In which year was the Foreign Exchange Management Act FEMA enacted to replace the Foreign Exchange R...........

Static GK (MTS) Banking Awareness

In which year was the Foreign Exchange Management Act (FEMA) enacted to replace

the Foreign Exchange Regulation Act (FERA)?

This questions was previously asked in

SSC MTS 18th October 2021 Shift-3

1999

1988

2014

1992

- The Foreign Exchange Management Act (FEMA) was enacted to replace the Foreign Exchange Regulation Act (FERA).

- Option 1: 1999 relates to the actual year FEMA was enacted, which aimed at facilitating external trade and payments.

- Option 2: 1988 is not correct; it does not relate to the enactment of FEMA.

- Option 3: 2014 is also incorrect as it is too recent; FEMA was already in place by then.

- Option 4: 1992 is inaccurate because it precedes the actual enactment year of FEMA.

The correct answer is Option 1: 1999.

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