In which year , the Foreign Exchange Management Act (FEMA) came into force ?
In which year , the Foreign Exchange Management Act (FEMA) came into force ?
[A]1997
[B]1998
[C]1999
[D]2000
2000
The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA became an act on the 1st day of June, 2000. FEMA was introduced because the FERA didn’t fit in with post-liberalization policies. A significant change that the FEMA brought with it, was that it made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA.
Originally written on
December 7, 2014
and last modified on
December 7, 2014.