Question

FERA was changed to FEMA in 1998, FEMA stands for _____ .

• A. Foreign Exchange Management Act
• B. Foreign Exchange Maintenance Administration
• C. Foreign Exchange Mitigation Act
• D. Foreign Exchange Monitoring Act

Hint:

When studying economic laws and reforms, focus on the key changes and their impact on foreign trade and currency management.

Answer 1

The Correct Option is A

FEMA stands for the Foreign Exchange Management Act, which was enacted in 1999 to replace FERA (Foreign Exchange Regulation Act). FEMA is aimed at facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.