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What is the full form of FEMA ?

What is the full form of FEMA ? Correct Answer Foreign Exchange Management Act

The correct answer is Foreign Exchange Management Act.

Key Points

  • FEMA stands for Foreign Exchange Management Act.
  • Foreign Exchange Management Act is an act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.
  • This act extends to the whole of India.
  • The act was passed in parliament on 29th December 1999.
  • The act replaced the existing Foreign Exchange Regulation Act (FERA).
  • Offenses involving foreign exchange are now classified as civil offences under Foreign Exchange Management Act.
  • It also prepared the way for the passage of the Money Laundering Prevention Act of 2002, which took effect on July 1, 2005.

Related Questions

In November 2017, RBI simplified ‘FEMA’ by putting all amendments under one notification. What does ‘E’ stand for in ‘FEMA’
Assertion (A): Reserve Bank of India is an important regulatory and administrative authority to execute FEMA provisions. Reason (R): Being monetary authority and custodian of foreign exchange, Reserve bank of India enjoys requisite expertise of FEMA administration. In the context of the above two statements, which one of the following option is correct?
Two statements are followed by two Conclusions I and II. You have to consider the statements to be true, even if they seem to be at variance from commonly known facts. You are to decide which of the given conclusions can definitely be drawn from the given statements and indicate your answer accordingly. Statements: I. The Enforcement Directorate (ED) has sought information on offshore investments by directors of RNT Associates, a closely held firm which functions as a family office and investment vehicle of Ratan Tata.  II. The ED order, dated June 14, also calls for details of investments or loans from RNT Associates and its directors to a Singapore-based entity, RNT Associates Ltd. Conclusions: The order is under provisions of the Foreign Exchange Management Act (FEMA) and the documents are being sought for the purpose of investigation under FEMA. The nature of queries from Enforcement Directorate is related to RNT Associates’ investment portfolio. It is compliant with all disclosures and existing laws governing investments and is extending all cooperation.
In November 2017, RBI simplified FEMA by putting all amendments under one notification. What does E stand for in FEMA?
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.
Assertion (A): Reserve Bank of India is an important regulatory and administrative authority to execute FEMA provisions.
Reason (R): Being monetary authority and custodian of foreign exchange, Reserve Bank of India enjoys requisite expertise of FEMA administration.
In the context of the above two statements, which one of the following option is correct?
Which three statements are true about the operation of a full-duplex Ethernet network?
1. There are no collisions in full-duplex mode.
2. A dedicated switch port is required for each full-duplex node.
3. Ethernet hub ports are preconfigured for full-duplex mode.
4. In a full-duplex environment, the host network card must check for the availability of the network media before transmitting.
5. The host network card and the switch port must be capable of operating in full-duplex mode.
What is the full form of "FEMA"?
The charges for a five-day trip by a tourist bus for one full ticket and a half-ticket are Rs. 1440 inclusive of boarding charges which are same for a full ticket and a half-ticket. The charges for the same trip for 2 full tickets and one half-ticket inclusive of boarding charges are Rs. 2220. The fare for a half-ticket is 75% of the full ticket. Find the fare and the boarding charges separately for one full ticket.
The Foreign Exchange Management Act(FEMA) was passed in: