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  1. FEMA (Foreign Exchange Management Act) was finally implemented in the year
    1. 1991
    2. 1997
    3. 2002
    4. 2007
Correct Option: C

FEMA (Foreign Exchange Management Act) was finally implemented in the year 2002 to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and maintenance of promoting the orderly development and maintenance of foreign exchange market in India". It replaced Foreign Exchange Regulation Act (FERA).


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