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Foreign Exchange Regulation Act of 1973

FERA is an act meant to regulate and control specific payment dealings in foreign exchange. 

It also regulates securities, import and export of currency and acquisition of immovable property by non-Indians/foreigners. 

This act was passed by Indian Parliament in 1973 and came into force w.e.f. January 1, 1974. 

It was repealed in 1998 and was then replaced by Foreign Exchange Management. This liberalized foreign exchange controls and eased restrictions related to foreign investment.

 

 


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