📝 One-liners · 66 cards
Evolution of FEMA
What was the fundamental regulatory philosophy of FERA compared to FEMA?
FERA operated as a strict control regime, whereas FEMA shifted to a management and facilitation regime for foreign exchange.
What are the three main objectives of FEMA?
Facilitate external trade, promote orderly forex market, simplify transactions.
Under which law was a violation of foreign exchange provisions treated as a criminal offence?
Under FERA, violations of foreign exchange provisions were treated as criminal offences, unlike FEMA where they are civil offences.
Through which channel must all foreign exchange transactions be routed under FEMA?
Through Authorized Dealer (AD) banks licensed by RBI.
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