alleryStart learning →What is the FEMA principle for current account dealings?
APermitted unless prohibited
BAllowed up to Rs 1 lakh
CProhibited unless permitted
DNeeds RBI nod each time
Answer & Solution
Correct answer: A. Permitted unless prohibited
Current account dealings are free by default, and only specific restrictions under Section 5 can limit them.
Keep practising Foreign Exchange Management Act 1999
Browse all Foreign Exchange Management Act 1999 questions for CA Inter, or explore more Law topics.
Related questions
Who may regulate a non-resident's setting up of a branch office in India?FEMA borrows the meaning of chartered accountant from:Contraventions under FEMA are treated as:Under FERA, an accused was presumed:FEMA aims at promoting orderly development and maintenance of the:A company receiving FDI files which annual FEMA return?Which of these falls within the meaning of currency in FEMA?Under FEMA, import means bringing into India: