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    Question

    What is FEMA?

    A 1) Financial Earnings Management Action Correct Answer Incorrect Answer
    B 2) Foreign Exchange Management Act Correct Answer Incorrect Answer
    C 3) Financial Exchange Monetary Association Correct Answer Incorrect Answer
    D 4) Foreign Exchange Money Act Correct Answer Incorrect Answer
    E 5) Financial Estimate Management Action Correct Answer Incorrect Answer

    Solution

    The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India".[1] It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA)

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