Foreign Exchange Maintenance Act (FEMA) was introduced in the year __________, it replaced FERA.

1997

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1999

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1998

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1991

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Solution

The correct option is B 1999
B.1999

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".

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