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Reported Question / Answer
Q.) Which one of the following statements is correct with reference to FEMA in India?
1)
The Foreign Exchange Regulation Act(FERA) was replaced by Foreign Exchange Management Act (FEMA) in the year 2001
2)
FERA was given a sunset clause of one year till 31st May 2002 to enable Enforcement Directorate to complete the investigation of pending issues
3)
Under FEMA, violation of foreign exchange rules has caused to be a criminal offense
4)
As per the new dispensatio, Enforcement Directorate can arrest and prosecute the people for the viol
5)
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Answer :
3
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