In which year did FEMA replace FERA?
1999
FERA stands for the Foreign Exchange Regulation Act, 1973, a strict law framed during an era of scarce foreign exchange, when its aim was to conserve and tightly control forex.
After the economic liberalisation of 1991, this rigid, control-oriented law became outdated, so Parliament enacted the Foreign Exchange Management Act (FEMA) in the year 1999.
FEMA came into force on 1 June 2000 and shifted the approach from strict regulation to facilitation and management of foreign exchange, in line with a liberalised economy.
Hence, FEMA replaced FERA in the year 1999.
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