Economic Awareness - Sectors of Indian Economy
Which Act replaced the Foreign Exchange Regulation Act (FERA) to regulate foreign exchange in India under liberalized conditions?
Which Act replaced the Foreign Exchange Regulation Act (FERA) to regulate foreign exchange in India under liberalized conditions?
easy Q13 of 15
Step-by-Step Solution
Step 1: Identify the relevant legislation
FERA was replaced by a more liberal law to manage foreign exchange after economic reforms.Step 2: Recall the correct Act
Foreign Exchange Management Act (FEMA), 1999 replaced FERA to regulate foreign exchange under liberalized conditions.Final Answer:
Foreign Exchange Management Act (FEMA), 1999 → Option CQuick Check:
FEMA (1999) replaced FERA ✅
Quick Trick: Mnemonic: FEMA came in 1999 to regulate foreign exchange.
Common Mistakes:
MISTAKES- Confusing RBI Act or Banking Regulation Act with foreign exchange laws.
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