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CA Final Foreign Exchange Management Act 1999 — practice questions — page 2

Explore 87 free Foreign Exchange Management Act 1999 questions in CA Final Law. Open each question or exercise to read its content, reference answers and available explanation.

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Foreign Exchange Management Act 1999 questions and exercises with answers

Showing questions 31–60 of 87.

Under s.6(3)(h), a resident transferring Indian property is regulated unless it is a lease not exceedingRead the answer and worked solution →Under s.6(3)(g), RBI may regulate the export or import ofRead the answer and worked solution →Under s.6(3)(j), RBI regulates guarantees for a debt owed toRead the answer and worked solution →Under s.6(4), a resident may keep foreign property acquired when he wasRead the answer and worked solution →Under s.6(6), RBI may regulate a non-resident setting up in India aRead the answer and worked solution →Under s.6(3)(d), RBI may regulate borrowing or lending inRead the answer and worked solution →Under s.7(1), every exporter of goods must furnish a declaration toRead the answer and worked solution →Section 8 requires a resident to realise and repatriate foreign exchange dueRead the answer and worked solution →Section 9 exempts certain cases from which pair of sections?Read the answer and worked solution →Section 9 exempts foreign exchange acquired before which date?Read the answer and worked solution →Who may authorise a person as authorised person under s.10(1)?Read the answer and worked solution →Under s.10(2), an authorisation must beRead the answer and worked solution →RBI may revoke an authorisation under s.10(3) on the ground that it isRead the answer and worked solution →Revocation for breach of condition under s.10(3) needs first giving the holderRead the answer and worked solution →Under s.10(5), a customer must giveRead the answer and worked solution →Under s.11(3), the base penalty on an authorised person for ignoring RBI directions can extend toRead the answer and worked solution →Under s.12, RBI may inspect an authorised person throughRead the answer and worked solution →Under s.13(1), the penalty for a quantifiable contravention can be up toRead the answer and worked solution →If the amount is not quantifiable, s.13(1) penalty extends toRead the answer and worked solution →For a continuing contravention, s.13(1) adds a daily penalty of up toRead the answer and worked solution →Besides a penalty, s.13(2) lets the Adjudicating Authority order the property involved to beRead the answer and worked solution →Under s.14, civil imprisonment follows non-payment of penalty within how many days of notice?Read the answer and worked solution →Civil detention under s.14(11) can last up to three years where the demand exceedsRead the answer and worked solution →In any other case, civil detention under s.14(11) can be up toRead the answer and worked solution →An arrested defaulter under s.14(6) must be produced before the authority withinRead the answer and worked solution →When a defaulter is a Hindu Undivided Family, s.14 treats who as the defaulter?Read the answer and worked solution →Under s.15, a contravention may be compounded on application within how many days of receipt?Read the answer and worked solution →Once a contravention is compounded under s.15(2), further proceedings for it areRead the answer and worked solution →Under s.16(1), Adjudicating Authorities are appointed byRead the answer and worked solution →An enquiry by the Adjudicating Authority under s.16(3) starts only onRead the answer and worked solution →

Worked practice questions

Under s.6(3)(h), a resident transferring Indian property is regulated unless it is a lease not exceeding

  1. Five years
  2. One year
  3. Three years
  4. Ten years
Show answer and solution

Correct answer: A. Five years

Section 6(3)(h) and (i) exclude a lease not exceeding five years from regulation of immovable property transfers.

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Under s.6(3)(g), RBI may regulate the export or import of

  1. Only gold
  2. Currency
  3. Only machinery
  4. Only services
Show answer and solution

Correct answer: B. Currency

Section 6(3)(g) lets the Reserve Bank prohibit, restrict or regulate export, import or holding of currency.

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Under s.6(3)(j), RBI regulates guarantees for a debt owed to

  1. A resident finance firm
  2. A resident public company
  3. A person resident outside India
  4. The Central Government
Show answer and solution

Correct answer: C. A person resident outside India

Section 6(3)(j)(i) covers guarantees by a resident in respect of debts owed to a person resident outside India.

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