Contravention of FEMA attracts a penalty (Section 13) of up to:

1. Section 13(1) of FEMA — penalty up to THRICE the sum involved in such contravention where the amount is quantifiable. 2. Where not quantifiable, the penalty can be up to Rs 2 lakh. 3. Hence (B). _Source: ICAI BoS CA Inter Paper 2 — FEMA 1999_