foreign exchange management act 1999

Who is an Authorized Dealer?

Any PROI, not being a citizen of Pakistan or Bangladesh, and visiting India: may take outside India (including to Nepal & Bhutan) max Rs.

“Current account transaction” means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes

“Export” with its grammatical variations and cognate expressions means; or———–

Who is a “Person Resident outside India” as per the FEMA Act, 1999?

Mr. Tom, an Indian national desires to obtain Foreign Exchange for payment of commission on exports made towards equity investment in wholly owned subsidiary abroad of an Indian
Company. Advice whether Mr. Tom can obtain foreign exchange.

Mr. Alex had resided in India during the financial year 2016-17 for 183 days. He had come to India again on April 1, 2017 for employment. What would be his residential status during the
financial year 2017-18?

Mr. John had resided in India during the financial year 2015-16 for more than 182 days. What is his residential status under FEMA,1999 for 2016-17:

A person left India on 1 August, 2016 for education for 3 years. What would be his residential status for 2016-17 if he was residing in India for 200 days in FY 2015-16?

The following transactions are regarded as Capital Account Transaction

Following transactions are prohibited under FEMA, 1999 unless permission of RBI is obtained:

Shine Ltd. is a Korean company having manufacturing units in 4 countries. It is having it’s headquarter in Mumbai and Branch in Thailand. Headquarter at Mumbai controls branch of
manufacturing unit. What would be the residential status of manufacturing unit of Thailand?

FEMA 1999 applies to all branches, offices and agencies outside India owned or controlled by a person resident in India

Authorised person contravenes any direction of RBI: penalty shall be ————-

As per FEMA, a person residing for ——————- in India is a person resident in India (subject to exceptions)

For failure to pay penalty u/s 13 where such penalty < 1 crore: Civil Imprisonment shall be:

Under FEMA a person can undergo civil imprisonment u/s 14 if he fails to pay the full amount of penalty u/s 13:

For failure to pay penalty u/s 13 where such penalty > 1 crore: Civil Imprisonment shall be

—— is not relevant for determining the residential status of a person in FEMA

Champions Ltd. is Vietnam based company having several business units all over the world. It has a unit for manufacturing toys with its headquarters in Pune. It has a branch in Singapore which is controlled by the headquarters in Pune. What would be the Residential Status under FEMA, 1999 of unit in Pune?

In continuation of the above question what would be the Residential Status under FEMA, 1999 of unit in Singapore?

Friends are a Philippine company having several business units all over the world. It has a manufacturing unit called Enemies with headquarters in Kolkata. It has a branch in Germany which is controlled by the headquarters in Kolkata. What would be the residential status under FEMA 1999 of Kolkata headquarter?

In continuation of the above question what would be the Residential Status under FEMA, 1999 of Germany branch?

In continuation of the question number 22 what would be the Residential Status under FEMA, 1999 of Friends?

Examine whether the following branch can be considered as a “person resident in India” under the Foreign Exchange Management Act,1999 EFG Ltd, a company incorporated in India established a branch at Paris on 1 January 2017.

Examine whether the following branch can be considered as a “person resident in India” under the Foreign Exchange Management Act, 1999 STU, a foreign company, established a branch at Chennai on 1 January 2017. The Chennai branch
controls a branch at Greece. What is the status of Chennai Branch

In continuation of the above question what would be the Residential Status under FEMA, 1999 of branch at Greece?

Examine with reference to the provisions of the Foreign Exchange Management Act, 1999 the residential status of the branch mentioned below. Happy Ltd is an Indian company. It is having registered office at Bengaluru ,India and established a branch at Melbourne on 1 April 2018

Examine with reference to the provisions of the Foreign Exchange Management Act, 1999 the residential status of the branch mentioned below. Fine goods Ltd, a company incorporated and registered in Adelaide established a branch at Hyderabad in India on 1 April 2018

Examine with reference to the provisions of the Foreign Exchange Management Act, 1999 the residential status of the branch mentioned below.Fine Goods Ltd, a company incorporated and registered in Adelaide established a branch at Hyderabad in India on 1 April 2018.What is status of Hyderabad Branch

As per the provisions of Foreign Exchange Management Act, 1999, a person is said to be resident in India if he

As per the provisions of Foreign Exchange Management Act, 1999, which of the below mentioned persons are considered as resident in India?

