BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

FEMA was introduced in which of the following year?

A	1990
B	1989
C	1999
D	1991

Explanation:

Detailed explanation-1: -Foreign Exchange Management Act, 1999 (FEMA) came into force by an act of Parliament. It was enacted on 29 December 1999.

Detailed explanation-2: -The Government of India, Ministry of Finance, vide Notification No. GSR(371)(E) dated 1st May 2000 has notified that the Foreign Exchange Management Act, 1999 (42 of 1999) shall come into force on the 1st day of June 2000.

Detailed explanation-3: -The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India".

Detailed explanation-4: -The Parliament has enacted the Foreign Exchange Management Act, 1999 to replace the Foreign Exchange Regulation Act, 1973. This Act came into force on the 1st day of June, 2000.

There is 1 question to complete.