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      Question

      What is the principal objective of the Foreign Exchange

      Management Act (FEMA), 1999 ?
      A To impose stringent controls on all foreign exchange transactions through regulatory oversight Correct Answer Incorrect Answer
      B To facilitate external trade and payments and ensure the orderly development and maintenance of India's foreign exchange market Correct Answer Incorrect Answer
      C To restrict outward investments by Indian residents in foreign jurisdictions Correct Answer Incorrect Answer
      D To substitute the Prevention of Money Laundering Act, 2002 with broader financial governance mechanisms Correct Answer Incorrect Answer

      Solution

      The correct answer is B

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