The Foreign Exchange Management Act (FEMA) was enacted in 1999 to replace the earlier FERA law. In which year did FEMA officially come into force?
2000
The Foreign Exchange Management Act (FEMA) was passed by Parliament in 1999 to replace the older and more rigid Foreign Exchange Regulation Act (FERA) of 1973.
Although the Act was enacted in 1999, it was actually brought into effect from 1 June 2000.
FEMA aimed at facilitating external trade and payments and promoting the orderly development of the foreign exchange market in India.
Hence, FEMA officially came into force in the year 2000.
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