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Foreign Exchange Regulation Act 1973 (FERA) was enacted in September 1973 and it came in force from January 1, 1974. It was amended by the Foreign Exchange Regulation (Amendment) Act 1993 and later in 2000, was replaced by FEMA. FEMA became an act on the 1st day of June, 2000. FEMA was introduced because the FERA didn’t fit in with post-liberalisation policies. A significant change that the FEMA brought with it, was that it made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA. The Comparison FERA: Act promulgated, to regulate payments and foreign exchange in India. is FERA. It is a New Enactment with 81 sections. Introduced when Foreign exchange reserves were low. Has a rigid approach towards forex transactions. Violation is a criminal Offense. Punishment for contravention is imprisonment. Basis for determining residential status is based on Citizenship FEMA: An act initiated to facilitate external trade and payments and to promote orderly management of the forex market in the country. It is an Old Enactment with 49 sections. Introduced when Foreign exchange position was satisfactory. Has a flexible approach towards forex transactions. Violation is a civil Offense. Punishment for contravention is fine or imprisonment (if fine not paid in the stipulated time). Basis for determining residential status is more than 6 months stay in India.
Select the option that can be used as a one-word substitute for the given group of words.
A herd or flock of animals being driven in a body
Abjure
1. Churlish
2. Dash
3. Retain
4. Chivalrous
...Candour
A. The bold realist whose candour , even temerity, was legendary turned out to have been hiding a secret.
B. Their candour is a...
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Several houses had to be demolished to decongest the roa...
Among the given alternatives, find the word which can be the best substitute for the given sentence.
One who often talks of his achievement...
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Words written on a tombstone in the memory of the pe...
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A place where wild animals are kept
Give one word substitutes for the following from the choices given below them.
A doctrine that equates God with the forces and laws of universe.