FEMA stands for Foreign Exchange Management Act, which is an Indian law that regulates foreign exchange transactions, currency transactions, and the import and export of goods and services. The law was first introduced in 1999 and has since undergone several amendments to reflect changing economic conditions and policies.

The FEMA Rules are a set of guidelines that govern the implementation and enforcement of the Foreign Exchange Management Act. 

The rules are issued by the Reserve Bank of India (RBI) and provide detailed instructions and procedures for conducting various foreign exchange transactions.

Some key features of the FEMA Rules include:

1. Regulations on foreign exchange transactions: The FEMA Rules prescribe the conditions and limits under which various foreign exchange transactions can be conducted, such as the purchase and sale of foreign currency, foreign investments, and overseas remittances.
2. Compliance requirements: The rules require individuals and businesses to comply with certain reporting and documentation requirements when conducting foreign exchange transactions. These include maintaining records of transactions and submitting periodic reports to the RBI.
3. Enforcement provisions: The FEMA Rules provide for penalties and fines for non-compliance with the law. These can include monetary fines, forfeiture of assets, and imprisonment in some cases.
4. Exemptions and relaxations: The rules also provide for certain exemptions and relaxations in specific cases, such as for charitable donations, travel allowances, and student loans.

In summary, the FEMA Rules are an essential part of the regulatory framework governing foreign exchange transactions in India. They provide a clear and structured approach to managing foreign exchange transactions, while also ensuring compliance with relevant laws and regulations.