Paper 6D Question Wise Sheet For May 2021

INDEX for Mapping Sheets
Sr.No. Particulars Page No.
1. ICAI 7 Sample Case Studies 1-12

2. May 2018 Suggested Answers 13-20
3. November 2018 Suggested Answers 21-28

4. May 2019 Suggested Answers 29-40

7. August 2018 Mock Test Papers 62-69
8. October 2019 Mock Test Papers 70-79

9. May 2020 Mock Test Papers 80-92
10. November 2020 Mock Test Papers 93-100

11. May 2021 Mock Test Papers 101-108
Question wise Reference Answers Sheet for Quick Revision
CA FINAL (NEW SYLLABUS)

Elective Paper 6D: Economic Laws
ICAI Case Study Reference Answers
SAMPLE CASE STUDY 1
ACT I. MCQs Specific Topics Answers (Mapping with ICAI
involved Answers Included Study Material)
RERA 2016 1.(a) Registration of a real Refer Page 2.24 –Section 3 (2)
estate project (a)
2.(b) Application for Refer Page 2.25 –Section 4 (1)
registration of real estate and (2) (c)
projects
3.(d) Functions of Real Estate Refer Page 2.34- Section 10 (1)
Agents (a) (b) (c)
4.(d) Adherence to Sanctioned Refer Page 2.39- Section 14 (3)
Plans and Project
specifications by the
Promoter
5.(a) Registration of on-going Refer Page 2.24 –Section 3 (2)
project for which (a) Note: It may not be
completion certificate is mandatory in a state if the state
yet to be received is has granted exemption to such
mandatory or not. on-going project.
6.(a) Obligations of Promoter Refer Page 2.40-Section 15 (1)
in Case of Transfer of a Note: If a consumer or his family
Real Estate Project to a holds more than one unit in the
Third Party. project then he will be considered
as one consumer only.
7.(b) The time limit within Refer Page 2.45 –Section 19

which an allottee is (10)
required to take
physical possession of
the apartment after
issue of occupancy
certificate is two
months.
8.(b) Completion certificate Refer Page 2.17–Section 2 (q)
Prohibition of 9.(b) Benami Transaction Refer Page 6.5 –Section 2 (9)
Benami (iii)
Property
Transactions
Act,1988
1 | Page Economic Laws Compiled by CA Sanidhya Saraf


Competition 10.(c) Agreement Refer Page 1.6 –Section (2) (b)
Act,2002
II.
Descriptive
Questions
RERA 2016 1. (i) (a) Rights and Duties of Refer Page 2.45 –Section 19
+(b) +(c) Allottees
1. (ii) Obligations of a Promoter Refer Page 2.40- Section 15
in case of transfer of a
Real Estate Project to a
Third Party
2. Prior Registration of Real Refer Page 2.24,2.25 –Section 3
Estate Project with Real and 4 of the Act
Estate Regulatory
Authority and various
documents required for
registration
Competition 3. Agreement, Refer Page 1.6-1.8 –Section 2
Act,2002 Cartel (b) and (c)
SAMPLE CASE STUDY 2

FEMA,1999 1.(d) FEMA (Permissible Refer Page 5.30
Capital Account
Transaction) Regulation
2000
2.(c) Time limit within which Refer Page 5.60 –Point 9
the amount (export FEMA (Export of Goods and
value) of good shall be Services) regulation 2016
released and repatriated
to India.
RERA,2016 3.(d) Certifying authority for Refer Page 2.25 -2.28 Section 4
the amount released for (2) (l) (D)
the real estate project
from allottees in separate
account so that it can be
withdrawn by promoter.
PMLA,2002 4.(c) (Definition of Money Refer Page 4.3
Laundering with reference
to Section 3) Note: Mr
Mehta and Mr. Thakkar are
the buyer and seller of the
property.


PMLA,2002 5.(d) Part C of the Schedule Refer Page 4.33,4.56
(offence of cross border
implications)
FEMA,1999 6.(c) Penalty on illegal Refer Page 5.71,5.17,5.18

remittance of money (Section 13) and Schedule III of
FEM (Permissible Current
Account Transaction)
Regulation 2000)
RERA,2016 7.(c) (Extension of Registration) Refer Page 2.29 –Section 6
RERA,2016 8.(a) (No deposit or advance to Refer Page 2.37 –Section 13
be taken by promoter (No deposit or advance to be
without first entering into taken by promoter without first
agreement for sale) entering into agreement for
sale)
Prohibition 9.(b) Prohibition on retransfer Refer Page 6.17 Section 6
of Benami of property by benamidar
Property
Transactions
Act,1988
RERA,2016 10.(c) Act to Have Overriding Refer Page 2.34 and 2.78
Effect Section 11 (4) along with
Section 89
II.
Descriptive
Questions
FEMA,1999 1. (a) Consequences of Refer Page 5.71,5.17,5.18
remitting foreign (Section 13) and Schedule III of
exchange as educational FEM (Permissible Current
and medical expenses. Account Transaction)
Regulation 2000)
1. (b) Used remitted medical Refer Page 5.71,5.77- Section
expenses partially for the 13,13 (1A),13 (1C),37A
said purpose and partially
for purchasing
immovable property.
RERA,2016 2. Prior Registration of Real Refer Page 2.24,2.28 Section 3

Estate Project with Real and 5
Estate Regulatory Authority
, Grant of Registration
FEMA,1999 3. (i) Compounding of Refer Page 5.74 Section 15

offences

PMLA,2002 3. (ii) Adjudication Refer Page 4.12 Section 8
SAMPLE CASE STUDY 3

PMLA 2002 1.(b) Offence Under the Refer Page 4.56 As per
Customs Act, 1962 Schedule I of PMLA,2002 (It is
a predicate offence related to
custom Act)
2.(b) Money laundering Refer Page 4.3 Section 2(1) (p)
definition and 3
3.(b) Beneficial owner Refer Page 4.4 Section 2 (1) (fa)
Prohibition 4.(b) Neeraj is not liable for Refer Page 6.5 Section 2 (9A)
of Benami Benami Transaction as he
Property stands in a fiduciary
Transactions capacity for the benefit of
Act,1988 another person.
PMLA 2002 5.(a) Refer Page 4.51 Schedule
Money laundering
(Paragraph 8)
through Prevention of
Corruption Act, 1988
Prohibition 6.(a) Prohibition on re-transfer Refer Page 6.17 Section 6
of Benami of property by benamidar
Property
Transactions
Act,1988
FEMA,1999 7.(d) Validity of transaction Refer Page 5.15 Schedule 1 of
related to equity FEM (Current Account
investment Transaction) Rules,2000
RERA,2016 8.(c) This is a general question As Per ICAI Suggested -Refer
based on claiming relief Page 2.18 –Section 2 (v)
by consumer if flat is not
handed over or
completed. Rights and
duties of Allottees (Section
19) Page 3.36
Prohibition 9.(b) Benami Transaction Refer Page 6.5 –Section 2 (9)

of Benami
Property
Transactions
Act,1988
Competition 10.(b) Abuse of dominant Refer Page 1.22-1.24 –Section 4
Act,2002 position
PMLA,2002 1. (a) Paragraph 1 Offences Refer Page 4.47-Schedule Part
Under the Indian Penal A Para 1 Section 472,473
Code
(Case of forgery)

ACT II.Descriptive Specific Topics Answers (Mapping with ICAI

involved Questions Included Study Material)
PMLA,2002 1. (b) Offence under The Refer Page 4.56- Schedule Part
Customs Act, 1962 B Section 132
2.(a) Paragraph 22 Offences Refer Page 4.54 –Schedule Part
Under the Information A Section 72
Technology Act, 2000
Prohibition 2. (b) Benami Transaction Refer Page 6.5 Section 2 (9) (B)
of Benami
Property
Transactions
Act,1988
Competition 3. (i) A +B Agreement, Inquiry into Refer Page 1.6 Section 2 (b),
Act,2002 +C certain agreements and Page 1.34 Section 19, Page 1.40
dominant position of Section 27
enterprise, Orders by
Commission after inquiry
into agreements or abuse of
dominant position
FEMA,2002 3. (ii) Issue of Equity Shares of ₹ Refer Page 5.29 Regulation 3

1 crore at face value FEMA (Permissible Capital
accounting for 45 percent of Account Transaction)
post-issue capital to non- Regulation 2000
resident Indians in U.S.A.
on non-repatriation basis.
SAMPLE CASE STUDY 4

PMLA,2002 1.(b) Proceeds of crime Refer Page 4.4 Section 2 (1) (u)
2.(b) Adjudication (Serving Refer Page 4.12 Section 8
of a notice)
3.(b) After provisional order Refer Page 4.13 Section 8 (4)
of attachment is
confirmed by the
Adjudicating Authority,
the Director shall
forthwith take the
possession of the
attached properties.
PMLA,2002 4.(d) Meaning of attachment Refer Page 4.8 In the ICAI
solution, it is given section
2(1)(d) but in ICAI study
material, it is not mentioned.

ACT I.MCQs Specific Topics Answers (Mapping with ICAI

5.(c) Attachment of property Refer Page 4.8 Section 5 (5)
involved in money-
laundering
6.(b) Adjudication Refer Page 4.13 Section 8 (3) (b)
(Confirmation of
Execution of Passed
order)
7.(b) Paragraph 1 Offences Refer Page 4.47 Section 489A
Under the Indian Penal Schedule of PMLA Part A
Code Paragraph 1
8.(c) Scheduled offence Refer Page 4.4–Section 2 (1) (y)

definition
Prohibition 9.(d) Benamidar Refer Page 6.10 –Section 2 (10)
of Benami
Property
Transactions
Act,1988
PMLA,2002 10.(d) Attachment of property Refer Page 4.8 Section 5 (1)
involved in money-
laundering
II.
Descriptive
Questions
PMLA,2002 1. (a) Adjudication Refer Page 4.12 Section 8 (1)
1. (b) Adjudication Refer Page 4.12 Section 8 (2)
Prohibition 2.(a) Benami Transaction Refer Page 6.5-6.9 Section 2 (9)
of Benami
Property
Transactions
Act,1988
PMLA,2002 2. (b) (i) Definition of money Refer Page 4.7 Section 3 -, Page
laundering, Proceeds of 4.4, Section 2(1) (u),4.47
crime, Section 489B
Schedule of PMLA Part A
Paragraph 1 Offences
Under the Indian Penal
Code
FEMA,2002 2. (b) (ii) FEMA (Permissible Refer Page 5.28 Regulation
Capital Account 3(1)(A)(g)
Transaction) Regulation
2000
FEMA,2002 3. (i) Person Resident in India Refer Page 5.5 Section 2(v) (iii)
and (iv)
3. (ii) Person Resident in India Refer Page 5.5 Section 2 (v)

SAMPLE CASE STUDY 5

ACT /Code I. MCQs Specific Topics Included Answers (Mapping with
involved Answers ICAI Study Material)
FEMA,1999 1.(c) Regulation 2 of Schedule Refer Page 5.17
III of FEM (Current
Account Transactions)
Rules,2000
Prohibition 2.(c) It is not a benami Refer Page 6.5 Section 2 (9)
of Benami transaction because all
Property statutory dues have been
Transactions paid and his father knew
Act,1988 about the
transaction.Therefore,it
falls under the exempted
category.Moreover,the
amount so contributed by
father can be loan or gift to
the son.
FEMA,1999 3.(c) Exemptions Point no.(d) Refer Page 5.57
Regulation 4 of FEM
(Export of Goods and
Services) Regulations,2015
4.(c) Maximum time limit for Refer Page 5.63 Regulation
shipment of goods by 15 of FEM (Export of
exporters against advance Goods and Services)
payment. Regulations,2015
5.(a) An Indian citizen resident Refer Page 5.33 Regulation 3 (d)

outside India is permitted to of FEM (Acquisition and transfer
of immovable property in India)
transfer his agricultural Regulations,2018
property in India to any
person resident in India.
FEMA,1999 6.(d) Surrender of foreign Refer Page 5.65 Regulation
exchange to authorised 7 of FEM (Realisation,
dealer by resident Repatriation and surrender
individual within 180 days of Foreign Exchange)
of purchase or date of his Regulations,2015
return to India, if remain
unspent
7.(b) Exemptions. In case of Refer Page 5.57 Regulation
goods valuing up to Rs. 4 (d) of FEM (Export of
5,00,000 as declared by the Goods and Services)
exporter and sent by way of Regulations,2015
gift to an importer in a
foreign country, export
declaration need not to be
furnished.

