Question

What is foreign Exchange Management Act, 2000 ?
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Answer 1

Answer:

The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA became an act on the 1st day of June, 2000. It was also formulated to promote the orderly development and maintenance of foreign exchange market in India. 

Explanation:

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Answer 2

Answer:

The Foreign Exchange Management Act (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA). FEMA became an act on the 1st day of June, 2000. It was also formulated to promote the orderly development and maintenance of foreign exchange market in India.The main objective of FEMA was to help facilitate external trade and payments in India.