9. In the context to FEMA Act, 1999, consider the following statements:
- 1. The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India to consolidate and amend the law relating to foreign exchange.
- 2. The objective is to facilitate external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Which of the statement(s) given below is/are correct?