What Exactly Is The Foreign Exchange Regulation Act (FERA)? FERA, or the Foreign Exchange Regulation Act, is a piece of legislation that was created in 1973. The Act attempts to control specific foreign exchange transactions, set limitations on specific payment methods, and keep an eye on any actions that could affect currency import and export. Since the beginning of time, banks and major organisations have been considered to be the sole owners of the foreign exchange market. Additionally, it is currently the largest market in the globe.
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It was seen to be of utmost importance to bring foreign exchange under the purview of regulation in light of the market's growing significance, where currency gyrations might determine the fortunes of all. The Foreign Exchange Regulation Act (FERA) is a piece of legislation that was passed with the aim of regulating specific foreign exchange dealings, placing limitations on particular payment types, and keeping an eye on transactions that could affect foreign exchange and the import and export of money.