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
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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