|Consider the following:|
|1. In the budget 1997-98, the government proposed to replace FERA-1973 by FEMA.|
|2. FEMA-1999 came into force on June 1, 2000.|
|Which of these statements is/are correct?|
A) Only 1
B) Only 2
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: C
Solution :[c] The Foreign Exchange Regulation Act (FERA) of 1973 in India was replaced on June 2000 by the Foreign Exchange Management Act (FEMA), which was passed in 1999. The FERA was passed in 1973 at a time when there was acute shortage of foreign exchange in the country. This act seeks to make offences related to foreign exchange civil offences. It extends to the whole of India.
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