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.

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