What was the primary reason for replacing the Foreign Exchange Regulation Act (FERA) with the Foreign Exchange Management Act (FEMA)?

"To align with international trade practices" "To simplify foreign exchange regulations" "To promote economic growth" "To enhance national security"

How did FEMA's approach to regulations differ from FERA's?

"FEMA introduced stricter regulations" "FEMA adopted a more liberal and flexible approach" "FEMA focused primarily on import controls" "FEMA prioritized currency devaluation"

What was a key objective of the Foreign Exchange Regulation Act (FERA)?

"To encourage foreign investment" "To promote free trade" "To conserve foreign exchange reserves" "To facilitate technology transfer"

How did FEMA change the classification of violations related to foreign exchange?

"Violations were reclassified as civil offenses" "Violations became subject to international tribunals" "Violations resulted in mandatory imprisonment" "Violations were decriminalized entirely"

What was the significance of the shift from FERA to FEMA for India's economic landscape?

"It led to a more restrictive foreign exchange framework" "It hindered foreign trade and investment" "It fostered a more liberal and growth-oriented environment" "It primarily benefited state-owned enterprises"