alleryStart learning →Under s.13(1), the penalty for a quantifiable contravention can be up to
AThrice the sum involved
BTwice the sum involved
CHalf the sum involved
DThe sum involved only
Answer & Solution
Correct answer: A. Thrice the sum involved
Section 13(1) imposes a penalty up to thrice the sum involved where the amount is quantifiable.
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Notifications suspending the Act's operation are laid before Parliament for a total periodFEMA repealed which earlier Act?For s.42, a director in relation to a firm meansUnder s.42, he escapes liability if he proves no knowledge orUnder s.42, a person in charge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