Which one of the following statements is correct with reference

Which one of the following statements is correct with reference to FEMA in India?

1. The Foreign Exchange Regulating Act (FERA) was replaced by Foreign Exchange Management Act (FEMA) in the year 2001
2. FERA was given a sunset clause of one year till 31st may, 2002 to enable Enforcement Directorate to complete the investigation of pending issues
3. Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence
4. As per the new dispensation, Enforcement Directorate can arrest and prosecute the people for the violation of foreign exchange rule

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