MCQ’s in foreign exchange management act 1999 are useful for preparation of exams. foreign exchange management act 1999 or FEMA Act is one of the chapter in CA Final Law.
MCQ in foreign exchange management act 1999
Multiple choice questions and answers in foreign exchange management act 1999
The Foreign Exchange Management Act, 1999 - Test 1
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Subject :- Corporate & Economic, Allied Laws
Chapter :- The Foreign Exchange Management Act, 1999-Test 1
Questions :- 30
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- Answered
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Question 1 of 90
1. Question
1 pointsWho is an Authorized Dealer?
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Question 2 of 90
2. Question
1 pointsAny PROI, not being a citizen of Pakistan or Bangladesh, and visiting India: may take outside India (including to Nepal & Bhutan) max Rs.
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Question 3 of 90
3. Question
1 points“Current account transaction” means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes
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Question 4 of 90
4. Question
1 points“Export” with its grammatical variations and cognate expressions means; or———–
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Question 5 of 90
5. Question
1 pointsWho is a “Person Resident outside India” as per the FEMA Act, 1999?
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Question 6 of 90
6. Question
1 pointsMr. 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.Correct
Incorrect
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Question 7 of 90
7. Question
1 pointsMr. 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?Correct
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Question 8 of 90
8. Question
1 pointsMr. 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:
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Question 9 of 90
9. Question
1 pointsA 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?
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Question 10 of 90
10. Question
1 pointsThe following transactions are regarded as Capital Account Transaction
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Question 11 of 90
11. Question
1 pointsFollowing transactions are prohibited under FEMA, 1999 unless permission of RBI is obtained:
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Question 12 of 90
12. Question
1 pointsShine 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?Correct
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Question 13 of 90
13. Question
1 pointsFEMA 1999 applies to all branches, offices and agencies outside India owned or controlled by a person resident in India
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Question 14 of 90
14. Question
1 pointsAuthorised person contravenes any direction of RBI: penalty shall be ————-
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Question 15 of 90
15. Question
1 pointsAs per FEMA, a person residing for ——————- in India is a person resident in India (subject to exceptions)
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Question 16 of 90
16. Question
1 pointsFor failure to pay penalty u/s 13 where such penalty < 1 crore: Civil Imprisonment shall be:
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Question 17 of 90
17. Question
1 pointsUnder FEMA a person can undergo civil imprisonment u/s 14 if he fails to pay the full amount of penalty u/s 13:
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Question 18 of 90
18. Question
1 pointsFor failure to pay penalty u/s 13 where such penalty > 1 crore: Civil Imprisonment shall be
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Question 19 of 90
19. Question
1 points—— is not relevant for determining the residential status of a person in FEMA
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Question 20 of 90
20. Question
1 pointsChampions 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?
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Question 21 of 90
21. Question
1 pointsIn continuation of the above question what would be the Residential Status under FEMA, 1999 of unit in Singapore?
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Question 22 of 90
22. Question
1 pointsFriends 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?
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Question 23 of 90
23. Question
1 pointsIn continuation of the above question what would be the Residential Status under FEMA, 1999 of Germany branch?
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Question 24 of 90
24. Question
1 pointsIn continuation of the question number 22 what would be the Residential Status under FEMA, 1999 of Friends?
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Question 25 of 90
25. Question
1 pointsExamine 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.
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Question 26 of 90
26. Question
1 pointsExamine 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 BranchCorrect
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Question 27 of 90
27. Question
1 pointsIn continuation of the above question what would be the Residential Status under FEMA, 1999 of branch at Greece?
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Question 28 of 90
28. Question
1 pointsExamine 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
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Question 29 of 90
29. Question
1 pointsExamine 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
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Question 30 of 90
30. Question
1 pointsExamine 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
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Question 31 of 90
31. Question
1 pointsAs per the provisions of Foreign Exchange Management Act, 1999, a person is said to be resident in India if he
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Question 32 of 90
32. Question
1 pointsAs per the provisions of Foreign Exchange Management Act, 1999, which of the below mentioned persons are considered as resident in India?
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Question 33 of 90
33. Question
1 pointsFEMA, 1999 aims to consolidate and amend the law relating to foreign exchange with the objective of
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Question 34 of 90
34. Question
1 pointsFEMA, 1999 applies to
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Question 35 of 90
35. Question
1 pointsAs per the provisions of Foreign Exchange Management Act, 1999, a person resident in India does not include:
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Question 36 of 90
36. Question
1 pointsAs per the provisions of Foreign Exchange Management Act, 1999, the term foreign exchange does not include which of the following:
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Question 37 of 90
37. Question
1 pointsA 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
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Question 38 of 90
38. Question
1 points(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:
Correct
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Question 39 of 90
39. Question
1 pointsToy 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?
Correct
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Question 40 of 90
40. Question
1 pointsMr. 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?
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Question 41 of 90
41. Question
1 pointsMr. 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?
