Multiple Choice Questions on Which one of the following statements is correct with reference to FEMA in India ........ for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

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

Economic Affairs Balance of Payments
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    Which one of the following statements is correct with reference to FEMA in India?

    The Foreign Exchange Regulation Act (FERA) was replaced by Foreign Exchange Management Act (FEMA) in the year 2001.

    Incorrect Answer

    FERA was given a sunset clause of one year till 31 May 2002 to enable Enforcement Directorate to complete the investigation of pending issues

    Incorrect Answer

    Under FEMA, violation of foreign exchange rule has ceased to be a criminal offence.

    Incorrect Answer

    As per the new dispensation, Enforcement Directorate can arrest and prosecute the people for the violation of foreign exchange rules.

    Correct Answer
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    Explanation:

    Only 4th statement is correct.
    1st statement is incorrect because in in 1999, Foreign Exchange Management Act (FEMA) replaced Foreign Exchange Regulation Act (FERA).

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