Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations

Q.  FEMA was implemented by replacing FERA in which year?

a. 31.01.2002
b. 01.06.2000
c. 31.01.2000
d. 01.01.2003


ANSWER: See Answer
 
FEMA was promulgated in the year 1999, to repeal and replace the earlier act. The act came into force w.e.f 01.06.2000.The act applies to the whole country and to all the branches and agencies of the body corporate operating outside India, whose owner or controller is an Indian resident.
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