alleryStart learning →Under s.42, a person in charge of a company at the time of contravention is
AAlways exempt from it
BDeemed guilty of it
CTreated as a witness
DFined by RBI alone
Answer & Solution
Correct answer: B. Deemed guilty of it
Section 42(1) deems every person in charge and responsible for the business, along with the company, guilty of the contravention.
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Notifications suspending the Act's operation are laid before Parliament for a total periodFEMA repealed which earlier Act?For s.42, a director in relation to a firm meansUnder s.42, he escapes liability if he proves no knowledge orWho gives general directions to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 belowUnder s.36, the Central Government establishes the