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      Question

      The FEMA act replaced the erstwhile FERA Act. In which

      year was FEMA Act passed?
      A 1969 Correct Answer Incorrect Answer
      B 1973 Correct Answer Incorrect Answer
      C 1990 Correct Answer Incorrect Answer
      D 1995 Correct Answer Incorrect Answer
      E 1999 Correct Answer Incorrect Answer

      Solution

      Foreign Exchange Regulation Act was first introduced in 1947. This was later replaced by The Foreign Exchange Regulation Act (FERA),1973. FERA imposed stringent regulations on foreign exchange transactions. Its main objective was to conserve foreign exchange which was scarce during that period to prevent its misuse. In the light of economic liberalization and improving foreign reserves position, there was a demand for modification of FERA. Accordingly, a new act, Foreign Exchange Management Act (FEMA) 1999 replaced FERA. The Act comprises of 49 sections divided into 7 chapters.

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