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CA Inter Foreign Exchange Management Act 1999 — practice questions

Explore 71 free Foreign Exchange Management Act 1999 questions in CA Inter 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 1–30 of 71.

Which earlier Indian Act did FEMA, 1999 replace?Read the answer and worked solution →FERA, 1973 approached foreign exchange dealings how?Read the answer and worked solution →FERA, 1973 came into force on which date?Read the answer and worked solution →Which offices outside India does FEMA also apply to?Read the answer and worked solution →An Adjudicating Authority under FEMA is an officer authorised under sub-section (1) of which section?Read the answer and worked solution →The Appellate Tribunal for Foreign Exchange is established under which section of FEMA?Read the answer and worked solution →Changing a resident's assets or liabilities abroad is a:Read the answer and worked solution →Under FEMA, a current account transaction is one that is:Read the answer and worked solution →Which of these is expressly a current account transaction under FEMA?Read the answer and worked solution →A person is resident in India if staying in India for more than how many days in the preceding financial year?Read the answer and worked solution →The FEMA definition of person expressly includes a:Read the answer and worked solution →Under FEMA, foreign currency means:Read the answer and worked solution →Without RBI permission, foreign exchange may be dealt in only with:Read the answer and worked solution →Save as provided in the Act, a resident in India may not acquire or hold:Read the answer and worked solution →Who may restrict current account transactions in public interest?Read the answer and worked solution →What is the FEMA principle for current account dealings?Read the answer and worked solution →Which dealings are barred unless expressly permitted?Read the answer and worked solution →Who specifies the permissible classes of capital account transactions?Read the answer and worked solution →RBI cannot restrict drawing foreign exchange for payments due on:Read the answer and worked solution →A resident may hold overseas property acquired when he was:Read the answer and worked solution →A non-resident may keep Indian securities acquired while he was:Read the answer and worked solution →Transfer of Indian immovable property by a resident is regulated, except a lease not exceeding:Read the answer and worked solution →An exporter of goods must furnish a declaration of full export value to:Read the answer and worked solution →What must a resident do with foreign exchange due to him?Read the answer and worked solution →Repatriation can mean selling realised foreign exchange to an authorised person for:Read the answer and worked solution →Foreign exchange acquired before which date is exempt from realisation and repatriation?Read the answer and worked solution →Which of these is an authorised person under FEMA?Read the answer and worked solution →An authorisation to deal in foreign exchange must be:Read the answer and worked solution →Before revoking authorisation for non-compliance, RBI must give the authorised person:Read the answer and worked solution →Before a foreign exchange transaction, an authorised person must require the customer to:Read the answer and worked solution →

Worked practice questions

Which earlier Indian Act did FEMA, 1999 replace?

  1. Reserve Bank of India Act
  2. Foreign Exchange Regulation Act
  3. Banking Regulation Act, 1949
  4. Securities Contracts Regulation Act
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Correct answer: B. Foreign Exchange Regulation Act

FEMA was enacted to take the place of FERA, which had treated foreign exchange breaches harshly.

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FERA, 1973 approached foreign exchange dealings how?

  1. Only imports controlled
  2. Only exports controlled
  3. All permitted unless banned
  4. All banned unless permitted
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Correct answer: D. All banned unless permitted

FERA reversed the usual legal logic, so a dealing was barred unless specifically allowed.

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FERA, 1973 came into force on which date?

  1. 1 April 1973
  2. 1 January 1974
  3. 1 January 1970
  4. 15 August 1973
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Correct answer: B. 1 January 1974

Although passed in 1973, FERA took effect from the first day of 1974.

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