FEMA, 1999 aims to consolidate and amend the law relating to foreign exchange with the objective of

FEMA, 1999 applies to

As per the provisions of Foreign Exchange Management Act, 1999, a person resident in India does not include:

As per the provisions of Foreign Exchange Management Act, 1999, the term foreign exchange does not include which of the following:

A company incorporated in United Kingdom established a branch at Chennai. The Chennai brand proposes the purchase of some immovable property at Chennai for the purpose of its business. Choose the correct option with reference to the provisions of the Foreign Exchange Management Act, 1999

(i) ABC Ltd. incorporated in India established a branch X at London on 1st Jan., 2018.

(ii) XYZ Ltd., a foreign company, established a branch A at New Delhi on 1st January, 2018. The branch at New Delhi controls a branch at Colombo.

Examine whether the above-mentioned branches can be considered as a ‘Person resident in India’ under Foreign Exchange Management Act, 1999:

Toy Ltd. is a Japanese company having several business units all over the world. It has a robotic unit with its head quarter in Mumbai and has a branch in Singapore. Headquarter at Mumbai controls the branch of robotic unit. What would be the residential status of robotic unit in Mumbai and that of the Singapore branch?

Mr. X had resided in India during the financial year 2016-2017 for less than 183 days. He had come to India on April 1, 2017 for business. He intends to leave the business on April 30, 2018 and leave India on June 30, 2018. What would be his residential status during the financial year 2017-2018 and during 2018-2019 up to the date of his departure?

Mr. Z had resided in India during the financial year 2016-2017. He left India on 1st August, 2017 for United States for pursuing higher studies for 2 years. What would be his residential status during financial year 2.17-2018 and during 2018-2019?

Miss Alia is an air hostess with the British Airways. She flies for 12 days in a month and thereafter takes a break for 18 days. During the break, she is accommodates of ‘base’, which is normally the city where the airways are headquartered. However, for security considerations, she was based on Mumbai. During the financial year, she was accommodated at Mumbai for more than 182 days. What would be her residential statues under FEMA?

Mr. Ram has resided in India during the Financial Year 2017-2018 for less than 183 days. He again came to India on 1st May, 2018 for higher studies and business and stayed upto 15th July, 2018. State under the Foreign Exchange Management Act, 1999, the residential status of Mr. Ram for the Financial year 2018-2019.

During the financial year 2017-18 Mr. Bhattcharyya resided in India for a period of 180 days and thereafter went abroad. On 1st April, 2018 Mr, 2018 Mr. Bhattacharyya came back to India as an employee of a business organization. Decide the residential status of Mr. Bhattacharyya during the financial year 2017-18 under the provisions of the Foreign Exchange management Act, 1999.

As per Sec. 5 of Foreign Exchange Management Act, 1999, any person may sell or draw foreign exchange to or from an authorized person if such sale or drawl is ____________.

Mr. Ramesh of Nagpur wants to travel to Nepal and this purpose to draw Foreign Exchange. Can Mr. Ramesh draw any Foreign Exchange for his journey?

Mr. Sane, an Indian National Desire to obtain Foreign Exchange for remittance of US Dollar 50,000 out of winnings on a lottery ticket. Advise whether such remittance is possible under the Foreign Exchange Management Act, 1999.

Mr. Sane, an Indian National Desire to obtain Foreign Exchange of US Dollar 1,00,000 for sending a cultural troupe on a tour of U.S.A. Advise whether such remittance is possible under the Foreign Exchange Management Act, 1999.

