It has been suggested that this article be merged into Foreign Exchange Forex rules and regulation in india Act. FERA was passed by the Indian Parliament in 1973 by the government of Indira Gandhi and came into force with effect from January 1, 1974. FERA primarily prohibited all transactions not permitted by RBI.
FERA was repealed in 1998 by the government of Atal Bihari Vajpayee and replaced by the Foreign Exchange Management Act, which liberalised foreign exchange controls and restrictions on foreign investment. The Foreign Exchange Regulation Act, 1973″. This page was last edited on 4 April 2018, at 18:20. This page may be out of date.
Save your draft before refreshing this page. Submit any pending changes before refreshing this page. Please include your IP address in your email. Currently, Forex trading is considered a crime and the individuals caught violating this law may even serve jail time depending on several factors which are evaluated by a special bureau.