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1 A LIBERALIZATION, FOREIGN INVESTMENT, ECB, LRS AND OTHER FEMA INITIATIVES, RECENT INITIATIVES IN THE BANKING SYSTEM, LIBERALIZATION MEASURES, ECB, TYPES OF ECB
What does FEMA stand for and when did it replace FERA?
FEMA stands for Foreign Exchange Management Act and it replaced FERA (Foreign Exchange Regulation Act) in the year 1999, shifting the approach from control to management of foreign exchange.
What is the full form of ECB in the context of Indian foreign exchange regulations?
External Commercial Borrowing — funds borrowed from overseas sources.
What is the Liberalised Remittance Scheme (LRS) and who is eligible to use it?
The Liberalised Remittance Scheme (LRS) allows all resident individuals, including minors, to remit up to USD 2,50,000 per financial year abroad for permissible current or capital account transactions.
What is the Track I framework under ECB meant for?
Medium-term foreign currency denominated ECB with minimum average maturity of 3-5 years.
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