What is the difference between FEMA and RBI guidelines?

Managing Foreign Exchange: The Foreign Exchange Management Act, 1999 (FEMA) is the cornerstone of India’s foreign exchange regime.1 Enacted to consolidate and amend the law relating to foreign exchange, FEMA governs all transactions involving foreign exchange, including inward and outward remittances, foreign investments, and trade transactions.2 Managing Foreign Exchange: Understanding the FEMA Act: Legal Luminary…