Question : The Foreign Exchange Regulation Act was replaced by the ______ in India.
Option 1: Foreign Exchange Currency Act
Option 2: Foreign Exchange Finances Act
Option 3: Foreign Exchange Funds Act
Option 4: Foreign Exchange Management Act
Correct Answer: Foreign Exchange Management Act
Solution : The correct answer is the Foreign Exchange Management Act .
The Foreign Exchange Regulation Act (FERA) in India was replaced by the Foreign Exchange Management Act (FEMA). FEMA came into effect on June 1, 2000, and it marked a shift from the stringent regulations of FERA to a more liberalised and market-oriented approach to managing foreign exchange in the country. FEMA focuses on facilitating external trade and payments rather than regulating and controlling foreign exchange transactions.
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