External Sector and Trade — Policy Reforms

Entry	Year	Description	Impact
Constitution (Seventh Amendment) Act	1956	Repealed Article 306 of the Constitution, which had made temporary provisions with respect to the power of Parliament to impose restrictions on trade and commerce.	Streamlined the constitutional provisions related to trade and commerce, removing temporary clauses and solidifying the framework under Articles 301-305 and 307.
FEMA (Amendment) Act	2015	Introduced several changes to FEMA, including clarifying definitions, streamlining reporting requirements, and aligning with other financial sector reforms. It also empowered the RBI to specify permissible capital account transactions.	Enhanced clarity and ease of doing business for foreign exchange transactions, reflecting India's ongoing liberalization efforts and adapting to evolving global financial standards.
Companies (Amendment) Act	2017	Simplified various compliance requirements for companies, including those with foreign investment, and rationalized certain provisions related to share capital and public offers, which indirectly affect foreign investment routes.	Aimed at improving the ease of doing business in India, making it more attractive for foreign investors by reducing regulatory burdens and enhancing corporate governance flexibility.