| 1. The Foreign Exchange Management Act FEMA became an act on the 1st day of June, 2002. |
| 2. It replaced FERA. |
| 3. It made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA. |
A) 1 and 2
B) 2 and 3
C) 1 and 3
D) None
Correct Answer: B
Solution :
The Foreign Exchange Management Act (FEMA) has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA became an act on the 1st day of June, 2000. FEMA made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA.
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