1 View

Question : Statement 1: The Foreign Exchange Regulation Act (FERA) imposed strict controls on foreign exchange transactions.

Statement 2: FERA was replaced by the Foreign Exchange Management Act (FEMA) in 2002.

Option 1: Both statements are true.
 

Option 2: Both statements are false.
    

Option 3: Statement 1 is true, and statement 2 is false.

 

Option 4: Statement 1 is false, and statement 2 is true.


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

Correct Answer: Statement 1 is true, and statement 2 is false.


Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.

Statement 1 is true. FERA was enacted in 1973 to regulate foreign exchange and payments in India. It imposed strict controls on foreign exchange transactions, such as requiring prior approval from the government for certain types of transactions.

Statement 2 is false. FERA was replaced by FEMA in 2000, not 2002. FEMA is a more liberalized foreign exchange management regime that allows for more freedom in foreign exchange transactions.

Related Questions

UPES Integrated LLB Admission...
Apply
Ranked #28 amongst Institutions in India by NIRF | Ranked #1 in India for Academic Reputation by QS University Rankings | 16.6 LPA Highest CTC
SLAT 2025 - The Symbiosis Law...
Apply
Conducted by Symbiosis International (Deemed University) | Ranked #5 in Law by NIRF | Ranked #2 among best Pvt Universities by QS World Rankings
Jindal Global Law School Admi...
Apply
Ranked #1 Law School in India & South Asia by QS- World University Rankings | Merit cum means scholarships
Symbiosis Law School Pune Adm...
Apply
NAAC A++ Accredited | Ranked #5 by NIRF
Nirma University Law Admissio...
Apply
Grade 'A+' accredited by NAAC
Great Lakes PGPM & PGDM 2025
Apply
Admissions Open | Globally Recognized by AACSB (US) & AMBA (UK) | 17.3 LPA Avg. CTC for PGPM 2024 | Application Deadline: 1st Dec 2024
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books