The Foreign Exchange Management Act, FEMA, replaced which of the following laws?
- A.Foreign Exchange Regulation Act, 1973
- B.Banking Regulation Act, 1949
- C.Monopolies and Restrictive Trade Practices Act, 1969
- D.Securities and Exchange Board of India Act, 1992
Show answer
FERA treated foreign exchange as a scarce resource, forbade most dealings unless permitted and made breaches criminal offences.
Read the full explanation →