Question

What is the purpose of the Foreign Exchange Management Act?

• A. Sharing better techniques of production with foreign parties
• B. Sharing better market facilities for the goods produced with foreign parties.
• C. Supervising foreign trade and all related payments done in foreign currency
• D. Supervising the production and sale of foreign goods

Answer 1

The correct option is C Supervising foreign trade and all related payments done in foreign currency

The Government of India implemented the Foreign Exchange Management Act in 1999. The act supervised foreign trade and all related payments done in foreign currency.