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Just yet to understand why FEMA is needed. Don't look up FERA per se but look up why we made the change. Then try to understand what kind of transactions are involved, how do the current account and capital account transactions differ. Don't mug up the act and regulations or RBI master directions. Understand what's happening, why there are special laws for FEMA. Figure out who is liable in different scenarios. And use chatgpt or perplexity, for the basic understanding. Then dive into ECB or ODI or the other deep ends of this discourse. So if tomorrow I were to ask you, hedging or MAMP under ECB, I would want you to know why would we (RBI) want them to hedge here and what do you mean by hedge. It is learning like any other subject, understand the sheer basics and move up.
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