Balance of Payments Crisis — Policy Reforms

Entry	Year	Description	Impact
FEMA 1999	1999	The Foreign Exchange Management Act replaced the restrictive Foreign Exchange Regulation Act (FERA) of 1973, liberalizing foreign exchange transactions and current account convertibility as a direct outcome of 1991 crisis lessons.	Facilitated India's integration with global financial markets and reduced the regulatory burden on foreign exchange transactions, preventing future BoP crises through improved external sector management.