Foreign Exchange Regulation Act (FERA) 1973 was replaced by FEMA 1999(Foreign Exchange management act). Under FEMA, provisions related to foreign exchange have been modified and liberalized so as to simplify foreign trade. It is a set of regulations that empowers the Reserve Bank of India to pass regulations and enables the Government of India to pass rules relating to foreign exchange in tune with the foreign trade policy of India.
Further Reading:
- Foreign Exchange Management Act (FEMA) & Foreign Exchange Regulation Act (FERA)
- Indian Polity Notes For UPSC
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