{"id":21364,"date":"2024-04-15T06:05:15","date_gmt":"2024-04-15T06:05:15","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=21364"},"modified":"2024-04-15T06:05:15","modified_gmt":"2024-04-15T06:05:15","slug":"the-foreign-exchange-management-actfema-was-passed-in-a-the-year-2000-b-the-year-2005-c-the-year-1999-d-the-year-2002","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-foreign-exchange-management-actfema-was-passed-in-a-the-year-2000-b-the-year-2005-c-the-year-1999-d-the-year-2002\/","title":{"rendered":"The Foreign Exchange Management Act(FEMA) was passed in: A. the year 2000 B. the year 2005 C. the year 1999 D. the year 2002"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a99e57736bcf\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    the year 2000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    the year 2005                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    the year 1999                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    the year 2002                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. the year 1999<\/strong><\/p>\n<p>The Foreign Exchange Management Act (FEMA) is an act of the Parliament of India enacted in 1999 to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and promoting the orderly development and maintenance of the foreign exchange market in India.<\/p>\n<p>The act was passed in response to the growing need for a comprehensive and modern law on foreign exchange management in India. The previous law, the Foreign Exchange Regulation Act (FERA), was enacted in 1973 and had become outdated and inadequate to meet the needs of the changing global economy.<\/p>\n<p>FEMA provides for a liberalized regime for foreign exchange transactions and prohibits only those transactions that are considered to be detrimental to the economic interests of India. The act also provides for a number of safeguards to ensure that the foreign exchange market is not abused.<\/p>\n<p>FEMA has been amended a number of times since its enactment. The most recent amendment was in 2019. The amendment has made a number of changes to the <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> act, including liberalizing the rules on foreign direct investment and simplifying the procedures for obtaining foreign exchange approvals.<\/p>\n<p>The following are the four options given in the <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> question:<\/p>\n<ul>\n<li>A. the year 2000<\/li>\n<li>B. the year 2005<\/li>\n<li>C. the year 1999<\/li>\n<li>D. the year 2002<\/li>\n<\/ul>\n<p>Option A is incorrect. FEMA was not passed in the year 2000. It was passed in the year 1999.<\/p>\n<p>Option B is incorrect. FEMA was not passed in the year 2005. It was passed in the year 1999.<\/p>\n<p>Option C is correct. FEMA was passed in the year 1999.<\/p>\n<p>Option D is incorrect. FEMA was not passed in the year 2002. It was passed in the year 1999.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Foreign Exchange Management Act(FEMA) was passed in: A. the year 2000 B. the year 2005 C. the year 1999 D. the year 2002<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-foreign-exchange-management-actfema-was-passed-in-a-the-year-2000-b-the-year-2005-c-the-year-1999-d-the-year-2002\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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