GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is FEMA?
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First Exchange Management Act
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Foreign Exchequer Management Act
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Foreign Exchange Management Act
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Foreign Evaluation Management Act
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Explanation:
Detailed explanation-1: -FEMA full form is Foreign Exchange Management Act. It is an act to consolidate and amend the law relating to foreign exchange. The objective of the FEMA Act is to facilitate external trade and payments and promote the orderly development and maintenance of the foreign exchange market in India.
Detailed explanation-2: -According to FEMA guidelines for NRIs, sale proceeds of such assets are non-repatriable outside India without RBI approval. Repatriation of up to USD 1 million per financial year is allowed if you have inherited the property or retired from employment in India.
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