera) was repealed
and a new Act called the Foreign Exchange Management Act, 1999(FEMA) came into force with effect from June 1, 2000.
Provisions of the Foreign Exchange Regulation Act(Fera) have been liberalized through an Ordinance
dated 9 January 1993, as a result of which companies with more than 40 per cent of foreign equity are also now treated at par with fully Indian owned companies.