X, a Film Star, wants to perform along with associates in New York on the occasion of Diwali for Indian residing at New York. Foreign Exchange drawl to the extent of US dollars 20,000 is required for this purpose. State which kind of approval is required for the following transactions under the Foreign Exchange Management Act, 1999.

Mr. Z is unwell and would like to have a kidney transplant done in USA. He would like to know the formalities required and the amount that can be drawn as foreign exchange for the medical treatment abroad.

Which of the following is not a prohibited transaction as per FEMA, 1999?

Transaction of remittance of prize money/sponsorship of sports activity abroad by a person other than International/ National/ State Level sports bodies, if the amount involved exceeds US 100,000 requires approval of _______.

M requires U.S. 5,000 for remittance towards hire charges of transponders. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

P requires U.S. 2,000 for payment related to call back services of telephones. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Me. Suresh resided in India during the Financial Year 2016-17. He left India on 15th July, 2017 for Switzerland for pursuing higher studies in Biotechnology for 2 years. What would be his residential statues under the Foreign Exchange Management Act, 1999 during the Financial Years 2017-18 and 2018-19?

Mr. Suresh requires every year USD 25,000 towards tuition fees and USD 30,000 for incidental and stay expenses for studying abroad. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. G., an Indian national desire to obtain Foreign Exchange on current account transactions for payment of commission on exports made towards equity investment in wholly owned subsidiary abroad of an Indian Company. Referring to the Provisions of the Foreign Exchange Management Act, 1999, state the kind of approval requires?

Mr. F an Indian National desire to obtain foreign exchange for payment of US 10,000 as commission on exports under Rupee State Credit Route. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval requires?

Mr. F an Indian National desire to obtain foreign exchange of Us 30,000 for a business trip to U.K. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. F, an Indian National desire to obtain foreign exchange for the Remittance pf US 2,00,000 for payment as prize money to the winning team in a Hockey Tournament to be held in Australia. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. Atul, an Indian National desire to obtain Foreign Exchange for Remittance of US Dollar 10,000 for payment for goods purchased from a party situated in Nepal. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

MR. Atul, an Indian National desire to obtain Foreign Exchange of US Dollar 10,000 for remitting as commission to his agent in U.S.A. for sale of commercial plot situated near Bangalore, consideration in respect of which was received by Mr. Atul by way of foreign currency inward remittance amounting to US Dollar 1,00,000. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. Gopal, a cine artist in India proposes to organize a cultural programme at Dubai and requires to draw foreign exchange US 1,00,000 for this purpose. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. Shah proposes to visit United States on a business tour and for this purpose he wants to draw foreign exchange US 3,00,000 for meeting expenses. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

MR. Rohan, an Indian Resident individual desires to obtain Foreign Exchange of US 1,20,000 for studies abroad on the basis of estimates given by the foreign university. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. Rohan, an Indian Resident individual desires to obtain Foreign Exchange for Gift Remittance amounting US 10,000. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Lifesys Limited, a billion dollar, Indian company wishes to create a chair in a reputed university in the U.S. This chair is for the department of computer science. The compay wishes to obtain your advise in regard to the above transaction with reference to the FEMA, 1999.

Lifesys Limited, a billion dollar, Indian company wishes to create a chair in a reputed university in the U.S. This chair is for the department of computer science. What is the maximum amount that can be denoted for such chair without the prior approval of RBI with reference to the FEMA, 1999?

Examine which of the following transactions is not permissible as Capital Account transactions under the FEMA, 1999

A person requires Foreign Exchange for payments due on account of Amortization of loans in the ordinary course of business. Choose the correct option regarding the above transaction with reference to the provisions of the Foreign Exchange Management Act, 1999

A person resident outside India proposes to invest in the shares of an Indian company engaged in plantation activities. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

A person, who is resident of U.S>A. for several years, is planning to return to India permanently. Can be continue to hold the investment made by him in the securities issued by the companies in U.S.A? Referring to the provisions of the foreign Exchange Management Act, 1999, state the kind of approval required:

Mr. V, an Indian Citizen and resident of USA desires to acquire two immovable properties in India comprising

(i) a residential flat in Mumbai and

(ii) a farm house on the outskirts of Mumbai.

