What is the full form of FERA?

Question

Question

This question was previously asked in

RRB JE CBT I - (Held On: 1 June 2019 Shift 1)

Answer 1

The correct answer is Foreign Exchange Regulation Act.

Key Points

The Foreign Exchange Regulation Act (FERA) was enacted in India in 1973.
Its primary purpose was to regulate payments and foreign exchange.
FERA aimed to conserve foreign exchange and use it in the best interest of the country.
The act was replaced by the Foreign Exchange Management Act (FEMA) in 1999.
FERA applied stringent regulations and controls over foreign exchange transactions.
It was considered a draconian law due to its stringent provisions and severe penalties.
The act was significant during the period of India's controlled economy.