Indian-Economy
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Q.

FEMA stands for:

 A.

First Excise Management Act

 B.

Foreign Exchange Management Act

 C.

Foreign Exchequer Management Act

 D.

Foreign Evaluation Management Act

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Solution:
Option(B) is correct

The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India".


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