Home Indian Polity MCQs

Question

In which year Foreign Exchange Management Act (FEMA) came into existence ?

  1. 1973
  2. 1980
  3. 1998
  4. 1999

Answer:

Option D: 1999

Detailed Solution:

The correct answer is “1999”.

The Foreign Exchange Management Act (FEMA) was enacted in 1999 and came into force on June 1, 2000, replacing the earlier Foreign Exchange Regulation Act (FERA), 1973.