ACT /Code I. MCQs Specific Topics Included Answers (Mapping with

IBC,2016 8.(b) Moratorium Refer Page 3.31 Section 14
FEMA,1999 9.(b) FEMA does not impose any Refer Page 5.23
restriction on acquisition of
immovable property outside
India by a non-resident
Indian.Further,when at a
future date the person
concerned becomes a resident
in India,Section 6 (4) even
permits him to hold,own or
transfer immovable property
outside India since such
property was acquired by him
when he was resident outside
India.
IBC,2016 10.(c) Voting % required to Refer Page 3.36 Section 22
remove Interim RP by (Note: In ICAI question, its
Committee of Creditors. 75%, which is 66% after
amendment)
FEMA,1999 1. (i) Reserve Bank’s powers to Refer Page 5.69 Section 11

issue directions to
authorised person
1. (ii) Person resident in India Refer Page 5.5 Section 2 (v)
1.(iii) Person, Person resident in Refer Page 5.5,5.6 Section 2

India, Person resident (u) (v) (w)
outside India
FEMA,1999 2.(i) Drawl of Foreign Refer Page 5.23 Section 6
Exchange for payments (2)
due for depreciation of
direct investment in the
ordinary course of business
FEMA,1999 2. (ii) Whether a person resident Refer Page 5.24 Section 6
of USA is planning to (4)
return to India
permanently. Can he
continue to hold the
investment made by him in
the securities issued by the
companies in U.S.A?
2.(iii) A person resident outside Refer Page 5.28-point no. b
India proposes to invest in (iv) FEM (Permissible
the shares of an Indian Capital Account
company engaged in Transactions) Regulations
construction of ,2000
farmhouses.

ACT /Code II.Descriptive Answers (Mapping with

Specific Topics Included
involved questions ICAI Study Material)
2.(iv) Refer Page 5.29 Schedule II
A person, who is resident
FEM (Permissible Capital
of Canada, is planning to
acquire an immovable
Regulations ,2000
property in Mumbai.
RERA,2016 3. (i) and (ii) Adherence to Sanctioned Refer Page 2.37-2.39

Plans and Project Section 14 and Section 13
Promoter, No Deposit or
Advance to Be Taken by
Promoter without First
Entering into Agreement
for Sale
SAMPLE CASE STUDY 6

ACT/Code I. MCQs Specific Topics Included Answers (Mapping with
IBC,2016 1.(d) Meaning of default Refer Page 3.12 Section 3
(12)
2.(c) Financial creditor Refer Page 3.16 Section 5 (7)
FEMA,1999 3.(b) Refund of advance payment by Refer Page 5.63 Regulation

export if goods are not shipped 15 of FEM (Export of Goods
within 1 year. and Services)
Regulations,2015
IBC,2016 4.(c) Financial creditor Refer Page 3.16 Section 5 (7)
IBC,2016 5.(c) Resolution applicant, Refer Page 3.19, 3.44

Approval of committee of Section 5 (25) and 28
creditors for certain actions
6.(c) Maximum duration of IRP Refer Page 3.34 Section 16

(The question is based on old
provisions in ICAI website. The
correct answer is the maximum
duration of IRP is till the
appointment of resolution
professional under section 22.)
IBC,2016 7.(d) Public Announcement Refer Page 3.33 Section 15
(Expenses will be borne by the
applicant)

8.(c) Appointment of Resolution Refer Page 3.36 –Section 22

Professional (First meeting of
Committee of Creditors within 7
days of its constitution.)
ACT/Code II. Specific Topics Included Answers (Mapping with
involved Descriptive ICAI Study Material)
Questions
9.(d) Regulation 3 of the Insolvency Refer Page 3.38 (Conditions
and Bankruptcy (Insolvency for appointment of
Resolution Process for Resolution Professional)
Corporate Persons)
Regulations,2016
10.(d) An appeal against the order of Refer Page 3.76 Section 61
adjudicating authority against
the approval of resolution plan.
IBC,2016 1. (i) Initiation of Liquidation Refer Page 4.49 Section 33

Process (presentation of
resolution plan after the time
limit expired)
1. (ii) Contravention of Resolution Refer Page 3.54 Section 33

Plan by the corporate debtor.
1.(iii) Consequences where liquidator Refer Page 3.54-3.56 Section
continued the business of 33
MMPL during liquidation
process.
IBC,2016 2. (i) Avoidance of undervalued Refer Page 3.65-3.66 Section

transactions, Relevant period 45 and 46
for avoidable transactions.
2.(ii) In case where liquidator or RP Refer Page 3.66 Section 47

has not reported to the
adjudicating authority of the
undervalued transaction
2.(iii) Order in cases of undervalued Refer Page 3.66 Section 48

transactions
3.(a) (i) Concealment of property Refer Page 4.73 Section 68

(Penalties)
3.(a) (ii) Falsification of books of Refer Page 3.79 Section 71

corporate debtor
3.(a) (iii) Providing false information in Refer Page 3.84 Section 77

application by corporate debtor

3.(b) Transactions defrauding Refer Page 3.80 Section 69

creditors
SAMPLE CASE STUDY 7

ACT I. MCQs Specific Topics Included Answers (Mapping with
Competition 1.(a) General question on Hint: The matter relates to
Act,2002 consumer grievances concerns of an individual
consumer regarding non-
delivery of booked vehicle in
the given time. Hence, District
Consumer Redressal forum is
appropriate authority.
2.(b) Abuse of dominant position Refer Page 1.22 Section 4
3.(c) Abuse of dominant position Refer Page 1.22 Section 4
4.(c) (d) (a) Hint : To examine a case Refer Page 1.10,1.15,1.22
(b) under section 4 of Section 2 (h) ,2(r),4
Sequence Competition Act,2002,first it
asked is to be seen that the alleged
entity is an enterprise or not
before defining the relevant
market ,assessment of its
position of dominance in
relevant market and
examination of its conduct.
5.(b) (a) (d) Hint : To examine a case Refer Page 1.6,1.18 Section
(c) under Section 3(4) of 2(b) and Section 3
Competition Act,2002,it will
be first seen whether the
alleged two entities are in a
vertical chain and whether
they have entered into any
agreement as under the
act,then it will be seen that
whether such agreement is
anti-competitive and it has
appreciable adverse effect on
competition.
6.(a) General Question based on Hint: Essentially, the
case specific situation. allegations relate to passenger
car market.

ACT I. MCQs Specific Topics Included Answers (Mapping with

Competition 7.(d) Inquiry into certain Refer Page 1.34 Section 19
Act,2002 agreements and dominant Point 2(f)
position of enterprise
8.(b) Hint: Cartelisation requires Refer Page 1.6–Section 2 (c)

agreement amongst players
placed at horizontal level.
Competition 9.(a) Hint: No competition Refer Page 1.18 Section 3 -
Act,2002 concerns raised in the matter Anti competitive agreements
as delay in giving delivery to
a consumer or not passing the
benefit of tax reduction to
consumer or increasing the
price cannot be said to be
anti-competitive.
10.(d) Abuse of dominant position Refer Page 1.22 Section 4
II.
Descriptive
Questions
1. Abuse of dominant position Refer Page 1.22 Section 4
2. Abuse of dominant position Refer Page 1.22 Section 4
3. Relevant Market, Refer Page 1.15,1.34 Section
Relevant Geographic Market 2 (r) ,2(s),19
and Inquiry into certain
agreements and dominant

MAY 2018 SUGGESTED CASE STUDY 1

Act /Code Question Marks Specific Topics Included Answers (Mapping
Involved no. (A) with ICAI Study
Material)
Competition 1 5 Whether economic entity is [Section 2(c)] Page 1.6
Act,2002 treated as a cartel or not? Cartel
(Both Yes/No explained in
the suggested answers)
(Descriptive 2 10 Agreement, Anti- [Section 2(b)] -Page 1.6 ,
Questions) competitive agreements Section 3 -Page 2.13
3 5 Conditions in an agreement Section 4 -Page 1.22

to avoid Abuse of dominant
position
Competition 4 4 Acts taking place outside Section 32 – Page 1.47
Act,2002 India but influencing
competition in India
5 6 Show cause notice for Section 29- Page 1.42

entering into anti-
competitive agreement
or combination of an
enterprise for abusing of
dominant position
(Procedure for investigation
of combination)
Multiple Choice Questions Question no. (B)
(Substantiate the answer too in few
lines)
(i) (a) 2 Effect of oral agreement Agreement Section 2(b)
enforceability Page 1.6
(ii)(d) 2 Dominant Position (Abuse Section 4 Page 1.22
of dominant position)
(iii) (c) 2 Relevant market Section 2 (r) Page 1.15
(iv)(a) 2 Abuse of dominant position Section 4 Page 1.22
(v)(d) 2 Predatory Price General meaning asked
(vi)(b) 2 Dominance of 2 enterprises Section 4 Page 1.22
(vii) (c) 2 Abuse of dominant position Section 4 Page 1.22
(viii)(a) 2 Inquiry by Competition Section 19 Page 1.34
Commission of India
(ix) (c) 2 Procedure in case of notice Section 30 Page 1.44
under sub-Section 2 of
Section 6 (Regulation of
Combination)
(x)(b) 2 Relevant Product Market Section 2(t) Page 1.15


Act /Code Question Marks Specific Topics Answers (Mapping
Involved no. (A) Included with ICAI Study
Material)
Insolvency 1. 2+3 Constitution of Refer Page 3.40 Section
and Committee of Creditors, 21
Bankruptcy Calculation of Voting
Code,2016 share of each member of
committee
(Descriptive 2. 4 Total value realised by It is an accounting
Answers) liquidator calculation of total
assets realised.
3. 8 Order of Priority of claims Refer Page 3.69

Practical calculation of
Section 53 (Distribution
of Proceeds from the
sale of the liquidation
assets)
4. 5 Draft Public Notice by IRP Refer Page 3.33 Section
15
5. 5 Various timelines to be Complete Procedure
complied under IBC involved in IBC
Procedure starting from
filing of application
before NCLT to
completion of the entire
process.
6. 3 Treatment of assets of the Refer Page 3.60 Section

subsidiary and shares held 36 (Liquidation Estate)
in it by the liquidator. Exceptions point (d)
Multiple Question Marks Specific Topics Included Answers (Mapping

Choice no. (B) with ICAI Study
Questions Material)
(Substantiate
the answer
too in few
lines)
Foreign (i) (c) 2 Schedule III FEM (Current Page 5.17
Exchange Account Transactions) Rules
Management ,2000 (Medical treatment in
Act,1999 excess of USD 250000
allowed)

Multiple Question Marks Specific Topics Included Answers (Mapping

Choice no. (B) with ICAI Study
Questions Material)
(Substantiate
the answer
too in few
lines)
(ii)(a) 2 Schedule III FEM (Current Page 5.17

Rules ,2000 (A person who
is resident but not
permanently resident in
India, on deputation, can
remit the salary after
payment of applicable taxes
and contribution to social
security schemes)
(iii) (c) 2 FEM (Permissible Capital Page 5.30 (b) (iv)

Regulations,2000 (PROI
can make direct investment
for construction of
residential premises.)
(iv)(d) 2 FEM (Foreign Currency This regulation does not

Accounts by a PRI) form part of the study
Regulations,2015 (PRI can material. Correct answer
retain his money,bank given in common
accounts,investments parlance, may be taken
etc.abroad without any into consideration.
restrictions)Note : This
regulation does not form
part of the study
material.Correct answer
given in common paralance
,may be taken into
consideration.
Foreign (v)(a) 2 FEM (Acquisition and Page 5.32

Exchange transfer of immovable
Management property in India)
Act,1999 Regulation, a person of
Indian origin resident
outside India may transfer
any immovable property in

India other than agricultural

land/farm house/plantation
property, by way of sale to
a person resident in India.
Since in the question it an
agricultural land, so it will
fall in exception for transfer
of property by the way of
sale to a person resident in
India.
(vi)(b) 2 Since FEMA provisions are Common Parlance

violated, Kartik cannot Answer
acquire the flat from his
uncle by way of gift.
(vii) (c) 2 FEM (Export of goods and Page 5.60 point 9

services) Regulation (the
amount representing the
full export value of goods
exported shall be paid to
the authorised dealer as
soon as it is realised and in
any case within fifteen
months from the date of
shipment of goods.)
Foreign (viii) (c) 2 Foreign Exchange Page 5.67

Exchange Management (Possession and
Management Retention of Foreign
Act,1999 Currency) Regulations, 2015 ,
a person resident in India can
retain foreign currency notes,
bank notes and foreign
currency traveller’s cheques
not exceeding USD 2,000 or
its equivalent in aggregate,
provided that such foreign
exchange in the form of
currency notes, bank notes
and travellers cheques
represents unspent amount
of foreign exchange acquired
by him from an authorised
person for travel abroad.Note:
Excess amount must be
surrendered i.e. USD 500 (in
this case )within 90 days of
his return to India

(ix) (d) 2 Section 13 of FEMA,1999 Page 5.71

(Contravention and
Penalty)., Penalty-three
times of sum involved and
up to rupees five thousand
per day of the offence in
continue.
(x) (c) 2 Section 15 (Compounding Page 5.74
of offences) Note:
Compounding within 180
days from the date of
receipt of application by
the Directorate of
Enforcement

Involved no. Included with ICAI Study
Material)
Foreign A 5 Foreign Exchange Page 5.33
Exchange Management
Management (Establishment of a
Act,1999 Branch Office or a Liaison
office or a project office or
any other place of
business) Regulations,
2016
(Descriptive B (1) 5 Schedule II to the Foreign Page 5.29

Questions) Exchange Management
(Permissible Capital
Regulations, 2000 Note
:Investment in India by a
person resident outside
India, through issue of
securities by a body
corporate or an entity in
India and investment
therein by a person
resident outside India, is a
permissible transaction.

B (2) 5 Foreign Exchange Page 5.32

Management (Acquisition
& Transfer of Immovable
Property in India)
Regulations, 2000 Note: (a
India cannot lease/ rent
any part of the property
acquired by him.)

Involved no. with ICAI Study
Material)
Foreign B (3) 4 Schedule I to the Foreign Page 5.28
Exchange Exchange Management
Management (Permissible Capital
Act,1999 Account Transactions)
Regulations, 2000, allows
loans and overdrafts
(borrowing) by a person
resident in India from a
person outside India
subject to the compliance
of guidelines issued by
RBI in this regard.
Alternate answer:
External commercial
borrowing (ECB) from
its parent company
subject to conditions
prescribe in the ECB
regulations.
B (4)(i) 3 Section 7 of FEMA (Self- Page 5.55

writing off the exports if
not realised by the
exporter)
B (4)(ii) 3 Netting off export of Page 5.55

goods receivable and
import payable from same
party is permitted under
the automatic route,

provided the outstanding

amounts are within the
time frame prescribed in
FEMA. In this case both
are overdue and hence
specific approval from
RBI would be required.
B (4)(iii) 2 The answer will not Page 5.55

change. It will be same as
in B (4)(ii)

Material)
Foreign B (5) 3 Foreign Exchange Page 5.22
Exchange Management (Export and
Management import of currency)
Act,1999 Regulations,2015 Note :
(any person resident in
India may take outside
India (other than to Nepal
and Bhutan) currency
notes of Government of
India and Reserve Bank of
India up to an amount not
exceeding 25,000 (Rupees
twenty five thousand
only).
Hence, EISPL cannot
remit amount of 1 crore to
the project office of ESA
in Afghanistan. However,
EISPL can export steel
worth 1 crore to project
office of ESA in
Afghanistan (by following
the guidelines as issued by
RBI)
B (6) 5 Remittance of funds for the Page 5.60

warehouse rent falls within
the current account
transactions and therefore
EISPL can freely remit
warehouse charges to Sri
Lanka. FEM (Export of

goods and services)

Material)
B (7) 5 Payment of export Page 5.14
commission to an overseas
agent is a current account
transaction and hence
freely permitted. However,
payment of advance
commission, lasting for
five years would be
regarded as capital
account transaction and
therefore would require
prior approval of RBI.
Foreign B (8) 5 FEM (Acquisition and Page 5.23
Exchange transfer of immovable
Management property in India)
Act,1999
Regulation, Note:
According to section 6(3)
of the Foreign Exchange
Management Act, 1999, a
India can acquire or
transfer the immovable
property in India, other
than a lease not
exceeding five years.
Thus, the director can
lease the said commercial
premises but not for a
period exceeding 5 years.
Prohibition B (9) 5 Section 2(9) -Benami Page 6.8-6.9

of Benami Transaction
Property
Transactions
Act,1988

NOV 2018 SUGGESTED CASE STUDY 1

Material)
Insolvency 1.1 (C) 2 Powers & Duties of a Refer Page 3.36

and Resolution Professional Section 22 and 23
Bankruptcy
Code,2016
Multiple 1.2 (D) 2 Effect of Moratorium Refer Page 3.31 Section
Choice Period 14(2)
Questions
1.3 (D) 2 Distribution of Assets Refer Page 3.69
Section 53
1.4 (A) 2 Effect of initiation of Refer Page 3.54

liquidation order passed Section 33
by NCLT
1.5 (A) 2 Powers and duties of IRP Refer Page 3.35
Section 17
Competition 1.6 (A) 2 Resignation, removal and Section 11 Page 1.31

Act,2002 suspension of Chairperson
and other members
1.7 (B) 2 Restriction on employment Section 12 Page 1.32
of Chairperson and other
Members in certain cases
1.8 (D) 2 Definition of Agreement Section 2(b) Page 1.6
1.9 (D) 2 Anti-competitive Section 3 Page 1.18

agreements (Transactions
having appreciable
adverse effect on
Competition)
1.10 (C) 2 Resignation, removal and Section 11 Page 1.31

suspension of
Chairperson and other
members


Material)
Insolvency 1.11 (A) 2 Vital Objectives of the Page 3.3 Objectives of

and Code the Code
Bankruptcy
Code,2016
(Descriptive 1.11 (B) 2 Functional Page 3.93 Section 204
Questions) Responsibilities of IPA
1.11 (C) 2 Independence of Page 3.38 Regulation 3

Corporate Debtor of IBC,2016
1.11 (D) 2 Eligible applicants under Page 3.22 Section 6

IBC,2016
1.11 (E) 7 Appointment of IRP and Page 3.34 Section 16

its consent form
Competition 1.12 (A) 3 Appeal to Supreme Court Page 1.62 Section 53T
Act,2002
1.12 (B) 3 Consumer Page 1.9 Section 2(f)
1.12 (C) 5 Anti-competitive Page 1.18 Section 3

agreements (Transactions
having appreciable
adverse effect on
Competition)
1.12 (D) 4 Acts taking place outside Page 1.47 Section 32

India but having an effect
on competition in India


Material)
Prohibition 2.1 (A) 2 Benamidar Page 6.10 [Section

of Benami 2(10)]
Property
Transactions
Act,1988
Multiple 2.2 (B) 2 Benamidar shall be Page 6.10 [Section
Choice aware that property is 2(10)]
Questions registered in his / her
name to categorize a
transaction as B
enami.No, it is not
necessary.
2.3 (C) 2 Adjudicating Authority, Page 6.18,6.29 Section

Confiscation and vesting of 7 ,27
benami property
(Confiscation of benami
property by Central
Government)
2.4 (D) 2 Penalty for benami Page 6.42 Section 53

transaction (25% of the fair
market value of the
property)
2.5 (D) 2 Manner of service of notice Page 6.26 [Section 25]

(By post or by way of
summons)
RERA,2016 2.6 (D) 2 Common areas Page 2.16 [Section 2(n)]
2.7 (A) 2 No Deposit or Advance to Page 2.37 Section 13

Be Taken by Promoter
without First Entering into
Agreement for Sale. (The
property must be registered
since it wants to accept
20% of flat cost which
exceeds 10 %)


Material)
RERA ,2016 2.8 (D) 2 Prominent features of the Page 2.4 point 10
(MCQs) Act (Builders would be
liable for any structural
defects brought to his
notice within 5 years from
date of possession.
2.9 (D) 2 Obligations of Promoter Page 2.41-2.42 Section

Regarding Insurance of 16 (4)
Real Estate Project
2.10 (A) 2 Rights and Duties of Page 2.45-2.46 Section

Allottees 19 (10)
(On completion of the
project and after receipt of
occupancy certificate, an
allottee can take physical
possession of the flat
within two months)
Prohibition 2.11 (A) 3 The owner of the land as Page 6.5-6.7 Section
of Benami per land records shall 2(9)
Property make payment for the Benami Transaction
Transactions land standing in his/her
Act,1988 name in order to be
valid transaction and not
to be considered as
benami transaction in the
terms of section 2(9) of
the said Act.
(Descriptive 2.11 (B) 3 Property held Benami Page 6.17,6.21,6.22

Questions) liable to confiscation, Section 5,18,19
Authorities and
jurisdiction,
Powers of authorities
2.11 (C) 6 Notice and attachment of Page 6.25 Section 24

property involved in
benami transaction


Material)
Prohibition 2.11 (D) 3 Rectification of mistakes Page 6.39 Section 47

of Benami
Property
Transactions
Act,1988
Real Estate 2.12 (A) 9 Return of Amount and Page 2.43,2.32,2.66
(Regulation Compensation, Section 18,9,62
and Registration of Real Estate
Development Agents,
) Act ,2016 Penalty for Non-
Registration and
Contravention Under
Sections 9 and 10
(Descriptive 2.12 (B) 4 Adherence to Sanctioned Page 2.39 Section 14
Questions) Plans and Project
RERA,2016 specifications by the
Promoter
2.12 (C) 3 Obligations of Promoter in Page 2.40 Section 15
Case of Transfer of a Real
Estate Project to A Third
Party

Material)
Foreign 3.1 (D) 2 Prohibited Transactions Page 5.30 Section 6
Exchange (Trading in transferable
Management development rights)
Act,1999
Multiple 3.2 (B) 2
Choice Foreign Exchange Page 5.67
Questions Management (Possession
and Retention of Foreign
Currency) Regulations,
2015 (Retention of USD
2000 only by way of
honorarium earned by him
on deputation)


Material)
Foreign 3.3 (A) 2 Residential Status Page 6.5 Section 2 (v),
Exchange (Person resident in India, (w)
Management Person resident outside India)
Act,1999
3.4 (C) 2 Appeal to Appellate Tribunal Page 5.76 Section 19
(The time limit within
which the appeal can be
lodged against the decision
of the Adjudicating
Authority by India Export
Limited is within 45 days
from receipt of order)
3.5 (C) 2 Foreign Exchange

Management (Acquisition and Page 5.32 (Restriction
Transfer of Immovable to purchase farmhouse
Property in India) by NR)
Regulations, 2018
(Acquisition and Transfer of
Property in India by a Non-
Resident Indian or an
Overseas Citizen of India)
Prevention of 3.6 (D) 2 Scheduled offence Page 4.4 Section 2(1) (y)
Money
Laundering
Act,2002
3.7 (D) 2 Punishment of Money Page 4.8 Section 4
Laundering
3.8 (C) 2 Stages of Money Laundering Page 4.1-4.3

(Placement, Layering and
Integration)
3.9 (A) 2 Vesting of property in Central Page 4.14 Section 9

Government
3.10 (C) 2 Offences under this act to be Page 4.32 Section 45

cognizable and non-bailable


Material)
Foreign 3.11 (A) 2 Extent and Application Page 5.3 Section 1
Exchange of the Act (FEMA, 1999
Management extends to the whole of
Act,1999
India. In addition, it shall
also apply to all
branches, offices and
agencies outside India
owned or controlled by a
person resident in India
and also to any
contravention
thereunder committed
outside India by any
person to whom this Act
applies.)
(Descriptive 3.11 (B) 2 Current Account Page 5.15 Section 5

Questions) Transactions Schedule I
(Transactions for which
drawl of foreign exchange
is prohibited)
(Remittance out of lottery
winnings is prohibited.)
3.11 (C) 2 Acquisition and Transfer of Page 5.36

Immovable Property
outside India -
Restriction on acquisition
or transfer of immovable
property outside India
3.11 (D) 4 The relevant provisions Page 5.60 Section 7

for realization of export Export of Goods and
value and its timeline. Services (By default it
(Foreign Exchange is nine months from the
Management (Export of date of export)
Goods and Services)
Regulations, 2015)


Material)
Foreign 3.11 (E) 2 Period for surrender of Page 5.65 (By resident
Exchange received/ realised/ individuals, the period
Management unspent/ unused foreign is 180 days from the
Act,1999 date of his return)
exchange by Resident
(Descriptive
individuals [Regulation 5
Questions)
of Foreign Exchange
Management
(Realisation, repatriation
and surrender of foreign
exchange) Regulations,
2000
3.11 (F) 3 Foreign Exchange Page 5.66 Section 9
Management (Realisation, (Exemption from
Repatriation and Surrender realisation and
of Foreign Exchange) repatriation in certain
Regulations, 2015 cases)
Prevention of 3.12 (A) 3 Introduction and stages of Page 4.1-4.3
Money Money Laundering
Laundering
Act,2002
3.12 (B) 3 Methods of Money Page 4.3
Laundering
3.12 (C) 2 Proceeds of crime Page 4.4 Section 2(1)(u)
3.12 (D) 3 Letter of request to a Page 4.35 Section 57

contracting State in certain
cases
3.12 (E) 4 Power of authority to make Page 4.20 Section 16

survey


Material)
Foreign 1.1 (A) 2 An Indian citizen Page 5.32 (Acquisition
Exchange resident outside India is and Transfer of
Management permitted to transfer his Property in India by a
Act,1999 Non-Resident Indian or
agricultural property in
India to any person an Overseas Citizen of
resident in India. India)
Multiple 1.2 (C) 2 Schedule II (Transactions, Page 5.16 Section 5

Choice which require prior Payment of hiring charges
Questions approval of the for the transponders by
Government of India for Stay Connected.
drawal of foreign
exchange)
1.3 (A) 2 Schedule I (Transactions Page 5.15 Section 5

for which drawl of foreign drawal of foreign
exchange is prohibited)
exchange for
purchasing lottery
tickets, sweepstakes,
etc. is prohibited
under the FEMA
1.4 (D) 2 Mr. William Rutherford Page 5.5,5.6 Section

is not a person resident in 2(v), (w) Person
India since he is on a resident in India and
short-term visit to India Person resident outside
and is not on a long- India
term visa.
1.5 (D) 2 Is the purchase of Ranch Page 5.36 Acquisition

(farm) in Texas by Mr. and Transfer of
Rahul in accordance with Immovable Property
FEMA? No, since Rahul outside India
has used funds from his
INR account for making
the payment to the extent
of USD 500,000.


