FEMA replaced the more restrictive Foreign Exchange Regulation Act (FERA), 1973. FERA was aimed at conserving foreign exchange. FEMA, in contrast, reflects a liberalized approach, focusing on managing rather than strictly controlling foreign exchange, thereby facilitating international transactions.
What does FEMA, 1999 aim at?
Asked in MPSC CS Prelims 2012 · Topic: Balance of Payments (BoP) (Current Account Convertibility (CAC) and Capital Account Convertibility (CAC))
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Answer: D. Facilitating external trade and payment
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