Which of the following statements about the Foreign Exchange Management Act (FEMA), 1999 is correct? - Study24x7
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Dev kumar
02 Dec 2024 11:56 AM study24x7 study24x7

Which of the following statements about the Foreign Exchange Management Act (FEMA), 1999 is correct?

A

FEMA replaced the Foreign Exchange Regulation Act (FERA), 1973.

B

FEMA applies only to transactions involving foreign currency.

C

FEMA was enacted to restrict foreign investments in India.

D

FEMA does not provide any regulatory framework for the Reserve Bank of India (RBI).

UPSC
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