Material)
Prohibition 1.6 (A) 2 Penalty for benami Page 6.42 Section 53

of Benami transaction (Rigorous
Property imprisonment for a term of
Transactions one to seven years, with
Act,1988 fine which may extend to
25 of the fair market values
of the property.)
1.7 (D) 2 Confiscation and vesting of Page 6.29, Section 27
benami property by
adjudicating authority
1.8 (D) 2
Benami Property
Page 6.5 Section 2(8)
(Property purchased in
the name of an individual,
for which consideration
was paid by another
person and such another
person enjoys the
possession of the
property.
1.9 (C) 2 Consequences of Benami Page 6.5 Section 2(9)

Transaction (the Initiating
Officer take action
against Mr. Srinivas
Rajan since he abets
(encourages) Mr. Rohit in
transferring the money
from the bank account of
Good Phones to Mr.
Rohit's personal account.
1.10 (B) 2 Benamidar (Yes, she is a Page 6.10

Section 2 (10)
benamidar as she is in
possession of a property
acquired out of benami
funds.)


Material)
Foreign 1.11 (i) 4 (Foreign Exchange Page 5.57 (Export
Exchange Management (Export of declaration not required
Management Goods and Services) if they are not more
Act,1999 than five lakhs in value)
Regulations, 2015) -
Exemptions -Inclusion /
exclusion of the items
sent free of cost to the
dealers in the export
declaration.
(Descriptive 1.11 (ii) 4 FOREIGN EXCHANGE Page 5.32 (Provided
Questions) MANAGEMENT further that no payment
(ACQUISITION AND for any transfer of
TRANSFER OF immovable property
IMMOVABLE shall be made either by
PROPERTY IN INDIA) traveller’s cheque or by
REGULATIONS, 2018 foreign currency notes
Acquisition and Transfer of or by any other mode
Property in India by a Non- other than those
Resident Indian or an specifically permitted
Overseas Citizen of India under this regulation)
1.11 (iii) 4 Regulation 9 of the Page 5.70 Section 13
Foreign Exchange Penalties (Penalty up
Management (Export of to thrice the sum
Goods and Services) involved in such
Regulations, 2015 contravention where
specifies the Period such amount is
within which export value quantifiable, or up to
of two lakh rupees where
goods/software/services the amount is not
to be realised. (by default, quantifiable, and
it is 9 months from date where such
of export) contravention is a
continuing one,
further penalty which
may extend to five
thousand rupees for
every day after the
first day during which
the contravention
continues.


Material)
Foreign 1.11 (iv) 2 As per Regulation 9 of the Page 5.35 (Since in
Exchange
Foreign Exchange the given case, Arjun,
Management
Act,1999 Management (Acquisition being a citizen of Sri
and Transfer of Lanka, is prohibited to
Immovable Property in acquire property in
India) Regulations, 2018, India, except on lease
prohibition on acquisition for 5 years. If Mr.
or transfer of immovable Rohit proposes to
property in India is cast lease Mr. Arjun for a
on the citizens of certain period of 20 years,
countries. Accordingly, can do so only on the
no person being a citizen
prior permission of
of Sri Lanka, without
the RBI.)
prior permission of the
Reserve Bank shall
acquire or transfer
immovable property in
India, other than lease,
not exceeding five years.
Prohibition 1.12 (i) 4 Exclusions from Benami Page 6.5 Section 2(9)
of Benami Transaction (since the Page 6.17 Section 6
Property Prohibition on
property has been
Transactions retransfer of property
purchased in the name of
Act,1988 by benamidar
his child), it is not (no person, being a
covered as a benami benamidar shall re-
transaction and A transfer the benami
property jointly held in property held by him to
the name of brother and the beneficial owner or
they appear as joint any other person acting
owners. Hence, this is not on his behalf. In cases
a benami transaction.) where any property is
re-transferred, then such
a transaction of a
property shall be
deemed to be null and
void.


Material)
Prohibition 1.12 (ii) 4 Identification of the Page 6.5-6.10

of Benami benami Section 2(8),2(9),2(10)
Property properties/transaction,
Transactions the benamidars, the
Act,1988 beneficial owner.
1.12 (iii) 4 Calculation of Fair Market Page 6.11-6.13
Value (Rule 3) Section 2(16)
1.12 (iv) 3 Process to be followed by the Page 6.25 Section 24

Initiating Officer for
attachment of the property
under a benami transaction.
(Amendment May 2020)

Material)
Real Estate 2.1 (C) 2 Advertisement Page 2.13 Section 2(b)

(Regulation (Since Winner launched the
and project and commenced
Development marketing even before the
) Act ,2016 project received
registration from RERA.
Hence, their
advertisement campaign
was not in accordance
with the RERA 2016.)
Multiple 2.2 (A) 2 Function and Duties of Page 2.34

Choice Promoter (Formation of Section 11 (4) (e)
Questions association of allottees
within 3 months of the
majority of the allottees
having booked their
apartment.)


Material)
2.3 (B) 2 Function and Duties of Page 2.34-2.36

Promoter (The promoter is Section 11 (4) (g)
liable for making payment
for the water and electricity
charges until the physical
possession is transferred to
the allottees.)
2.4 (D) 2 The time limit within Page 2.45 –Section 19
which the allottees of (10) Rights and Duties
winner Shikaram are of Allottees
required to take physical
possession of the
apartment after issuance
of occupancy certificate
is two months.
2.5 (C) 2 As per provisions of RERA,
collection of cash by General Question
Wonderful Interiors for
interior work, modular
kitchen, supplying fans and
lights, etc - May be
appropriate, since provisions
of RERA are not applicable.
Prevention of 2.6 (B) 2

Money Stages of Money Page 4.1-4.3
Laundering Laundering (Placement,
Act,2002 Layering, Integration)
2.7 (C) 2 Power to Director or other Page 4.21 Section 17

Officer for Search and
Seizure
2.8 (B) 2
Ms. Anusha Nair
Applicability of
brought gold jewellery
PMLA,2002
worth INR 15 lakhs from
Dubai through the green
channel. Is this an offence
under the PMLA 2002.
No, while it is an offence, it
is not actionable under the
PMLA 2002.


Material)
RERA,2016 2.9 (B) 2 Benefits of RERA to Page 2.12 Last bullet

allottees (To protect point
consumer of a project the
Act mandates that of all
collections 70% funds be
deposited in an escrow
account maintained with a
scheduled commercial
bank.)Amount Collected
=80 crores x 70% =56
Crores -minimum amount
to be deposited.
Prevention of 2.10 (C) 2 which of the practices are Page 4.3 Methods as to
Money not common schemes of how money laundering
Laundering money laundering? can be done.
Act,2002
Usage of false
trademarks/copyrights
Real Estate 2.11 (i) 4 It is a question based on Page 2.37,2.16,2.45

(Regulation the features and general Section 13,2(n),19(7)
and conditions which form No Deposit or Advance
Development part of agreement to sale to Be Taken by
) Act ,2016 under RERA,2016.One Promoter exceeding
has to thoroughly go 10% without First
through the case study Entering into
and find such areas to be Agreement for Sale,
mentioned particularly in Common areas, Rights
this answer. and Duties of Allottees.
(appropriateness of the
conditions mentioned in
the agreement to sale, in
the context of the
provisions of RERA
2016)


Material)
(Descriptive 2.11 (ii) 4 Adherence to Sanctioned Page 2.39 Section 14

Questions) Plans and Project
Promoter (the provisions in
RERA 2016 relating to the
changes in design of the
construction from the
sanctioned plans)
2.11 (iii) 3 Reduction of Carpet area Page 2.16 Section 2(k)

(the explanations
provided by Mr. Vijay
Nair on the reduction of
the carpet area was
invalid. So, home buyers/
customers are liable to
pay only for the carpet
area, that is the area
within walls.)
RERA,2016 2.11 (iv) 4 The delay and the Page 2.34-2.36

(Descriptive increase in labour costs Section 11 As per the
Questions) in the context of Section 11 of Real
provisions of RERA Estate (Regulation &
2016. (Functions and Development) Act,
Duties of Promoter) 2016, it is the duty of
the promoter, to alter a
project plan, structural
design and
specifications of the
plot, apartment or a
building, the promoter
has to get the consent
of minimum two-
third allottees (buyers)
after the necessary
disclosures.


Material)
Prevention of 2.12 (i) 8 Scheduled offence, Page 4.4, 4.7,4.8
Money Parties to Money-
Laundering laundering, (Punishment Section 2(1)(y),3,4
Act,2002
of Money Laundering
(rigorous imprisonment
for a term which shall
not be less than three
years, but which may
extend to seven years and
shall also be liable to
fine. But where the
proceeds of crime
involved in money-
laundering relate to any
offence specified under
paragraph 2 of Part A of
the Schedule (i.e.
Offences under the
Narcotic Drugs and
Psychotropic Substances
Act, 1985), the
maximum punishment
may extend to ten years
instead of seven years.
Prevention of 2.12 (ii) 4 Obligation of Banking Page 4.16 Section 12
Money Companies, Financial
Laundering Institutions and
Act,2002 Intermediaries Reporting
entity to maintain
records.
(Descriptive 2.12 (iii) 3 Offences by Company Page 4.42 Section 70
Questions) (the position of the
nominee director of the
PE investor would be
same as of Mr Nair) (Mr.
Vijay Nair contended that
he was not a party to any
of the alleged offences and
he was managing the real
estate business of Winner
only. His statement is not
valid on the grounds of
section 70 of the PMLA
2002.)


Material)
Competition 3.1 (C) 2 Page 1.34 Section 18

Duties of Competition
Act,2002
Commission of India (To
ensure freedom of trade
carried on by Indian
suppliers in global market.
It is not a duty.)
Multiple 3.2 (C) 2 Scrutiny of notice by the Regulations removed

Choice Commission in new Study Material
Questions (The Secretary shall (Competition
convey the decision of Commission of India
the Commission to the (Procedure regarding
parties to the the transaction of
combination within business relating to
Seven working days of combinations)
such decision of the Regulations,2011 along
Commission) with Amendment
regulations,2018)
3.3 (A) 2
Operate independently of
Page 1.22 Section 4
competitive forces
(Abuse of dominant
prevailing in the relevant
position)
market is Abuse of
dominance component.
Insolvency 3.4 (B) 2

Functions of the Insolvency
and Page 3.93 Section 204
Professional Agencies
Bankruptcy
(Recommending Insolvency
Code,2016
Professionals to Committee of
Creditors is not a function of
IPA)

Act /Code Question Marks Answers (Mapping

Specific Topics
Included Material)
Insolvency Calculation of Voting

and 3.5(B) 2 Share of a financial
Page 3.19 [Section
Bankruptcy creditor-voting share 5(28)]
Code,2016 Voting Share of
means the share of the
B=20/120=16.667%
voting rights of a single
financial creditor in the
committee of creditors
which is based on the
proportion of the
financial debt owed to
such financial creditor in
relation to the financial
debt owed by the
corporate debtor.
3.6 (C) 2 Page 3.54 Section 33

Conditions for Initiation of
liquidation of corporate
debtor (The Committee of
Creditors resolve to
liquidate the debtor with a
majority (> 50%). It will
not be a condition as the %
should be 66%.)
3.7 (D) 2 Distribution of assets Page 3.69 Section 53

(Order of priority of
claims)
3.8 (A) 2 Whether an operational

Page 3.16 Section 5(7)
creditor can assign or
Financial creditor
legally transfer any
operational debt to a
financial creditor?
Yes. However, the
transferee shall be
considered as an
operational creditor to
such extent of transfer.


