FEMA IMPLICATIONS ON FOREIGN EXCHANGE TRANSACTION BETWEEN NRI'S

There will be no implication of FEMA as the Money is converting from NRI to the NRI, consequently no fees or taxes are levying.so No FEMA implication.

There will be no implication of FEMA as the Money is converting from NRI to the NRI ,consequently no fees or taxes are levying .so No FEMA implication .

Sir, Please clarify  whether "section 3 of FEMA 1999 - Dealing in Foreing Exchange", is applicable to the above said transaction.