Q. Foreign Exchange Management Act is formed in the year?
Solution:
- Foreign Exchange Management Act is formed in 1999 to manage and control the foreign investments in India.
- RBI acts as a guardian of FOREX .
- It oversees and implements the facility of the Foreign Exchange Management Act ( FEMA ) , 1999 .
- It buys and retails foreign currency to conserve the exchange rate of Indian rupee v / s overseas currencies
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