Multiple choice

Foreign Exchange and foreign currencies in India are governed by

  1. SCRA Act

  2. Banking Regulation Act

  3. FEMA Act

  4. SEBI Act

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

Foreign exchange transactions in India are governed by the FOREIGN EXCHANGE MANAGEMENT ACT (FEMA), 1999. FEMA replaced the older FERA Act and provides the comprehensive legal framework for all foreign exchange and foreign currency transactions, overseen by RBI.