Multiple choice

Which of the following is the objective of Foreign Exchange Management Act (FEMA), 1999?

  1. To conserve foreign exchange

  2. To manage foreign exchange

  3. To facilitate external trade and promote orderly development of forex markets in India

  4. All of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Foreign Exchange Management Act, 1999 (FEMA) is an act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.

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