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Which earlier Indian Act did FEMA, 1999 replace?

AReserve Bank of India Act
BForeign Exchange Regulation Act
CBanking Regulation Act, 1949
DSecurities Contracts Regulation Act
Answer & Solution
Correct answer: B. Foreign Exchange Regulation Act
FEMA was enacted to take the place of FERA, which had treated foreign exchange breaches harshly.
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