Foreign Exchange Management Act, 1999

Which of the following is not a permissible Capital account transaction for Person resident in India?

• Guarantees issued in favour of PROI

• Loan and Overdraft to Person Resident Outside India

• Acquisition of Immovable Property O/s India

• Investment in Foreign Securities

RBI or Central Government has power to impose restrictions on:

• Payment due on account of amortization of loans or repayment of loans

• Depreciation of direct investment in ordinary course of business

• Both of the above

• None of the above

Any agency, branch or agency outside India but owned or controlled by PRII will not be considered as person resident in India (PRII).

• True

• False

Which department approval is required  for drawal of foreign exchange for cultural tour?

• Ministry Of Health And Education

• Ministry Of Surface Transport

• Ministry Of Tourism

• Ministry Of Human Resource Development

The Foreign Exchange Management Act, 1999 has been made effective from

• 1ST JUNE 1999

• 1ST JULY 2000

• 1ST JUNE 2000

• 1ST JULY 1999

What is Oversees Banking Unit (OBU)?

• Bank branch located in Foreign Country

• Bank branch located in SEZ

• Both of the above

• None of the above

What is the penalty under section 13 of FEMA, 1999 for contravention of any provision of the Act, or any rule, regulation, notification, direction or order or of any condition subject to which an authorization issued if the amount is not quantifiable

• Rs. 10,000

• Rs. 1 lac

• Rs. 2 lacs

• 3 times the sum involved

If amount of Remittance of prize money/sponsorship of sports activity abroad by a person  other than international/ national/ sports level sports body exceed USD________, approval of government of India is need. Fill in the blank. 

• USD 10000

• USD 100000

• USD 150000

• USD 250000

Appellate Tribunal under FEMA, 1999 is:

• Appellate Tribunal as per Income Tax Act, 1961

• Appellate Tribunal as per GST Law

• Appellate Tribunal as per Smugglers and Forex Manipulator Act, 1976 (SAFEMA)

• None of the above

What is the time limit for realizing forex when goods are exported to warehouse established outside India?

• 6 months

• 9 months

• 12 months

• 15 months