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UPSC CSE Prelims FEMA & Forex Reserves Flashcards

Master 10 fema & forex reserves concepts for the UPSC CSE Prelims.

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Question

Complete the historical evolution of India's foreign exchange regulations:

was enacted in 1999 to replace the earlier, more stringent of 1973, shifting the legislative focus from 'conservation' to 'management' of foreign exchange.

Question

Consider the following statements regarding the Foreign Exchange Management Act (FEMA):

  1. Offences under FEMA are treated as criminal offences.
  2. FEMA relies primarily on penalty-based enforcement rather than imprisonment.

Which of the statements given above is/are correct?

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