Question
Download Solution PDFWhat is the full form of FEMA ?
This question was previously asked in
UPSSSC PET 24 Aug 2021 Shift 1 (Series A) (Official Paper)
Answer (Detailed Solution Below)
Option 2 : Foreign Exchange Management Act
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Recent UPSSSC Exam Pattern GK (General Knowledge) Mock Test
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Detailed Solution
Download Solution PDFThe correct answer is Foreign Exchange Management Act.
Key Points
- FEMA stands for Foreign Exchange Management Act.
- Foreign Exchange Management Act is an act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.
- This act extends to the whole of India.
- The act was passed in parliament on 29th December 1999.
- The act replaced the existing Foreign Exchange Regulation Act (FERA).
- Offenses involving foreign exchange are now classified as civil offences under Foreign Exchange Management Act.
- It also prepared the way for the passage of the Money Laundering Prevention Act of 2002, which took effect on July 1, 2005.
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