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Question 42 of 90
42. Question
1 pointsMiss 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?
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Question 43 of 90
43. Question
1 pointsMr. 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.
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Question 44 of 90
44. Question
1 pointsDuring 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.
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Question 45 of 90
45. Question
1 pointsAs 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 ____________.
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Question 46 of 90
46. Question
1 pointsMr. 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?
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Question 47 of 90
47. Question
1 pointsMr. 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.
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Question 48 of 90
48. Question
1 pointsMr. 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.
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Question 49 of 90
49. Question
1 pointsX, 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.
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Question 50 of 90
50. Question
1 pointsMr. 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.
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Question 51 of 90
51. Question
1 pointsWhich of the following is not a prohibited transaction as per FEMA, 1999?
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Question 52 of 90
52. Question
1 pointsTransaction 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 _______.
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Question 53 of 90
53. Question
1 pointsM 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?
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Question 54 of 90
54. Question
1 pointsP 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?
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Question 55 of 90
55. Question
1 pointsMe. 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?
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Question 56 of 90
56. Question
1 pointsMr. 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?
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Question 57 of 90
57. Question
1 pointsMr. 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?
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Question 58 of 90
58. Question
1 pointsMr. 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?
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Question 59 of 90
59. Question
1 pointsMr. 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?
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Question 60 of 90
60. Question
1 pointsMr. 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?
Correct
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Question 61 of 90
61. Question
1 pointsMr. 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?
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Question 62 of 90
62. Question
1 pointsMR. 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?
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Question 63 of 90
63. Question
1 pointsMr. 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?
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Question 64 of 90
64. Question
1 pointsMr. 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?
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Question 65 of 90
65. Question
1 pointsMR. 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?
Correct
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Question 66 of 90
66. Question
1 pointsMr. 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?
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Question 67 of 90
67. Question
1 pointsLifesys 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.
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Question 68 of 90
68. Question
1 pointsLifesys 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?
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Question 69 of 90
69. Question
1 pointsExamine which of the following transactions is not permissible as Capital Account transactions under the FEMA, 1999
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Question 70 of 90
70. Question
1 pointsA 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
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Question 71 of 90
71. Question
4 pointsA 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?
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Question 72 of 90
72. Question
1 pointsA 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:
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Question 73 of 90
73. Question
1 pointsMr. 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
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Question 74 of 90
74. Question
1 pointsAs per Regulation 4 of Foreign Exchange Management (Export of Goods and services) Regulations, 2015, gift of value upto ______ does not require any declaration.
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Question 75 of 90
75. Question
1 pointsAs 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
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Question 76 of 90
76. Question
1 pointsAs 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.
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Question 77 of 90
77. Question
1 pointsAs 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.
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Question 78 of 90
78. Question
1 pointsMr. 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.
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Question 79 of 90
79. Question
1 pointsAn 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.
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Question 80 of 90
80. Question
1 pointsAn 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.
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Question 81 of 90
81. Question
1 pointsIf 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
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Question 82 of 90
82. Question
1 pointsIf 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 ______.
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Question 83 of 90
83. Question
1 pointsAs 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.
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Question 84 of 90
84. Question
1 pointsA 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
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Question 85 of 90
85. Question
1 pointsAs 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.
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Question 86 of 90
86. Question
1 pointsAs 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.
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Question 87 of 90
87. Question
1 pointsMr. 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?
Correct
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Question 88 of 90
88. Question
1 pointsMr. 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:
Correct
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Question 89 of 90
89. Question
1 pointsMr. 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?
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Question 90 of 90
90. Question
1 pointsIn which of the below mentioned remittances, a company is required to obtained prior approval of RBI?
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Mock test in foreign exchange management act 1999
Mock test in foreign exchange management act 1999 for preparation of professional exams.
foreign exchange management act 1999 Objectives
foreign exchange management act 1999 Objectives are
The main objective for which FEMA was introduced in India was to facilitate external trade and payments. In addition to this, FEMA was also formulated to assist orderly development and maintenance of the Indian forex market.
FEMA outlines the formalities and procedures for the dealings of all foreign exchange transactions in India. These foreign exchange transactions have been classified into two categories — Capital Account Transactions and Current Account Transactions.
Under the FEMA Act, the balance of payment is the record of dealings between the citizen of different countries in goods, services and assets. It is mainly divided into two categories, i.e. Capital Account and Current Account.
Capital Account comprises all capital transactions whereas Current Account comprises trade of merchandise. Current Account transactions are those transactions that involve inflow and outflow of money to and from the country/countries during a year, due to the trading/rendering of commodity, service, and income.
The current account is an indicator of an economy’s status. As mentioned above the balance of payment comprises current and capital accounts, the remainder of the Balance of Payment is Capital Account, which consists the movement of capital in the economy due to capital receipts and expenditure. Capital account recognises domestic investment in foreign assets and foreign investment in domestic.
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