10 questions. 10 minutes.

Which one of the following statements is correct with reference to FEMA in India?

• aThe Foreign Exchange Regulating Act (FERA) was replaced by Foreign Exchange Management Act (FEMA) in the year 2001
• bFERA was given a sunset clause of one year till 3 lst May, 2002 to enable Enforcement Directorate to complete the investigation of pending issues .
• cUnder FEMA, violation of foreign exchange rules has ceased to be a criminal offence
• dAs per the new dispensation, Enforcement Directorate can arrest and prosecute the people for the violation of foreign exchange rule