Multiple choice

The Foreign Exchange Management Act (FEMA) was implemented in the year:

  1. 1996

  2. 1997

  3. 1998

  4. 1999
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Foreign Exchange Management Act (FEMA) replaced the FERA Act and was implemented in 1999-2000. FEMA liberalized foreign exchange regulations and facilitated external trade and payments. Option D '1999' is correct. Options A, B, and C are all earlier years when FEMA was not yet in force (FERA was still operative).

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