The objectives of FEMA include -

Facilitating external trade and payment

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Promoting the orderly development and maintenance of foreign exchange market in India

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Both (a) and (b)

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Neither (a) nor (b)

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Solution

The correct option is C Both (a) and (b)
option c is correct
The main objective of FEMA is to facilitate external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India. FEMA deals with provisions relating to procedures, formalities, dealings, etc. of foreign exchange transactions in India.

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Similar questions

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1.

Foreign Exchange Management Act (FEMA) was passed in

1991

to replace Foreign Exchange Regulation Act.

2.

FEMA serves to make transactions for external trade (exports and imports) easier.
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