Direction: In the questions given below are two statements labelled as Assertion (A) and Reason (R). In the context of the two statements, which one of the following is correct? Assertion (A) FEMA is the replacement of FEMA. Reason (R) FEMA is introduced to regular the foreign exchange transactions in India. Codes

• A. Both A and R are true and R is the correct explanation of A
• B. Both A and R are true, but R is not the correct explanation of A
• C. A is true, but R is false
• D. A is false, but R is true