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

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 31–60 of 71.

Penalty on an authorised person for breaching an RBI direction may extend to:Read the answer and worked solution →Who may cause an inspection of an authorised person's business?Read the answer and worked solution →Where the sum is quantifiable, the FEMA penalty can extend to how many times the sum involved?Read the answer and worked solution →For a continuing contravention, the further penalty per day after the first may extend to:Read the answer and worked solution →Property involved in a FEMA contravention may be confiscated in favour of:Read the answer and worked solution →Failure to pay a FEMA penalty within how many days of notice exposes a person to civil imprisonment?Read the answer and worked solution →Maximum civil detention for a defaulter whose demand exceeds Rs 1 crore:Read the answer and worked solution →For a smaller demand, civil detention of a FEMA defaulter can last up to:Read the answer and worked solution →An arrested defaulter must be brought before the Adjudicating Authority within:Read the answer and worked solution →If the defaulter is a Hindu undivided family, who is deemed the defaulter?Read the answer and worked solution →Once a contravention is compounded, what follows?Read the answer and worked solution →An appeal to the Special Director (Appeals) must be filed within how many days of receiving the order?Read the answer and worked solution →The Appellate Tribunal should endeavour to dispose of an appeal within:Read the answer and worked solution →An appellant against a FEMA penalty must, when filing, ordinarily:Read the answer and worked solution →The Tribunal may dispense with the penalty deposit if it would cause:Read the answer and worked solution →An appeal from the Tribunal to the High Court on a question of law lies within:Read the answer and worked solution →The term of office of the Tribunal's Chairperson and Members is:Read the answer and worked solution →Unless relieved earlier, a resigning Tribunal Member continues in office for up to:Read the answer and worked solution →The Appellate Tribunal's procedure is guided by:Read the answer and worked solution →Tribunal Members and Adjudicating Authorities are deemed public servants under section 21 of the:Read the answer and worked solution →FEMA bars which courts from entertaining suits on matters its authorities decide?Read the answer and worked solution →Who establishes the Directorate of Enforcement under FEMA?Read the answer and worked solution →FEMA contraventions are investigated by Enforcement officers not below the rank of:Read the answer and worked solution →The Centre may authorise which officers to exercise Enforcement powers?Read the answer and worked solution →When a company contravenes FEMA, who is deemed guilty along with it?Read the answer and worked solution →A person in charge escapes liability by proving lack of knowledge or that he exercised:Read the answer and worked solution →A deceased person's legal representative is liable for a Section 13 penalty only to the extent of:Read the answer and worked solution →Protection from suits for acts under FEMA applies to things done:Read the answer and worked solution →Under FEMA, regulations are made by:Read the answer and worked solution →Rules under FEMA, such as the Non-debt Instruments Rules, are made by:Read the answer and worked solution →

Worked practice questions

Penalty on an authorised person for breaching an RBI direction may extend to:

  1. Rs 10,000
  2. Rs 1 lakh
  3. Rs 2,000
  4. Rs 5,000
Show answer and solution

Correct answer: A. Rs 10,000

Section 11(3) caps the basic penalty at ten thousand rupees, with a daily addition for continuing breaches.

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Who may cause an inspection of an authorised person's business?

  1. An authorised RBI officer
  2. Registrar of Companies
  3. Any police constable
  4. A SEBI board member
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Correct answer: A. An authorised RBI officer

Section 12 empowers the Reserve Bank to inspect through an officer specially authorised in writing.

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Where the sum is quantifiable, the FEMA penalty can extend to how many times the sum involved?

  1. Twice
  2. Ten times
  3. Five times
  4. Thrice
Show answer and solution

Correct answer: D. Thrice

Section 13(1) allows a penalty of up to three times the sum involved when it can be quantified.

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