Consider the following statements: 1. The Foreign Exchange Management Act FEMA became an act on the 1st day of June, 2002. 2. It replaced FERA. 3. It made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA. Which of the statements given above is/are correct?

Consider the following statements: 1. The Foreign Exchange Management

1.	Consider the following statements: 1. The Foreign Exchange Management Act FEMA became an act on the 1st day of June, 2002. 2. It replaced FERA. 3. It made all offenses regarding foreign exchange civil offenses, as opposed to criminal offenses as dictated by FERA. Which of the statements given above is/are correct?
A.	1 and 2
B.	2 and 3
C.	1 and 3
D.	None
Answer» C. 1 and 3

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