MCQOPTIONS
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MCQOPTIONS
| 1. |
Which one of the following statements is correct with reference to |
| A. | The Foreign Exchange Regulating Act (FERA) was replaced by Foreign Exchange Management Act (FEMA) in the year 2001 |
| B. | FERA was given a sunset clause of one year till 31st may, 2002 to enable Enforcement Directorate to complete the investigation of pending issues |
| C. | Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence |
| D. | As per the new dispensation, Enforcement Directorate can arrest and prosecute the people for the violation of foreign exchange rule |
| Answer» C. Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence | |