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Historical Event on 8/25/1997
Cabinet approved the draft of the Foreign Exchange Management Act (FEMA) which was to replace the Foreign Exchange Regulation Act (FERA).

Other Historical Dates and Events
1/17/1992	Shankar Ramchandra (Mamrao Date), veteran journalist, passed away.
5/31/1756	Jose Cusodio Faria was born in Candolim of Goa. He was a revolutionary scientist and also known as Abbe Faria.
5/1/1995	SAARC endorses South Asia Free Trade Area (SAFTA) and establishes a South Asian Development Fund (SADF) for the economic and technical development of the subcontinent.
3/1/1955	Pakistan vs India five Test Cricket series ends in a 0-0 draw.
3/3/1871	Congress changes Indian tribes status from independent to dependent.
12/3/1971	Third Pakistani aggression begins with air attacks on airports in the western sector; emergency declared.
6/16/1990	Bombay gets 42 cm rainfall, the century's highest. The previous high of 41 cm was recorded on 18, 1986.
4/3/1932	Boycott of British goods was so widespread that 70\% of cotton products were now thought to have come from Japan.
6/23/1946	Gandhiji advises Congress not to enter Interim Government, but only Constituent Assembly.
8/15/1969	Indian Space Research Organisation (ISRO) formed under Department of Atomic Energy.

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Historical Event on 8/25/1997 Cabinet approved the draft of the Foreign Exchange Management Act (FEMA) which was to replace the Foreign Exchange Regulation Act (FERA).

Historical Event on 8/25/1997
Cabinet approved the draft of the Foreign Exchange Management Act (FEMA) which was to replace the Foreign Exchange Regulation Act (FERA).