Referring to the provisions of the Foreign Exchange Management Act, 1999, choose the correct option

As per Regulation 4 of Foreign Exchange Management (Export of Goods and services) Regulations, 2015, gift of value upto ______ does not require any declaration.

As per Regulation 9 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, The amount representing the full export value of goods / software / services exporting shall be realized and repatriated to India within _______ from the date of export

As per Regulation 10 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, the documents pertaining to export shall be submitted to the authorized dealer mentioned in the relevant export declaration form, within _______ from the sate of export, or from the date of certification of the SOFTEX form.

As per Regulation 10 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, where an exporter receives advance payment (with or without interest) from a buyer/ third party named in the export declaration made by the Exporter, outside India, the exporter shall be under the obligation to ensure that the shipment of goods is made within _________ from the date of receipt of advance payment.

Mr. Raman is a software engineer of Armtek Ltd. The company sent him to Japan to develop a software programme there on deputation for 2 years. He earned a sum of US 3,000 as a honorarium there. On his return to India he wants to hold this foreign currency with him. Mr. Raman will be allowed to keep upto ________ with him.

An adjudicating Authority appointed by the Central Government can impose any penalty for violation of any provision of FEMA or Contravention of any rule, regulation, directions or orders issued under the powers conferred by the Act.

The adjudicating authority can impose penalty upto _________ in such contravention where the amount is quantifiable.

An adjudicating authority appointed by the Central Government can impose any penalty for violation of any provision of FEMA or contravention of any rule, regulation, directions or orders issued under the powers conferred by the Act. The adjudicating authority can impose penalty upto ________ in such contravention where the amount is not quantifiable.

If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of Section 37A of FEMA, 1999, he shall be liable to a penalty up to __________ in such contribution

If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of Section 37A of FEMA, 1999, he shall be punishable with imprisonment for a term which may extend to ______.

As per Sec. 14 of FEMA, 1999, If any person fails to make full payment of the penalty imposed on him u/s 13 within a period of ________ from the date on which the notice for payment of such penalty is served on him, he shall be liable to civil imprisonment.

A person aggrieved by an order made by the Special Director (Appeals) desires to file an appeal against the said order to the Appellate Tribunal. Specify the time within which appeal shall be filed from the date on which a copy of the order made by the Adjudicating Authority or the Special Director (Appeals) is received by the aggrieved person or by the C>G> as per sec. 19(2) of the Foreign Exchange Management Act, 1999

As per Sec. 19 of FEMA, 1999, the appeal filed before the Appellate Tribunal shall be dealt with by it as expeditiously as possible and endeavor shall be made by it to dispose of the appeal finally within _______ from the date of receipt of the appeal.

As per sec. 35 of FEMA, 1999, any person aggrieved by any decision or order of the Appellate Tribunal may file an appeal to the High Court within ______ from the date of communication of the decision or order of the Appellate Tribunal on any question of law arising out of such order.

Mr. Bandha, a software engineer of Indian Origin took employment in USA. He is a resident of USA for a log time. He desires to acquire a farm house in Munar (Kerala). Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

Mr. Bandha, a software engineer of Indian Origin took employment in USA. He is a resident of USA for a log time. He desires to make investment in KLJ (Nidhi) Ltd., registered as Nidhi Company. Referring to the provisions of the Foreign Exchange Management Act, 199, state the kind of approval required for the above transactions:

Mr. Bandha, a software engineer of Indian Origin took employment in USA. He is a resident of USA for a log time. He desires to make investment in Rose Real Estate Ltd., an Indian company formed for the development of township. Referring to the provisions of the Foreign Exchange Management Act, 1999, state the kind of approval required?

In  which of the below mentioned remittances, a company is required to obtained prior approval of RBI?