Hawala in India is prohibited under the provision of which of the following Acts
Options:
A . Fiscal Responsibility and Budget Management Act
B . Banking Regulation Act
C . Foreign Exchange Management Act
D . Financial Action Task Force Act
Answer: Option C Answer: (c) The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA).
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