difference between fema and fera

The Differences Between FEMA and FERA

FEMA

The Federal Emergency Management Agency (FEMA) is a United States government agency that is responsible for coordinating the response to disasters that occur within the country. This agency was established in 1979 and is charged with providing assistance to individuals and communities affected by a variety of natural and man-made disasters.

The primary function of FEMA is to provide emergency assistance to individuals and families who have been displaced from their homes due to natural disasters such as hurricanes, earthquakes, and tornadoes, amongst others. FEMA also plays a critical role in coordinating the activities of other federal agencies, state and local governments, and private sector organizations in response to disasters.

FERA

The Foreign Exchange Regulation Act (FERA) was a law that came into effect in India in 1947. It was introduced to regulate the inflow and outflow of foreign exchange, primarily to prevent illegal transactions and to promote foreign trade. The main objective of this act was to conserve the country’s foreign exchange reserves and to promote the development of the domestic economy.

FERA was replaced by FEMA in 1999. The new act aimed to liberalize foreign exchange transactions and make them more transparent, predictable, and less restrictive. The FEMA act governs all foreign exchange transactions in India and prohibits the activities of unauthorized dealers in foreign exchange.

The Main Differences

One of the primary differences between FEMA and FERA is their jurisdiction. FEMA is an agency in the United States, while FERA was a law in India until it was replaced by FEMA.

Another major difference is that FEMA primarily deals with natural disasters within the United States, while FERA governed foreign exchange transactions in India.

In terms of their objectives, FEMA focuses on providing emergency assistance and support to individuals and communities affected by disasters, while FERA’s main objective was to regulate foreign exchange transactions.

In conclusion, while the two acts share similar acronyms, they have different functions and objectives. While FEMA seeks to provide emergency relief and coordination in response to natural disasters within the United States, FERA aimed to regulate foreign exchange and promote foreign trade in India.

Table difference between fema and fera