Compare fera and fema in the background of exchange control in india
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Foreign Exchange Management Act, 1999 (FEMA) emerged as a replacement or say an improvement over the old Foreign Exchange Regulation Act, 1973 (FERA).
Foreign investors, frequently hear the terms FERA and FEMA, when they
deal with India. As their name specifies, FERA lays emphasis on the
regulation of currencies, whereas the FEMA manages foreign exchange,
i.e. forex.
The first and foremost difference between FERA and FEMA is that the former requires previous approval of Reserve Bank of India (RBI), whereas the latter does not require RBI’s approval, except when the transaction is related to foreign exchange. Check out this article to know more differences between the two acts.
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