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In November 2017, RBI simplified ‘FEMA’ by putting all amendments under one notification. What does ‘E’ stand for in ‘FEMA’

In November 2017, RBI simplified ‘FEMA’ by putting all amendments under one notification. What does ‘E’ stand for in ‘FEMA’ Correct Answer Exchange

FEMA stand for the Foreign Exchange management act, 1999. In 1999, FERA was transformed to FEMA. It was enacted to consolidate and amend the law relating to foreign exchange .This acts make foreign offences as civil offences.

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In November 2017, RBI simplified FEMA by putting all amendments under one notification. What does E stand for in FEMA?
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Assertion (A): Under FEMA, the receiver of laundered money is to be made culpable, instead of sender/distributor.
Reason (R): FEMA differs from the earlier Exchange Regulation Act FERA with regard to penalties and punishment in case of violation of the act.
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