What is the importance of the Foreign Exchange Regulation Act, 1973 listed in the Ninth Schedule?
The importance of the Foreign Exchange Regulation Act, 1973, listed in the Ninth Schedule, lies in its objective to regulate and control foreign exchange transactions in India. As a part of the Ninth Schedule, this act is protected from judicial review, enabling the government to implement necessary measures to conserve foreign exchange and prevent any misuse without facing legal challenges on the grounds of violation of fundamental rights.