Question

FEMA  replaced

A FERA. Correct Answer Incorrect Answer
B FESA Correct Answer Incorrect Answer
C MESA Correct Answer Incorrect Answer
D FEDA Correct Answer Incorrect Answer
E No legislation. Correct Answer Incorrect Answer

Solution

The FERA was the first initiative of the Government to increase foreign transactions and exchange but with certain restrictions. FEMA has been introduced as a replacement of FERA, as the Act could not survive the post- liberalization policies.

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