Material)
Insolvency 3.9 (A) 2 Appointment of Page 3.36 Section 22

and
Resolution Professional
Bankruptcy
Code,2016 (Appointment of interim
resolution professional as
insolvency professional
or replacement of the
interim resolution
professional by another
resolution professional
items should be taken up
in the first meeting of
committee of creditors
(COC)
3.10 (A) 2 Page 3.42 Section 24
Meeting of committee of
creditors (quorum in case
of meeting of committee
of creditors (CoC) -
Members of the
Committee representing
at least 33% of the voting
rights present either in
person or video
conference or other
audio- v i s u a l means.
3.11 11 Page 3.16,3.25

Meaning of dispute,
Section 5(6) ,9
Insolvency resolution by
operational creditor
Competition 3.12 (i)(a) 4 Anti-Competitive Page 1.18 Section 3
Act,2002 Agreements
(Descriptive 3.12 (i)(b) 6 Factors affecting the Page 1.34 Section 19

Questions) dominant position of
enterprise- Inquiry into
certain agreements and
dominant position of
enterprise


Material)
Competition 3.12 (i)(c) 4 Orders by Commission Page 1.40 Section 27

Act,2002 after inquiry into
agreements or abuse of
dominant position
3.12 (ii) 6
Abuse of dominant Page 1.22 Section 4
position

Material)
Which is not part of the
and Page 3.3
Bankruptcy objectives for Objectives of the Code
Code,2016 introduction of the IBC,
2016? This is not the
objective of Code- Hold
Promoters personally
financially liable for
default of the firms that
they control as opined
by CFO in the case
study.
Multiple 1.2 (D) 2 The definition of a Page 3.11

Choice financial debt Section 3(11)
Questions Receivables assigned to a
Bank on without recourse
basis. (It is not a financial
debt)


Specific Topics
Included Material)
Insolvency Page 3.40 Section 21

Constitution of
and 1.3 (B) 2
Committee of Creditors
Bankruptcy
Code,2016 when there is no
financial debt (18 largest
operational creditors, 1
representative of
workmen and 1
representative of
employees.
Competition 1.4 (B) 2 Which of the following are Page 1.15 Section 2(t)
Act,2002 not factors which need to Relevant Product
be considered for Market
determining the relevant
product market under the
Competition Act, 2002?
(Market structure and size
of market)
1.5 (D) 2 Which factors are not Page 1.18 Section 3

considered to check the Anti -competitive
arrangement to be anti- agreements
competitive and likely to
have an appreciable
adverse effect on
competition?
(Joint venture between the
parties to share distribution
channels and logistics
services to reduce cost.)
1.6(i) 3 Activation of Section 3, Page 1.48 Section 36

whether the tender should (Power of Commission
be called for or not? to regulate its own
Ans.Yes. procedure)


Specific Topics
Included
Material)
Competition 1.6(ii) 3 Page 1.34 Section 19

As per the situation
Act,2002 Inquiry into certain
given and provisions of
agreements and
the Act, CCI is dominant position of
empowered to inquire enterprise
into any alleged
contravention of the
provisions contained in
Section 3(1) or Section
4(1) on its own motion
also. Hence, CCI can
also investigate the
matter pertaining to the
tender floated by Delta
Corporation in March
2018 (though it was not
the subject matter
contained in the
complaint submitted by
Delta Corporation on 4th
February 2018).
1.6(iii) 5 Whether the company is Page 1.6 Section 2(c)

involved in bid-rigging Cartel, Page 1.18
or not and formation of Section 3 Anti-
cartel is done or not? competitive agreements
Yes
Insolvency 1.7 4 Initiation of Insolvency Page 3.25 Section 8

and resolution by PEL (Insolvency resolution
Bankruptcy (operational creditor) by operational creditor)
Code,2016 against Multicrop. Page 3.25 Section 9
(Commencement of
insolvency resolution
process by operational
creditor)


Material)
Prevention of 2.1 (C) 2
Money Power of director to Page 4.19 Section 13
Laundering impose fine (Direct the
Act,2002 relevant courts to take
civil or criminal
proceedings against
TBTPL or its
employees.) This is the
action that cannot be
taken by ED.
Multiple 2.2 (B) 2

Search of persons. The
Choice Page 4.23 Section 18(3)
ED wanted to detain Mr.
Questions
Sudhir Shankar for a
period of 3 days to make
enquiries and get the
relevant information
from him. Answer. No,
maximum period of
detention under PMLA
is 24 hours before which
Sudhir should be
presented before the
superior ranking office
or the magistrate.
2.3 (D) 2 Punishment for vexatious Page 4.40 Section 62

search (Imprisonment for a
term which may extend to
two years or fine which
may extend to ₹ 50,000 or
both.)


Material)
Foreign 2.4 (C) 2 An exporter who has not Here, Total exports
Exchange been able to realize the realised in the year
Management outstanding export dues 2017-18 is USD
Act,1999 despite best efforts, may 3,000,000 and
either self-write off or accordingly with
approach the AD Category approval of AD 10 %
– I banks, who had handled i.e USD 300,000 will be
the relevant shipping written off and in case
documents, with of self-write off 5% of
appropriate supporting USD 30Lakhs i.e USD
documentary evidence with 150,000.
a request for write off of
the unrealized portion Important Note: This
subject to the fulfilment of question came out of
stipulations regarding syllabus since it is not
surrender of incentives mentioned in the ICAI
prior to “write-off” study material.
adduced in the A.P. (DIR
Series) Circular No. 03
dated 22 July 2010.
The following
liberalization in the limits
of “write-offs” of
unrealized export bills:
Self “write-off” by an
exporter (Other than Status
Holder Exporter) -----------
5%*
Self “write-off” by Status
Holder Exporters ------------
------------------------------
10%*
‘Write-off” by Authorized
Dealer bank ------------------
------------------------------
10%*
*of the total export
proceeds realized during
the previous calendar
year.


Material)
Foreign 2.5 (D) 2 Payment for Page 5.16 Section 5
Exchange advertisement in foreign Schedule II
Management print media requires prior (Transactions, which
Act,1999 require prior approval
approval of central
government. of the Government of
India for drawal of
foreign exchange)
(Descriptive 2.6 7 i)Commission, per Page 5.18 Section 5

Questions) transaction, to agents (Schedule III
abroad for sale of (Transactions which
residential flats or require RBI’s prior
approval for drawal of
commercial plots in
foreign exchange)
India exceeding USD Facilities for persons
25,000 or five percent of other than individual)
the inward remittance
whichever is more.
ii)Remittances
exceeding USD
1,00,00,000 per project
for any consultancy
services in respect of
infrastructure projects
and USD 10,00,000 per
project, for other
consultancy services
procured from outside
India.
iii) As per FEMA

provisions, a resident
cannot lend to another
resident in foreign
currency. However,
Loan and guarantee can
be extended to an
overseas entity only if
there is already an
existing equity / CCPS
(Compulsorily
Convertible Preference
Shares) participation by

way of direct
investment.
In the given case study,
TBTPL lent an amount
of USD 500,000 in
foreign currency to one
of its vendors. This loan
was guaranteed by the
holding Company of the
vendor, which is located
in Mauritius.
As per the facts of the case
study and the provision
enumerated above,
TBTPL cannot give loan
to its vendor.
Prevention of 2.7(i) 5 Identify offences, parties Page 4.4 Section 2

Money involved and proceeds of (1)(u) Page 4.4 Section
Laundering crime. 2(1)(y)
Act,2002
(Descriptive 2.7(ii) 3 Search and seizure Page 4.21 Section 17
Questions)

Material)
Competition 3.1 (D) 2 This is not likely to Page 1.18
Act,2002 cause an appreciable Section 3 Anti -
adverse effect on competitive agreements
competition under the
Competition Act, 2002.
( A maximum price
ceiling on the resale
price that may be
charged by HLL for
ultimate sale of the
goods purchased by it
from LPPL.)


Material)
Competition 3.2 (C) 2 Competition Regulation removed
Act,2002 Commission of India now Giving notice in
(Procedure regarding the Form II is Optional if
transaction of business the combined market
relating to combinations) share after such
Regulations,2011 along combination is more
with Amendment than 15% of the
regulations,2018 market.
Form of notice for the
proposed combination
Prevention of 3.3 (C) 2 Reciprocal agreements with Page 4.35 Section 56

Money foreign countries
Laundering
Act,2002 (Exchange the history of
LPPL if it is wilful
offenders under the
PMLA on annual basis.)
It is not included in the
agreement.
3.4 (A) 2 Composition of

Adjudicating Authority Page 4.10 Section 6
(One Chairperson,
appointed by central
government and two other
members.)
3.5 (A) 2 Punishment of Money Page 4.8 Section 4

Laundering (Minimum 3
years and maximum 10
years with fine)
Competition 3.6(i) 4 Question based on limit of Page 1.24 Section 5

Act,2002 combination Combination


Material)
(Descriptive 3.6(ii) 3 Orders by Commission Page 1.40 Section 27

Questions) after inquiry into
dominant position
(Accordingly, the penalty
under Section 27(b) of the
Act must be on total/ entire
turnover of the offending
Company)
Prevention of 3.7(i) 4 Proceeds of Crime Page 4.4 Section 2(1)(u)

Money
Laundering
Act,2002
(Descriptive 3.7(ii) 4 Attachment, seizure, and Page 4.39 Section 60
Questions) confiscation, etc., of
property in a contracting
State or India

Material)
Prohibition 4.1 (D) 2 The property is a benami Page 6.5 Section 2(8)
of Benami property since the owner Benami Property
Property of the property is not
Transactions aware of such
Act,1988 ownership.
Multiple 4.2 (B) 2 Notice and attachment of Page 6.25 Section 24

Choice property involved in (Amendment Section)
Questions benami transaction (The
adjudicating authority's
function is to confiscate
and vest the property.
The Initiating Officer
has powers to send the
notice for attachment of
property.)


Material)
Prohibition 4.3 (C) 2 Benami transaction Page 6.5-6.7 Section

of Benami includes any income or 2(9) Benami
Property proceeds received or Transaction
Transactions earned out of a benami
Act,1988 property.

Voting share is based on
and Page 3.19 Section
the financial debt owed
Bankruptcy 5(28) Voting Share
Code,2016 by Seaview
Constructions to each
bank as a proportion to
the total financial debt
owed by Seaview
Constructions to third
parties (i.e. other than
related parties).
4.5 (A) 2
Who are eligible to
Page 3.28 Section 11
initiate corporate Persons not entitled to
insolvency process initiate insolvency
against Seaview process
Constructions?
([In order to drive
G Limited, completed a the answer for
corporate insolvency initiation of CIRP
resolution process 15 against Seaview
months prior to the date constructions, word
of making the “Operational
application. Creditor” is to be
assumed as
Note : There is an corporate person].
amendment in this
section through
explanation II .Now
such 12 months’ time
limit is irrelevant.
Read section 11 for
more details.


Material)
Prohibition 4.6(i) 3 Notice and attachment of Page 6.25 Section 24

of Benami property involved in (Amendment), Page
Property benami transaction, 6.5-6.7 Section 2(9)
Transactions Benami Transaction
Act,1988
Insolvency 4.7(i) 5 Procedure of seeking Page 3.49-3.51 Section

and approval of the Resolution 30 Resolution Plan
Bankruptcy plan in the light of Section 30
Code,2016 of the Insolvency and
Bankruptcy Code
(Descriptive 4.7(ii) 3 Page 3.40 Section 21

Constitution of
Questions)
When Financial
Creditor /authorized
representative is not
entitled to participate
in the CoC:
As per Section 21 of the
IBC, for the Financial
Creditor or the
authorised
representative of the
financial creditor
referred to in Section
24(6), 24(6A), or 24(5),
related to the conduct of
meetings of creditors, if
it is a related party of
the corporate debtor,
shall not have any
right of representation,
participation or voting in
a meeting of the
committee of creditors.


Material)
Real Estate 5.1 (C) 2

Open parking areas
(Regulation Page 2.16 Section 2(n)
cannot be sold for
and Common Areas
Development consideration since they
) Act ,2016 are to be considered as
common area of the
Project.
Multiple 5.2 (A) 2 Question based on the

One of the allottees of
Choice terms of agreement in
Decor Dream Home
Questions this case study. (The
have-reached out to you entire amount of
for your advice on consideration should be
whether the 'collection paid by the allottee
of the entire within 6 months from
consideration by Decor the sale agreement,
Constructions without irrespective of the date
regard to the stage of / stage of completion of
constructions is the construction. This is
to facilitate the speedy
appropriate.
completion of
Appropriate. The construction. Decor
terms/timing of payment Constructions has
are governed by the sale already factored in a
agreement between the discount in the per
square feet rate to
promoter and allottee.
compensate the
allottees for the upfront
payment.)
Foreign 5.3 (D) 2 Capital Account Page 5.23-5.27
Exchange Transaction (Transactions Section 6
Management which alter the assets and
Act,1999 liabilities (including
contingent liabilities) of
non-residents in India.)
It is not a capital Account
Transaction.


