The Foreign Exchange Management Act (FEMA) was implemented in the year _______.

1996

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1997

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1998

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1999

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Solution

The correct option is B 1999
The Foreign Exchange Management Act (FEMA) was implemented in the year 1999, it 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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Q. With reference to the Foreign Exchange Management Act (FEMA), consider the following statements:

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Consider the following statements with reference to FEMA in India:

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