Under s.10(5), a customer must give
AA bank guarantee letter
BA declaration and information
CAn income tax clearance
DA police verification
Answer & Solution
Correct answer: B. A declaration and information
Section 10(5) makes the authorised person ask for such declaration and information as shows the deal is not meant to evade the Act.
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Notifications suspending the Act's operation are laid before Parliament for a total periodFEMA repealed which earlier Act?For s.42, a director in relation to a firm meansUnder s.42, he escapes liability if he proves no knowledge orUnder s.42, a person in charge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