- FERA was characterized by strict regulations and criminal penalties for violations. - FEMA is a more liberal law, classifying transactions into 'capital account' and 'current account' and facilitating external trade and payments. - FEMA treats violations as civil offenses, unlike FERA.
The Government of India has replaced FERA by
Asked in UPPSC Upper Mains 2007 · Topic: Balance of Payments (BoP) (Components of BoP: Current Account (Goods, Services, Income, Transfers))
More External Sector of Economy questions
- The World Bank has recently sanctioned e loan of 944 million dollars to India, for which of the following sectors, the loan is not meant for ?
- In the year 2001, India offered a grant of five million dollars to Tajikistan to
- Consider the following statements: Most international agencies which fund development programmes in India on intergovernmental bilateral agreements, mainly provide I. Technical assistance. II. Soft loans which are required to be paid back with interest. III. Grants, not required to be paid back. IV. Food assistance to alleviate poverty. Of these statements
- Which country has highest loan from world bank after India:
- Which among the following will be a debit entry in India's balance of payments?
- In May 2024, with which of the following countries India has signed a Visa Waiver Agreement for diplomatic passports? - Question not attempted
- Which of the following statements is/are correct? Most of India's reserves is held in the form of foreign currency. There is no cost of holding foreign currency as reserves by a nation. Select the correct answer using the code given below.
- Which of the following is/are treated as artificial currency?