5 Questions
What did the Foreign Exchange Regulation Act (FERA) of 1973 (predecessor to FEMA) imply about permissions and prohibitions?
Everything was prohibited unless specifically permitted
What was the objective of the Foreign Exchange Management Act, 1999 (FEMA)?
Facilitating external trade and payments and promoting the orderly development and maintenance of foreign exchange market in India
When was the Foreign Exchange Management Act, 1999 (FEMA) passed in the Indian Parliament?
29 December 1999
What Act did the Foreign Exchange Management Act, 1999 (FEMA) pave the way for?
Prevention of Money Laundering Act, 2002
Under which Act was a person presumed guilty unless he proved himself innocent?
Foreign Exchange Regulation Act (FERA) of 1973
Test your knowledge about the Foreign Exchange Management Act (FEMA) of India, its objectives, and the changes it brought to the regulation of foreign exchange. Learn about its significance and impact on external trade and payments.
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