What are salient features of FEMA and MRTP?

The Foreign Exchange Management Act (FEMA) focuses on facilitating external trade and payments while promoting the orderly development and maintenance of the foreign exchange market in India. Key features include the regulation of foreign exchange transactions and the establishment of the Reserve Bank of India (RBI) as the central authority. The Monopolies and Restrictive Trade Practices Act (MRTP) aimed to prevent monopolistic practices and promote competition in the market. It included provisions for regulating Mergers and Acquisitions, ensuring consumer protection, and promoting fair trade practices.