FEMA: Foreign Exchange Management Act

FEMA stands for exchange Management Act. it had been introduced to interchangethe soonerexchange Regulation Act (FERA) as FERA wasn’t compatible with post-liberalisation policies. FEMA was passed within the winter session of Parliament in 1999. It became an act on 1 June 2000. per this act, all offenses associated withexchange are civil offenses as against criminal offenses per FERA.


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