What does FERA mean in LEGISLATION
Foreign Exchange Regulation Act, commonly referred to as FERA, is an Indian governmental act that regulates the movement of currency in and out of the country. It was passed in 1973 by the then-Indian Government of Indira Gandhi. The act aimed to control and regulate the amount of foreign exchange flowing into and out of India. It also sought to protect India's foreign exchange reserves from being misused by any person, organization or government for non-essential purposes. FERA has since been replaced by the Foreign Exchange Management Act (FEMA) in 2000, but it continues to play a critical role in regulating and controlling foreign exchange flows in India.
FERA meaning in Legislation in Governmental
FERA mostly used in an acronym Legislation in Category Governmental that means Foreign Exchange Regulation Act
Shorthand: FERA,
Full Form: Foreign Exchange Regulation Act
For more information of "Foreign Exchange Regulation Act", see the section below.
Meaning of FERA
FERA stands for Foreign Exchange Regulation Act, which is a law established by the Indian government in 1973 which sought to monitor and regulate foreign exchange transactions within India. This law made it illegal for Indians to buy or sell certain types of foreign currency without permission from a central authority appointed by the government. The purpose behind this regulation was to protect India’s valuable foreign exchange reserves from being misused or diverted towards nonessential purposes such as buying luxury items or investing overseas.
FERA Full Form
The full form of FERA is Foreign Exchange Regulation Act which was passed in 1973 by then-Prime Minister Indira Gandhi’s Indian Government. This law was created with an aim to control and regulate how much money would enter or exit the country, while also keeping individuals from taking advantage of its foreign currency reserves for irrelevant purposes. It remains an important part of Indian legal framework over three decades later even though it has been modified multiple times throughout its existence with respect to developing trade policies between India and other countries abroad.
Essential Questions and Answers on Foreign Exchange Regulation Act in "GOVERNMENTAL»LEGISLATION"
What is FERA?
FERA stands for Foreign Exchange Regulation Act which regulates the foreign exchange and foreign trade transactions in India. This act was passed in 1973 when India had a different economic policy from now
How does FERA regulate commercial transactions?
According to the Act, prior approval from RBI is required for any transaction related to foreign exchange and foreign trade. This includes remittance, payment or transfer of funds, acquisition of foreign exchange or any asset situated outside India, borrowing or lending of money abroad etc
Final Words:
The Foreign Exchange Regulation Act (FERA) plays an important role in regulating and controlling foreign currency transactions within India even after it got replaced by FEMA in 2000. This legislation laid down strict regulations regarding foreigners conducting business activities inside India, as well as helping protect against misuse or diversion of funds from its valuable foreign reserve funds. While FERA may be defunct now, its spirit lives on through FEMA regulations that continue to be enforced today.
FERA also stands for: |
|
| All stands for FERA |