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      Question

      What is FEMA?

      A Forest and Environment Management Agency Correct Answer Incorrect Answer
      B Foreign and External Management Agency Correct Answer Incorrect Answer
      C Foreign Exchange Management Act Correct Answer Incorrect Answer
      D Foreign Exchange Marketing Association Correct Answer Incorrect Answer
      E Finance and Exchange Management Association 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". 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.

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