Question : Statement 1: The Foreign Exchange Regulation Act (FERA) imposed strict controls on foreign exchange transactions.

Statement 2: FERA was replaced by the Foreign Exchange Management Act (FEMA) in 1999.

Option 1: Both statements are true.
   

Option 2: Both statements are false.
 

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.

Question : Statement 1: The Foreign Exchange Regulation Act (FERA) was replaced by the Foreign Exchange Management Act (FEMA) in 2000.

Statement 2: FEMA aimed to promote foreign investment and simplify foreign exchange transactions.

Option 1: Both statements are true.
 

Option 2: Both statements are false.
   

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.

Question : Statement 1: The Foreign Exchange Regulation Act (FERA) was enacted to regulate foreign trade in India.

Statement 2: FERA was replaced by the Foreign Exchange Management Act (FEMA) in 1991.

Option 1: Both statements are true.
   

Option 2: Both statements are false.
 

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.

Question : The Foreign Exchange Management Act (FEMA) replaced which earlier act?

Option 1: Foreign Exchange Regulation Act (FERA)

Option 2: Foreign Investment Promotion Board (FIPB)

Option 3: Industrial Development and Regulation Act (IDRA)

Option 4: Companies Act

Question : The Foreign Exchange Regulation Act was replaced by the ______ in India.

Option 1: Foreign Exchange Currency Act

Option 2: Foreign Exchange Finances Act

Option 3: Foreign Exchange Funds Act

Option 4: Foreign Exchange Management Act