Which of the following Acts was introduced to regulate Foreign Exchange in India in 1973 ........

Static GK (CGL) Banking Awareness

. Which of the following Acts was introduced to regulate Foreign Exchange in India in 1973?

This questions was previously asked in

Combined Graduate Level Examination Tier I 2023

FERA

FEMA

FRBM

SARFESI

- Option 1: FERA (Foreign Exchange Regulation Act, 1973)

- Correct Answer.

- FERA was introduced in 1973 to regulate foreign exchange and external trade in India.

- The Act aimed to conserve foreign currency and prevent its misuse.

- It was replaced by FEMA in 1999.

- Option 2: FEMA (Foreign Exchange Management Act, 1999)

- Not introduced in 1973.

- Replaced FERA with a focus on management rather than control of foreign exchange.

- Aimed at facilitating external trade and payments.

- Option 3: FRBM (Fiscal Responsibility and Budget Management Act, 2003)

- Not related to foreign exchange.

- Designed to ensure fiscal discipline and reduce the fiscal deficit in India.

- Option 4: SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002)

- Not related to foreign exchange.

- Provides lenders the power to recover loans by auctioning secured assets.

Correct Answer: Option 1: FERA

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