Question
Download Solution PDFWhat does R stand for in FERA, 1973?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Regulation.Key Points
- R stands for Regulation in FERA (Foreign Exchange Regulation Act), 1973.
- The main objective of FERA was to conserve and properly utilize the country's foreign exchange resources.
- It also aims to control some aspects of the conduct of business by Indian companies outside the country and by foreign companies in India.
- It was a criminal statute, which meant that its violation would result in imprisonment and the payment of heavy monetary penalties.
- It had several restrictive clauses which prohibited foreign investments.
- In the budget of 1997-98, the government proposed to replace FEMA (Foreign Exchange Management Act) in place of FERA-1973.
- FEMA was passed by both houses of parliament in December 1999.
- FEMA came into effect on June 1, 2000, following the President's approval.
- Its purpose was to conserve foreign exchange and use it properly in the development of the economy.
Last updated on Jul 1, 2025
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