Foreign Exchange Management Act

The Foreign Exchange Regulation Act of 1973 (FERA) in India was repealed on 1 June, 2000. It was replaced by the Foreign Exchange Management Act (FEMA), which was passed in the winter session of Parliament in 1999. Enacted in 1973, in the backdrop of acute shortage of Foreign Exchange in the country, FERA had a controversial 27 year stint during which many bosses of the Indian Corporate world found themselves at the mercy of the Enforcement Directorate (E.D.). Any offense under FERA was a criminal offense liable to imprisonment, whereas FEMA seeks to make offenses relating to foreign exchange civil offenses.

FEMA, which has replaced FERA, had become the need of the hour since FERA had become incompatible with the pro-liberalisation policies of the Government of India. FEMA has brought a new management regime of Foreign Exchange consistent with the emerging frame work of the World Trade Organisation (WTO). It is another matter that enactment of FEMA also brought with it Prevention of Money Laundering Act, 2002 which came into effect recently from 1 July, 2005 and the heat of which is yet to be felt as “Enforcement Directorate” would be invesitigating the cases under PMLA too.

GK watch

Short Name	Full Form or Abbreviations
3G	Third Generation
AAA	Asian Athletics Association
AAFI	The Amateur Athletics Federation of India
AC	Ante Christum (Before Christ), Ashok Chakra, Air Conditioner
ADB	Asian Development Bank
AFI	Athletics Federation of India
AFMC	Armed Forces Medical College
AI	Artifical Intelligence, Air India
AICTE	All India Council for Technical Education
AIFF	All India Football Federation
AIIMS	All India Institute of Medical Science
AITUC	All India Trade Union Congress
ALGOL	Algebric Oriented Language
AM	Ante Meridiem (before Noon), Amplitude Modulation
APEC	Asia Pacific Economic Cooperation
ARPANET	Advanced Research Project Agency Network
ASCII	American Standard Code for Informa­tion Interchange
ASEAN	Association of South East Asian Na­tions
ASLV	Augmented Satellite Launch Vehicle
AT&T	American Telegraphic and Telephone Co. Ltd.
ATC	Air Traffic Control
ATM	Automated Teller Machine
AVSM	Ati Vishisht Seva Medal
B2B	Busines to Business
B2C	Business to Consumer
BARC	Bhabha Atomic Research Centre
BBC	British Broadcasting Corporation
BBS	Bulletin Board Service
BC	Before Christ
BHEL	Bharat Heavy Electri-cals Ltd
BIOS	Basic Input Output System
BIT	Binary Digit
BPL	Below Poverty Line
BPO	Business Process Outsourcing
BPR	Business Process Re-engineering
bps	bytes per second
BSE	Bombay Stock Exchange
BSF	Border Security Force
BSNL	Bharat Sanchar Nigam Limited
C2C	Consumer to Consumer
CA	Chartered Accountant
CAD	Com­puter Aided Design
CAT	Common Admis­sion Test
CBI	Central Bureau of Investigation
CBSE	Central Board of Secondary Education
CDAC	Centre for the Development of Ad­vanced Computing
CDMA	Code Division Multiple Access
CEO	Chief Executive Officer
CFSL	Central Forensic Science Laboratory
CGI	Common Gateway Interface
CIA	Central Intelligence Agency
CID	Criminal Investigation Department
CISC	Complex instruction-set computing
CITU	Centre of Indian Trade Unions
CNN	Cable News Network
COMSAT	Communications Satellite Corporation
COPRA	Consumer Protection Act
CORBA	Common Object Request Broker Architecture
CPI(M)	Communist Party of India / Marxist
CPWD	Central Public Works Department
CRIS	Centre for Railway Information System
CSIR	Council of Scientific and Industrial Research
CTBT	Comprehensive Test Ban Treaty
CYMK	Cyan, Yellow, Magenta, Kinda
D.Litt.	Doctor of Literature
D.Phil.	Doctor of Philosophy
D.Sc	Doctor of Science
DC	Direct Current
DIG	Deputy Inspector General
DMA	Direct Memory Access
DMK	Dravida Munetra Kazhagam
DNA	Deoxyribo-nucleic Acid
DTP	Desktop Publishing
DVC	Damodar Valley Corporation
DVD	Digital Versatile/Video Disc

read more--http://www.onlinegk.com/general-knowledge/acronym.aspx

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