alleryStart learning →Under the Explanation to s.3, a financial transaction includes
ANegotiating a bill of exchange
BVisiting a foreign country
CAttending a seminar abroad
DFiling an income tax return
Answer & Solution
Correct answer: A. Negotiating a bill of exchange
The Explanation lists payments, drawing or negotiating bills of exchange or promissory notes, transferring securities and acknowledging debts.
Keep practising Foreign Exchange Management Act 1999
Browse all Foreign Exchange Management Act 1999 questions for CA Final, or explore more Law topics.
Related questions
Notifications suspending the Act's operation are laid before Parliament for a total periodFEMA repealed which earlier Act?For s.42, a director in relation to a firm meansUnder s.42, he escapes liability if he proves no knowledge orUnder s.42, a person in charge of a company at the time of contravention isWho gives general directions to RBI under FEMA?Under s.37(3), enforcement officers exercise powers like those ofUnder s.37, investigation of a s.13 contravention is by officers not below