alleryStart learning →A deal altering residents' overseas assets is a
ACapital account transaction
BCurrent account transaction
CMerchandise trade deal
DForeign barter dealing
Answer & Solution
Correct answer: A. Capital account transaction
Section 2(e) defines a capital account transaction as one that alters assets or liabilities outside India of persons resident in India.
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Notifications suspending the Act's operation are laid before Parliament for a total periodFEMA repealed which earlier Act?For s.42, a director in relation to a firm meansUnder s.42, he escapes liability if he proves no knowledge orUnder s.42, a person in charge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