cueprepUPSC CSE Prelims FEMA vs FERA, SEZ vs EPZ, and NRI vs PIO vs OCI Flashcards
Master 11 fema vs fera, sez vs epz, and nri vs pio vs oci concepts for the UPSC CSE Prelims.
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Question
Identify the key regulatory characteristics of the Foreign Exchange Regulation Act (FERA), 1973.
Under the restrictive FERA regime, foreign exchange dealings were unless specifically permitted, and any violation of the act was treated as a offence.
Question
Consider the following statements regarding the Foreign Exchange Management Act (FEMA), 1999:
- It treats foreign exchange offenses as civil offenses with monetary penalties.
- Under FEMA, forex dealings are permitted unless specifically prohibited. Which of the statements given above is/are correct?
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