Economics · Foreign Exchange Management
Which of the following statements is/are correct regarding the economic legislation transition in India? (A) The Foreign Exchange Regulation Act (FERA) of 1973 was replaced by the Foreign Exchange Management Act (FEMA), which came into effect from June 2000. (B) Unlike FERA, this new Act (FEMA) treats foreign exchange violations primarily as civil offences rather than criminal offences.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither (A) nor (B)
- 2Both (A) and (B)✓
- 3Only (B)
- 4Only (A)
Correct answer
Both (A) and (B)
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