Multiple choice

FERA has been replaced by

  1. Competitive Bill

  2. Finance Bill

  3. FEMA

  4. No replacement
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

FERA (Foreign Exchange Regulation Act) was replaced by FEMA (Foreign Exchange Management Act) in 1999. While FERA focused on strict control and regulation of foreign exchange with criminal penalties, FEMA adopted a more liberal approach emphasizing management and regulation with civil penalties. FEMA made dealing in foreign exchange easier while maintaining regulatory oversight.

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