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Question : Which of the following acts was introduced to regulate Foreign Exchange in India in 1973?

Option 1: FERA

Option 2: FEMA

Option 3: FRBM

Option 4: SARFAESI


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Team Careers360 23rd Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: FERA


Solution : The correct option is FERA .

The Foreign Exchange Regulation Act (FERA) was introduced in India in 1973. Later, it was replaced by the Foreign Exchange Management Act (FEMA) in 1999.

FERA gave the Indian government extensive powers to regulate and control foreign exchange. Under FERA, various transactions involving foreign exchange required prior approval and licences from the Reserve Bank of India (RBI).

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