The Foreign Exchange Regulation Act, 1973 (FERA)
FERA was an Indian law passed to strictly control foreign exchange dealings, conserve scarce foreign currency reserves, and promote national economic developmen
FERA was an Indian law passed to strictly control foreign exchange dealings, conserve scarce foreign currency reserves, and promote national economic development. It came into force on January 1, 1974. Later replaced by the more flexible Foreign Exchange Management Act (FEMA) in 1999 (effective June 1, 2000).