What is FEMA?

Q: Answer-What is FEMA?

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. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act FERA. This act makes offences related to foreign exchange civil offenses.

A Forest and Environment Management Agency Correct Incorrect

B Foreign and External Management Agency Correct Incorrect

C Foreign Exchange Management Act Correct Incorrect

D Foreign Exchange Marketing Association Correct Incorrect

E Finance and Exchange Management Association Correct Incorrect

Detailed 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". It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses.

Practice Next

More Static GA Questions

What term describes the natural breakdown of rocks on Earth's surface due to environmental factors?
Which state has implemented a 33% reservation for women within its police force, amending its State Police Subordinate Service Rules?
Sberbank is related to which of the following country?
Where did IndiGo launch the Zero Waste Airport Project?
What is the capital of Somalia?
Which Indian state boasts the longest coastline?
Who among the following coined the Protein revolution?
As per the Census 2001, what is the position of Uttar Pradesh among the States/Union Territories in literacy rate are?
This year in 2017 two countries have been granted full membership of Sanghai Cooperation Organization (SCO). One is India, another is
The capital of Madhya Pradesh?

Relevant for Exams:

RBI Grade B
RBI Grade B DEPR
RBI Grade B DSIM

Hey! Ask a query

Please enter email id The email must be a valid email address.

Please enter Mobile Number Please enter valid Mobile Number

Please enter your Doubt

Thank You for posting your query. Please check your email for further guidance.

What is FEMA?

Detailed Solution

More Static GA Questions

Relevant for Exams:

Hey! Ask a query

Please Register/Login