Specific Topics
Included Material)
Foreign 5.4 (C) 2 Page 5.32
Exchange Yes, a non-resident can
Acquisition and
Management continue to hold the
Transfer of Property in
Act,1999 property, since this was India by a Non-Resident
inherited from a person Indian or an Overseas
who was resident in Citizen of India
India. (i.e. from his
father)
5.5 (B) 2 The Liberalised Page 5.19 Master

Remittance Scheme is Direction - Liberalised
for resident individuals Remittance Scheme
(upto USD 250,000 per (LRS)
financial year for any
current or capital
transaction or both.)
Real Estate 5.6(i) 3 Prior Registration of Real Page 2.24 Section 3
(Regulation Estate Project with Real Accordingly, the
and Estate Regulatory provisions of RERA
Development Authority (The project are said to be
) Act ,2016 was commenced in applicable to the
November 2014 and was in Décor Dream Home
progress on the effective Project as no
date of coming into force completion certificate
of RERA, 2016 i.e. on 1st has been issued within
May 2017. As per Section a period of three
3(1) of RERA, 2016, the months from the date
promoter shall make an of commencement of
application to the this Act i.e., until July
Authority for registration end 2017
of the project that is
ongoing on the date of
commencement of this
Act and for which
completion certificate has
not been issued within a
period of three months
from the date of
commencement of this
Act.


Material)
(Descriptive 5.6(ii) 6 Return of amount and Page 2.43 Section 18

Questions) Compensation
RERA,2016
Foreign 5.7(i) 2 As per FEMA, 1999 under Page 5.23-5.27
Exchange Section 6(4), a person Section 6
Management resident in India may hold,
Act,1999 own, transfer or invest in
foreign currency, foreign
security or any immovable
property situated outside
India if such currency,
security or property was
acquired, held or owned by
such person when he was
resident outside India or
inherited from a person
who was resident outside
India.
(Descriptive 5.7(ii) 4 Page 5.51 ODI by
Purchase of immovable
Questions) resident individuals.
property in India Jointly
Section 6(3)
with Mr. Ravi Rao
(W.r.t. part (i) of the
transaction proposed by
Ms Anne Rao, according
to Section 6(3), the
Reserve Bank may, by
regulations, prohibit,
restrict or regulate the
giving of a guarantee
or surety in respect of
any debt, obligation or
other liability incurred
by a person resident
outside India.Therefore,
proposed transaction as
to purchase of
immovable property to
be entered by Ms. Anne
Rao, is valid on the
guarantee of Décor
Construction.

Investing USD 2,00,000

in special purpose vehicle
(Financial Commitment)
W.r.t. part (ii) of the
transaction proposed,
investments (or financial
commitment) in
JV/WOS abroad by
Indian parties through
the medium of a Special
Purpose Vehicle (SPV)
are also permitted
under the Automatic
Route if the Indian party
is not appearing in the
Reserve Bank's caution
list or is under
investigation by the
Directorate of
Enforcement or included
in the list of defaulters to
the banking system
circulated by the
Reserve Bank/any other
Credit Information
Company as approved
by the Reserve Bank.
As in the given case,
investment in a Special
Purpose Vehicle in the
form of an
unincorporated joint
venture, is invalid in line
with the above provision.


Material)
Prohibition 1.1 B, C, & 2 Correct statement as per Question asked on
of Benami D Benami Act general understanding
Property of the Act
Transactions
Act,1988
Multiple 1.2 (C) 2 Rectification of mistakes Section 47 Page 6.39

Choice
Questions
RERA 2016 1.3 (B) 2 Prior Registration of Real Section 3 Page 2.24
Estate Project with Real
1.4 (D) 2 No Deposit or Advance Section13 Page 2.37

to Be Taken By
for Sale
1.5 (C) 2 Penalty for Non- Section 62 Page 2.66
Registration and
Contravention Under
Sections 9 and 10
(Descriptive Questions)
Prohibition 1.6 3 Quantum of Penalty for Section 53 Page 6.42

of Benami Benami Transactions
Property
Transactions
Act,1988
1.7 2 Qualifications for Section 9 Page 6.18

appointment of
Chairperson and
Members
RERA 2016 1.8 5 Prior Registration of Real Section 3 Page 2.24
Estate Project with Real
1.9 5 Return of Amount and Section 18 Page 2.43

Compensation


Material)
FEMA 2.1 (D) 2 Schedule II Section 5 Page 5.16
(MCQs) (Transactions, which
require prior approval of
the Government of India
for drawal of foreign
exchange)
PMLA 2.2 (C) 2 Beneficial owner [Section 2(1)(fa)]

Page 4.4
2.3 (A) 2 Adjudicating Authority Section 6(1) Page 4.8
Adjudicating Authority
consists of following - 3
persons including chairman.
2.4 (C) 2 The qualification of a Not given in study

person to be appointed as material
a Public Prosecutor
before the Special Court
under the provisions of
the Prevention of Money
Laundering Act, 2002-
Minimum 7 years of
experience as an
advocate.
2.5 (C) 2 Attachment of property Section 5 Page 4.8
involved in money-
laundering.
Property can be provisionally
attached for not exceeding
180 days.
FEMA 2.6 (I) 1 SCHEDULE I (The list Section 6 Page 5.28

of permissible classes of
transactions made by
persons resident in India
2.6 (I) 1 SCHEDULE I (The list of Section 6 Page 5.28

permissible classes of
persons resident in India )


Material)
2.6 (I) 1 Payment through foreign Question based on
currency notes. A person general use of RFC by
resident in India can PRI
open, hold and maintain
with an authorized dealer
in India, a Resident
Foreign Currency
(Domestic) Account, out
of foreign exchange
acquired in the form of
currency notes, Bank
notes and travellers’
cheques from any of the
sources like, payment for
services rendered abroad.
PMLA 2.7 3 Recovery of Fine or Section 69 Page 4.42
Penalty
FEMA 2.8 3 Reserve Bank’s powers Section 11 Page 5.69
to issue directions to
authorized person
PMLA 2.9 (I) 2 Meaning and stages of Page 4.1-4.3
Money Laundering
2.9 (II) 2 Appeals under PMLA Section 25,26,42 Page
4.28,4.31
2.9 (III) 2 Management of Section 10 Page 4.15
Properties confiscated


Material)
IBC,2016 3.1 (C) 2 Voting Share Section 5 (28)
1500/1500+1050+75+75+905 Page 3.19
+30
=1500/3635= 46.17% (ICAI Note : MR X is a
answer) related party, hence its
Note : CoC doesn’t consist not included in CoC
of Operational Creditors,
despite it’s a financial
hence answer seems to be
incorrect .It should be creditor.
1500/1500+1050 =1500/2550
=58.82%
(MCQs) 3.2 (C) 2 Related party in relation Section 5(24) Page 3.16
to Corporate Debtor
Competition 3.3( A) 2 Tie in arrangement Section 3 Page 1.18
Act, 2002
3.4 (B) 2 Abuse of dominant Section 4 Page 1.22

position.
IBC,2016 3.5 (C) 2 Minimum amount of General Question on
default under IBC-1 IBC
crore
IBC,2016 3.6 (i) 4 Enabling provisions for Section 234,235

cross border transactions Page 3.107
Agreements with Foreign
Countries, Letter of
request to a country
outside India in respect
of assets
3.6 (ii) 5 Distribution of assets Section 53 Page 3.69
Competition 3.6 (iii) 6 Abuse of dominant Section 4 ,3

Act, 2002 position ,Anti- Page 1.18,1.22
competitive agreements


Material)
Competition 4.1 (C) 2 Exceptions to an anti- Section 3 Page 1.22
Act, 2002 competitive agreement
4.2 (B) 2 Term of office of Section 10 Page 1.30
Chairperson and other
Members
4.3 (C) 2 Limit of Combination Section 5 Page 1.24
4.4 (B) 2 No combination shall come Section 5 Page 1.24

into effect until 210 days
have passed from the day
on which the notice has
been given to the
Commission or the
Commission has passed
orders under section 31,
whichever is earlier.
Prohibition 4.5 (A) 2 Authorities and Section 18 Page 6.21

of Benami jurisdiction
Property
Transactions
Act,1988
Prohibition 4.6 (I) 6 Judicial pronouncements Page 6.8 Section 2(9)

of Benami on tests for determination
Property of a benami transaction
Transactions
Act,1988
4.7(II) 4 Benami transaction, Page 6.5 Section 2(9),

Prohibition of the right to Page 6.17 Section 4
recover property held benami.
Competition 4.8 (III) 5 Anti-competitive Section 3 Page 1.18

Act, 2002 agreements


Material)
FEMA,1999 5.1 (C) 2 Exemptions from export Page 5.57
declaration
PMLA,2002 5.2 (A) 2 Reporting entity to Section 12 Page 4.16
maintain records
FEMA,1999 5.3 (A) 2 Transfer of agricultural Section 6 Page 5.23
property to any person
resident in India
PMLA,2002 5.4 (A) 2 PARAGRAPH 12 Page 4.52

OFFENCES UNDER
THE CUSTOMS ACT,
1962
PMLA,2002 5.5 (B) 2 Power to arrest Section 19 Page 4.24
PMLA,2002 5.6 (I) 7 Attachment of property Section 5 Page 4.8

involved in money- Section 4 Page 4.8
laundering.
Punishment of Money
Laundering
PMLA,2002 5.6 (II) 4 Proceeds of crime Section 2(1)(u) Page 4.4
FEMA,1999 5.6 (III) 4 Period within which Page 5.60

export value of
goods/software/ services
to be realized.

AUGUST 2018 MOCK TEST PAPER CASE STUDY 1

Material)
FEMA,1999 1.(a) 2 Example of Capital account Section 6 Page no.5.23
transaction (Investment in
shares of company in
India.)
Multiple Choice 2.(a) 2 The limit under Master Direction -
Questions Liberalized Remittance Liberalised Remittance
Scheme is USD 2,50,000 Scheme (LRS)
per financial year per Page 5.19
person.
3.(d) 2 Facility under Liberalized Master Direction -
Remittance Scheme is Liberalised Remittance
available for Studies Scheme (LRS)
abroad and Opening of Page 5.19
foreign currency account
abroad with a bank.
4.(d) 2 Schedule II (Transactions, Section 5 Page 5.16
which require prior
approval of the
Government of India for
drawal of foreign
exchange)
5.(a) 2 Person resident in India Section 2 (v) Page 5.5
Prevention of 6.(c) 2 Beneficial owner definition [Section 2(1)(fa)]

Money (person on whose behalf a Page 4.4
Laundering transaction is being
Act,2002 conducted)
7.(a) 2 Adjudicating authority Section 6(1) Page 4.8

consists of 3 persons
including chairman
8.(c) 2 Qualification of a person to Section 46 Page 4.33

be appointed as a Public Application of Code of
Prosecutor before the Criminal Procedure,
Special Court- Minimum 7 1973 to proceedings
years of experience as an before Special Court
advocate
9.(d) 2 Act to have overriding Section 71 Page 4.43

effect


Material)
10.(c) 2 Under Prevention of Section 5 Page 4.8
Money Laundering Act,
2002, property can be
provisionally attached for
Not exceeding 180 days.
FEMA,1999 11 (a) (i) 2 Permissible Capital Section 6 (2) Page 5.28
Account Transactions.
Yes, he can invest in M/s
Exotic Homes Ltd. since
the company is engaged in
the business of
development of townships.
(Descriptive 11 (a) (ii) 2 No, he cannot buy Section 6 (2) Page 5.28
Questions) agricultural farm in his
individual capacity since
it has been specifically
prohibited.
FEMA,1999 11 (a) (iii) 2 No, he cannot make Section 6 (2) Page 5.28
payment through foreign
currency notes since it is
specifically prohibited.
11 (b) 4 Enforcement of the orders Section 14,14 A

of Adjudicating Authority Page 5.72-5.73
Power to recover arrears of
penalty
11 (c) 5 Power of Reserve Bank to Section 12 Page 5.70

inspect authorised person
Prevention of 12 (a) 5 Significance and aim of Page 4.1-4.2

Money the Prevention of Money
Laundering Laundering Act, 2002
Act,2002
12 (b) 4 Remedy against attachment Section 26 Page 4.28
order (Appeals to Appellate
Tribunal)
12 (c) 3 Management of properties Section 10 Page 4.15
confiscated under this
Chapter (Properties
confiscated under the Act

shall be available for

disposal by Ministry of
Finance as and when
necessary .It is correct)
12 (d) 3 Serving of notice ( The Section 8 Page 4.12

statement is incorrect, and
the notice shall be served
to all persons holding such
property ,not majority of
holders)

Act /Code Question Marks Specific Topics Included Answers (Mapping with
Involved no. ICAI Study Material)
IBC,2016 1.(b) 2 Calculation of net claim = General question
Total Claims from dealer –
Interest free Security
deposit already taken from
dealer (5.25-2.25 = 3 crores)
Multiple Choice 2.(b) 2 Operational creditor Section 5(20) Page 3.16

Questions
3.(a) 2 Constitution of committee of Section 21 Page 3.40

creditors
4.(b) 2 Approval of Resolution Plan Section 31 Page 3.52
5.(d) 2 Who proposes the name of Section 21,22 Page 3.60-

3.40 (Although it is a
the new resolution
general question, you can
professional, if the interim
answer based upon your
resolution professional
basic understanding of
appointed by NCLT
the code.
referred in the case study,
is being replaced by the
Committee of Creditors?

