Multiple choice

FEMA (Foreign Exchange Management Act) which has taken the place of FERA (Foreign Exchange Regulation Act) came into force form:

  1. 1st April, 1999

  2. 1st April, 2000

  3. 1st June, 2000

  4. 1st August, 2000

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

FEMA (Foreign Exchange Management Act) replaced FERA and came into effect on 1st June 2000. This act liberalized foreign exchange regulations in India, moving from a restrictive framework to a more manageable system. The date 1st June 2000 marks the implementation of this significant economic reform.