Which one of the following statements is correct with reference to FEMA in India?

Asked in UPPCS Prelims 2003 · Topic: The Parliamentary Act (Legislative Procedures (Ordinary, Money, Financial, Constitutional Amendment Bills))

1. The Foreign Exchange Regulation Act (FERA), was replaced by Foreign Exchange Management Act (FEMA) in the year 2001
2. FERA was given a sunset clause of one year till 31st May 2002 to enable Enforcement Direct‐ orate to complete the investigation of pending is‐ sues
3. Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence
4. As per the new dispensation, Enforcement Dir‐ ectorate can arrest and prosecute the people for the violation of foreign exchange rules

More Indian Polity and Governance questions

• Consider the following statements: The Draft Electricity Bill, 2001 seeks to replace 1. Indian Electricity Act, 1910 2. Electricity (Supply) Act, 1948 3. Electricity Regulatory Commission Act, 1998 4. State Electricity Boards Which of these statements are correct?
• Which of the following institutes have been recognised as the Institutes of National Importance (by an Act of Parliament)? Dakshina Bharat Hindi Prachar Sabha, Chennai. National Institute of Pharmaceutical Education and Research, Mohali. Sree Chitra Tirunal Institute for Medical Services and Technology, Thiruvananthapuram. Lakshmibai National Institute of Physical Education, Gwalior. Select the correct answer using the codes given below:
• Which one of the following States of India has passed a legislation (in 1996) making the maintenance of one’s parents mandatory?
• The prasar bharti act has come into existance:
• Motive of RTI Act:
• As per the Food Safety and Standards Act, 2006, which of the following mark is made mandatory on all processed fruit products sold in our country ?
• Which of the following statement(s) is/are correct ? i. Under Section 81 of the Representation of the People Act (RPA) 1951, no election can be called in question except by an election petition presented in accordance with the provisions of this part. ii. Only the High Courts have original jurisdiction on deciding on election petitions. iii. An election petition calling in question an election shall be filed within the time period of 30 days from the date of declaration of results.
• A person who has ultimate control over the affairs of a factory under Factories Act, 1948 is called

All 7,823 Indian Polity and Governance questions →