Competition 6.(c) 2 Resale price maintenance Section 3 Page 1.18

Act,2002 Definition (Anti-competitive
agreement)
7.(a) 2 The maximum number of Section 8 Page 1.29

members to be appointed by (Composition of
the Central Government in Commission)
CCI is 6.
8.(d) 2 30 days’ notice is to be Section 6 Page 1.27

given to CCI while an (Regulation of
enterprise proposes to enter combinations)
into a combination, as per
the Competition Act, 2002
9.(d) 2 Exclusive distribution Section 3 Page 1.18
agreement (Anti-competitive
agreement)
10.(d) 2 Resignation, removal and Section 11 Page 1.31
suspension of Chairperson
and other members
IBC,2016 11 (a) 2 Applicability of the Code Section 2 Page 3.9

(Descriptive
Questions)
11 (b) 3 Infrastructure under IBC General Question , you

The four pillars of supporting can answer based upon
institutional infrastructure, to your basic understanding
make the Insolvency and of the code.
Bankruptcy Process work
efficiently are: A) The
regulator - The Insolvency
and Bankruptcy Board of
India (IBBI)
B)Adjudicating Authority:
I)National Company Law
Tribunal (NCLT) - For
Corporate, i.e., Companies and
Limited Liability Partnerships
if. National Company Law
Appellate Tribunal (NCLAT)

will act as Appellate

Authority.
iii.Debt Recovery Tribunal

(DRT) - For Individuals and
Unlimited Partnership Firms
C) A private industry of
Insolvency Professionals
(IPs) with oversight by
private Insolvency
Professional Agencies (IPAs)
D) A private industry of
Information Utilities (IU)
IBC,2016 11 (c) 3 Persons not entitled to Section 11 Page 3.28
initiate insolvency process
11 (d) 3 The officers and managers General Question , you

can answer based upon
of the Corporate Debtor,
your basic understanding
shall report to Resolution
of the code.
Professional. They shall
provide him all the
documents or records as
required by him in the
course of his duties. Where
any personnel or promoters
of Corporate Debtor are
not assisting or not co-
operating Resolution
Professional, he may file
an application to
Adjudicating Authority for
necessary instructions.
Then, Adjudicating
Authority shall direct
accordingly.
11 (e) 4 Financial Debt Section 3(11) Page 3.11

Competition 12 (a) 3 Competition law and General Question , you
Act,2002 policy - It is defined as can answer based upon
your basic understanding
those Government
of the code.
measures that affect the
behavior of enterprises and
structure of the industry
with a view to promote
efficiency and maximize
welfare. There are two
elements of such
Government measures:- a
Competition Policy: Set of
policies, such as liberalized
trade policy, relaxed FDI
policy, de-regulation, etc.,
that enhances competition
in the markets. a
Competition Law: To
prevent anti-competitive
practices with minimal
intervention.
12 (b) 2 Anti-competitive agreements Section 3 Page 1.18
12 (c) 2 Inquiry into certain Section 19
agreements and dominant Page 1.34-1.36
12 (d) 4 Procedure for inquiry under Section 26 Page 1.39

Section 19
12 (e) 4 Procedure for investigation Section 29 Page 1.42

of combination


Material)
RERA,2016 1.(a) 2 Registration of project Section 3 Page 2.24
under RERA (where the
area of land proposed to
be developed does not
exceed five hundred
square meters or the
number of apartments
proposed to be developed
does not exceed eight.)
Multiple Choice 2.(b) 2 Application for registration Section 4 Page 2.25

Questions of real estate projects
(Promoter is required to
submit a copy of duly
obtained approvals and
commencement certificate
for getting the project
registered with RERA)
3.(d) 2 Functions of Real Estate Section 10 Page 2.34

Agents
4.(d) 2 Adherence to Sanctioned Section 14 Page 2.39

Plans and Project
Promoter (The promoter is
required to rectify any
structural defect if it occurs
within a period of five
years from the date of
handing over the possession
of the apartments to
allottees)
RERA,2016 5.(a) 2 Registration of ongoing Section 3 Page 2.24

project under RERA for
which completion
certificate is yet to be
received is mandatory
(Yes, if the area of land
(developed or to be

developed) exceeds five

hundred square meters or
the number of apartments
(developed or to be
developed) exceeds eight)

Material)
RERA 2016 6.(a) 2 Obligations of Promoter In Section 15 Page 2.40
Case of Transfer of A Real
Estate Project To A Third
Party (A real estate
developer can leave the
project mid-way by selling
that project to another
developer if he has taken a
written approval 2/3 rd of
allottees along with
approval of the Authority.)
7.(b) 2 Rights and Duties of Section 19 Page 2.45

Allottees (The time limit
within which an allottee is
required to take physical
possession of the
apartment after issue of
occupancy certificate is
two months.)
8.(b) 2 Completion certificate Section 2(q) Page 2.17
Prohibition of 9.(b) 2 Benami Transaction Section 2 (9) Page 6.5

Benami Property Definition
Transactions
Act,1988
Competition 10.(c) 2 Agreement Section 2 (b) Page 1.6
Act,2002
RERA,2016 11 (i) (a) 2 Rights and Duties of Section 19 Page 2.45
Allottees
(Descriptive 11 (i) (b) 2 Rights and Duties of Section 19 Page 2.45

Questions) Allottees
11(i) (c) Right which was not Section 19 Page 2.45

exercised by him and duty
which was not required to
be fulfilled by Dr. Sharma


Material)
RERA,2016 11 (ii) Obligations of Promoter in Section 15 Page 2.40
Case of Transfer of A Real
Estate Project To A Third
Party
12 Prior Registration of Real Section 3 ,4

Estate Project with Real Page 2.24-2.28
,Application for registration
of real estate projects
Competition 13 Agreement and Cartel Section 2(b),2(c) Page

Act,2002 1.6
OCT 2019 MOCK TEST PAPER CASE STUDY 1

Material)
Real Estate 1 (c) 2 Application for Settlement of Section 44 Page 2.58
(Regulation and Disputes and Appeals to Real
Development) Estate Appellate Tribunal
Act ,2016 (within 60 days from the date
of aggrieved order)
Multiple Choice 2 (b) 2 Penalty for Contravention of Section 60 Page 2.66

Questions Section 4 (Penalty may
extend up to 5% of the
project cost)
RERA 2016 3 (a) 2 Obligation of Authority Section 8 Page 2.32

Consequent Upon Lapse of or
On Revocation of
Registration (In case of
revocation of registration of a
project under this Act, the
association of allottees
(homebuyers) shall have the
first right of refusal for
carrying out of the remaining
development works.)


Material)
Prohibition of 4 (a) 2 Benamidar Section 2(10)
Benami Property Page 6.5
Transactions
Act,1988
RERA,2016 5 (c) 2 Application for Settlement Section 44 Page 2.58
of Disputes and Appeals to
Real Estate Appellate
Tribunal (Disposal of
appeal within 60 days)
(Descriptive 1 5 Revocation of Registration Section 7 Page 2.30

Questions)
RERA,2016
2 5 Obligation of Authority Section 8 Page 2.32
Consequent Upon Lapse of or
On Revocation of
Registration
3 5 Extension of Registration Section 6 Page 2.29

Material)
Competition 1 (c) 2 Combinations (question Section 5 Page 1.24
Act,2002 based on limit of
combination)
Multiple 2 (d) 2 Group ,whether companies General Question
Choice constitute a group or not?
Questions Yes, as it Exercise 26% or
more of the voting right of
Moon Sugar Limited, appoint
more than 50% of members
of board of directors in the
sun limited and Control the
management or affairs of the
sun Limited


Material)
FEMA,1999 3 (b) 2 Exchange Earners' Foreign General question

Currency Account can be
open by foreign exchange
earner, who are resident in
India.
Competition 4 (d) 2 Decision not to sell more General question based
Act,2002 on definition.
than 2 kg of sugar per
purchase can be
categorized as; Exclusive
supply agreement
,Exclusive distribution
agreement ,Refusal to deal,
None of the above
FEMA,1999 5 (a) 2 Exchange Earners' Foreign General question

Currency Account can be
open with Authorised
Dealer - Category I
(Generally, all nationalised
banks, leading non-
nationalised banks and
foreign banks are appointed
as 'Authorised Dealers
Category I' to deal in
foreign exchange. )
(Descriptive 1 3 Cartel Section 2 (c) Page 1.6

Questions)
Competition
Act,2002
2 4 Abuse of dominant position Section 4 Page 1.22
Competition 3 5 Combination, Regulation Section 5 & 6

Act,2002 of Combinations Page 1.24, 1.27
FEMA,1999 4 3 Provisions regarding Page 5.14

expenditure on
‘maintaining office
abroad’ under FEMA,
1999
Foreign Exchange
Management (Current

Rules 2000 (A general
permission is available
for opening of Bank
Account for the purpose
of meeting the Branch
Expenses abroad.
Authorised Dealer
Category – I banks may
allow remittance up to ten
per cent of the average
annual turnover during
the last two financial
years. But this restriction
shall not be applicable if
remittance to account
maintained abroad, made
out of the funds held in
EEFC account.

Material)
Prohibition of 1 (d) 2 Benami Transaction Section 2 (9) Page 6.5
Benami (May be Benami to the (Case specific question)
Property extent of Rs. 25 lacs, since
Transactions through some unknown
Act,1988 sources.)
Multiple 2 (c) 2 Which is not a Benami Section 2 (9) Page 6.5

Choice Transaction ? Property held (Exemptions of Benami
Questions by Rajesh in the name of transactions)
his spouse and
consideration paid out of
known legal sources
3 (b) 2 Share Trading by Raghu Section 2 (9) Page 6.5

(Case specific question)
on behalf of Mahesh Can
be proved as Benami
trading in stock markets

by Mahesh, the Company

Secretary, who has insider
price sensitive
information.

Material)
4 (d) 2 Prohibition on retransfer Section 6 Page 6.17

of property by Benamidar
PBPT Act prohibits resale
of the Benami property
from the Benamidar to the
real owner or to any
person acting on his
behalf. Such transactions
would be considered as
null and void.
Prevention of 5 (c) 2 Introduction and stages of Page 4.1-4.3

Money Money Laundering
Laundering
Act,2002
(Descriptive 1 5 Benami Property ,Benami Section 2 (8), 2(9)
Questions) Transaction Page 6.5
PBPT,1988
2 5 Fair Market Value (Rule 3) Section 2 (16) Page

6.11-6.13
Determination of price
in certain cases under
Rule 3 of Prohibition of
Benami Transactions
Rules, 2016
PMLA,2002 3 5 Attachment of property Section 5 Page 4.8

involved in money-
laundering


Material)
RERA,2016 1 (d) 2 Obligations of Promoter in Section 15 Page 2.40
Case of Transfer of a Real
Estate Project to A Third
Party
(Prior written consent
from two-third allottees;
except the promoters and
prior written approval of
the Authority. However,
such transfer or
assignment shall not
affect the allotment or
sale of the apartments.)
Multiple 2 (a) 2 Section 4

Application for
Choice Page 2.25-2.28
Questions registration of real estate
projects (The Authority
shall operationalise a web
based online system for
submitting applications
for registration of
projects within a period
of one year from the date
of its establishment.)
3 (d) 2 Rights and Duties of Section 19 Page 2.45
Allottees
4 (c) 2 Functions and Duties of Section 11

Promoter Page 2.34-2.36
Prohibition of 5 (a) 2 Benami Transaction Section 2 (9) Page 6.5

Benami
Property
Transactions
Act,1988
(Descriptive 1 5 Functions and Duties of Section 11
Questions) Promoter Page 2.34-2.36
RERA,2016


Material)
Prohibition of 2 5 Benami Transaction (The Section 2 (9) Page 6.5
Benami payment for purchase of the
Property flat by Mr. P, a non-resident
Transactions in India is made in parts.
Act,1988 Since, the payment of INR
25,00,000 is made from
unknown source for registry
of the apartment. So, to the
extent of unknown source of
the consideration payment, it
may be a Benami
Transaction)
RERA,2016 3(i) 2 Functions and Duties of Section 11 Page 2.34
Promoter (the promoter
shall be responsible to
obtain the lease certificate,
where the real estate
project is developed on a
leasehold land, specifying
the period of lease, and
certifying that all dues and
charges in regard to the
leasehold land has been
paid, and to make the
lease certificate available
to the association of
allottees)
3(ii) 3 Functions and Duties of Section 11 Page 2.34

Promoter (As per the
provisions of the Section
11(5) of the Real Estate
(Regulation &
Development) Act, 2016,
the promoter may cancel
the allotment only in terms
of the agreement for sale.
Provided that the allottee
may approach the
Authority for relief, if he
is aggrieved by such
cancellation and such
cancellation is not in
accordance with the
terms of the agreement
for sale, unilateral and

without any sufficient

cause.
Thus, the Alpha Promoter
cannot cancel the
allotment without
including such terms of
cancellation in the
executed agreement of
sale.

Material)
Foreign 1 (b) 2 Page 5.23
Exchange Provisions under section 6
Management (4) of Foreign Exchange
Act,1999 Management Act, 1999 –
Clarifications (Archana
went to Italy regarding his
official visits as a company
director. She bought a flat
in Italy through outwards
remittance .Yes, she can
continue to hold
immovable property
outside India which was
acquired by her when he
was a non-resident
Without the permission of
Reserve Bank of India,
she can hold the property
abroad.
Multiple 2 (b) 2 FOREIGN EXCHANGE

Page 5.32 (Mr. Tarun
Choice MANAGEMENT
(NRI) can buy the plot
Questions (ACQUISITION AND
from a resident in India
TRANSFER OF through normal banking
IMMOVABLE channel of India
PROPERTY IN INDIA) without RBI
REGULATIONS, 2018 permission.)
(Acquisition and Transfer
of Property in India by a

Non-Resident Indian or an
Overseas Citizen of India)

Material)
Foreign 3 (c) 2 Liberalised Remittance Page 5.19

Exchange Scheme (LRS) of USD
Management 2,50,000 for resident
Act,1999 individuals
(MCQ)
(Archana cannot acquire
USD 3,00000 shares as it is
not in permissible limit of
LRS.)
4 (c) 2 Has Suresh and Archana They did not
contravene any provision contravene any
of law, while they sent provision of the law as
USD 2000 playing at the
it was within the
casino?
permissible limit of
their expenses.
(General Question
based on Current
Account Transaction )
Section 5 Page 5.14
PMLA,2002 5 (b) 2 In post Demonetization Mr. Suresh is liable to

period Mr. Suresh helped punishment under Part
many of his customers to
A of the schedule, of
exchange demonetized
prevention of Money
currency through various
Laundering Act.
methods. Is he liable for
(General Question)
punishment under any
provision of the law in
India?
(Descriptive 1(i) 4 FOREIGN EXCHANGE Acquisition of
Questions) MANAGEMENT Immovable Property for
(ACQUISITION AND carrying on a permitted
TRANSFER OF activity Page 5.33
IMMOVABLE
PROPERTY IN INDIA)
REGULATIONS, 2018


Material)
FEMA,1999 1(ii) 4 Acquisition and Transfer of Page 5.32

Property in India by a Non-
Resident Indian or an
Overseas Citizen of India
Prohibition of 2(i) 3 Benami Transaction Section 2 (9) Page 6.5

Benami
Property
Transactions
Act,1988
2(ii) 2 Prohibition of the right to Section 4 Page 6.17
recover property held benami
(In case, if after the
issuance of the initial
notice by the Initiating
Officer, the property in
question is transferred to a
third party secretively, than
the said transaction would
be null and void and
confiscation would take
effect, notwithstanding
such a transfer. However,
in case where the person
proves that, the property is
held or acquired by a
person from the Benamidar
for:
a) adequate consideration,
prior to the issuance of
show-cause notice by the
Initiating Officer
b) Without his having
knowledge of the benami
transaction in such a case
the transfer may be valid.
Prohibition of 2(iii) 2 Property held Benami Section 5 Page 6.17

Benami liable to confiscation
Property
Transactions (Effect of confiscation of
Act,1988 benami property: Where an
order of confiscation has

been made, all the rights

and title in such property
will vest absolutely in the
Central Government. It will
be free of all encumbrances
and no compensation will
be paid in respect of such
confiscation.)
MAY 2020 MOCK TEST PAPER CASE STUDY 1

Material)
Prohibition of 2 Section 2 (9) Page 6.5
Benami 1 (D) Benami transaction (May
Property be Invalid under Indian
Transactions law to the extent of Rs. 25
Act,1988 lacs, since made through
some Unknown sources.)
Multiple 2 (C) 2 Benami transaction Section 2 (9) Page 6.5

Choice (Property held by Rajesh
Questions
in the name of his spouse
and consideration paid
out of known legal
sources as it is an
exception to benami
transaction)
Prevention of 3 (B) 2 Section 2 (1) (p) , 3

Money Laundering (Can
Money Page 4.3,4.7 (General
Laundering be proved as unlawful case specific question)
Act,2002 trading in stock markets
by Mahesh, the Company
Secretary, who has insider
price sensitive
information)
2 Offences to be cognizable and Section 45 Page 4.32

4 (D) non-bailable
(however, bailable only
subject to certain
conditions i.e. In case of

any person who is under

the age of 16 years or in
case of a woman or in case
of a sick or infirm or is
accused either on his own
or along with other co-
accused of money-
laundering a sum of less
than one crore rupees, the
Special Court can direct the
release of such person on
bail)
PMLA 2 Page 4.1-4.3

5 (C) (3 stages of Money
Laundering) Layering:
Then under the second
stage, money injected into
the system is layered and
moved or spread over
various transactions in
different accounts and
different countries. Thus,
it will become difficult to
detect the origin of the
money.

Material)
Prohibition of 1 5 Section 2 (8) ,2 (9)
Benami Prohibition of Benami
Page 6.5
Property Property Transactions Act
Transactions 1988 (PBPT Act) is the
Benami Property,
Act,1988 applicable Act here. The
Benami transaction
general belief is that the
provisions of the PBPT Act
apply only to persons, trying
to hide their properties and
not to genuine properties
acquired out of disclosed
funds. But that is not true.
Even a property acquired
using disclosed funds in a
genuine transaction may
sometimes be treated as
Benami.


Specific Topics Included
Material)
PMLA 2 (A) 2 Section 2(1)(y) Page 4.4
Money Laundering is not an
(Descriptive +1+2= Scheduled Offence
independent crime. It
Questions) 5 depends upon another
crime, which is known as
the “Predicate Offence”.
Every Scheduled Offence is
a Predicate Offence. The
Scheduled Offence is called
Predicate Offence and the
occurrence of the same is a
prerequisite for initiating
investigation into the offence
of money laundering.
2 (B) General question based on
Predicate offences are
Who will investigate
investigated by the predicate offences?
agencies such as Police,
Customs, SEBI, NCB, CBI
etc under their respective
Acts.
2 (C) Punishment and actions Section 4,5,17 ,18
taken under PMLA, , Page 4.8,4.21,4.23
seizure/ freezing of
property and records
Prevention of 3 (A) 3+2=5 Search of persons , Section 18 Page 4.23

Money Power to arrest ,Section 19 Page 4.24
Laundering 3 (B)
Act,2002


Material)
RERA,2016 2 Section 2 (k) Page 2.16
1 (C) Carpet area means the
Calculation of Carpet
net usable floor area of
area =Gross area –
an apartment, excluding exclusive balcony area
the area covered by the =70 – 2 = 68
external walls, areas
under services shafts,
exclusive balcony or
verandah area and
exclusive open terrace
area, but includes the
area covered by the
internal partition walls of
the apartment.
Prohibition of 2 (B) 2 Initiating Officer means an Section 2(19) Page 6.14
Benami Assistant Commissioner, or
Property a Deputy Commissioner as
Transactions defined in clauses (9A) and
Act,1988 (19A) respectively of section
2 of the Income-tax Act,
1961.
RERA,2016 2 Adherence to Sanctioned Section 14 (2) (ii)

3 (C)
Plans and Project Page 2.39
Changes proposed by
Promoter
Sweet Homes Private
Any other alterations or
Limited need to be
additions in the
approved through
sanctioned plans, layout
written consent by:
plans and specifications
2/3rd of the allottees i.e
of the buildings or the
in this case there are 18
common areas within flats means 18 allottees.
the project without the 18 x 2/3 =12 allottees is
previous written the answer.
consent of at least two-
thirds of the allottees,
other than the promoter,
who have agreed to take
apartments in such
building.

Act /Code Marks Specific Topics Included Answers (Mapping

Question
Involved with ICAI Study
no.
Material)
FEMA,1999 2 Schedule III (Transactions Section 5 Page 5.18
4 (D)
which require RBI’s prior
foreign exchange)
Facilities other than for
individuals (Remittances
exceeding USD
10,000,000 per project for
any consultancy services
in respect of infrastructure
projects and USD
1,000,000 per project, for
other consultancy services
procured from outside
India.)
RERA,2016 2 Application for project Grant of Registration

5 (B) approval was moved to Section 5 Page 2.28
Real Estate Regulatory
Authority on 15th
November 2019
(Maximum within 30 days)
i.e. 15th December,2019
Competition 1 5 Abuse of dominant Section 4 Page 1.22

Act,2002 position. (In given case (“predatory price”
(Descriptive price is less then
Questions) means the sale of
comparative market price
but not less than cost. Cost goods or provision of
of project is INR 3 crores services, at a price
and total price will be INR which is below the
3.672 crores (18 apartment cost, as may be
x68 square meters x INR determined by
30000 per square meter). regulations, of
Hence, act of Sweet production of the
Homes Private Limited goods or provision of
offering apartment at
services, with a view
prices lower than price
to reduce competition
prevailing in market shall
not be considered as or eliminate the
predatory bidding under competitors)
the Competition Act,
2002.)


Material)
Prohibition of 2 5 Powers of authorities Section 19 Page 6.22
Benami
Property
Transactions
Act,1988
RERA,2016 3 (A) 3 Section 2 (k) Page 2.16
Carpet area (Refer MCQ
Calculation of Carpet
1 of this case law) Pricing
area =Gross area –
for sale of property will be exclusive balcony area
based upon carpet area
instead of super built – up =70 – 2 = 68 (If we
area. Hence method of pricing presume price remain INR
adopted by Sweet Homes 30,000 per Square Meter
Private limited is not in line with then price for each
the Real Estate (Regulation apartment will be INR
and Development) Act, 2016. . 20.40 lakhs (i.e. INR
Hence price should not be per 30,000 x 68 square
square meter of 70 square meters).
meters, it should be of 68
square meters.
RERA,2016 3 (A) 3 Section 13 Page 2.37

No Deposit or Advance to Be
Second part Taken By Promoter without
First Entering into Agreement
for Sale (As per section 13(1)
of the Real Estate (Regulation
and Development) Act, 2016,
a promoter shall not accept a
sum more than ten per cent of
the cost of the apartment, plot,
or building as the case may
be, as an advance payment or
an application fee from a
person without first entering
into a written agreement for
sale with such person and
register the said agreement for
sale, under any law for the time
being in force. Hence,
maximum of advance money
that can be taken from
customer is INR 2.04 lakhs
(i.e. 10% of INR 20.40 lakhs)

RERA 2016 3 (B) 2 Functions of Real Estate Section 10 Page 2.34

Agents
Whereas application
As per section 10 (a) of for project approval
the Real Estate moved to Real Estate
(Regulation and Regulatory Authority
Development) Act, 2016,
on 15 th November,
every real estate agent
2019 by Sweet Homes
registered under section 9
Private Limited and
(in given case ‘Home
Project Hamara Ghar
Advisor’) shall not
got nod from Real
facilitate the sale or
Estate Regulatory
purchase of any plot,
apartment or building, as Authority on 2nd
the case may be, in a real December 2019.Hence,
‘Home Advisor’ is
estate project or part of
guilty of facilitating the
it, being sold by the
sale of apartments
promoter in any planning under project Hamara
area, which is not Ghar,
registered with the prior to its registration
Authority. with Real Estate
Regulatory Authority.

Material)
Competition 1 (C) 2 Section 3 Page 1.18
Act,2002 Anti-competitive
agreements (The raise in
price by all the five
Companies will adversely
affect competition in India
and is void.
Multiple 2 (B) 2 Anti-competitive Section 3 Page 1.18

Choice agreements (Exclusive
Questions agreement between both
e-commerce Company
and Manufacturer is not
violating Section 3.)

Act /Code Marks Specific Topics Answers (Mapping

Question
Involved Included with ICAI Study
no.
Material)
Foreign 2 Joint acquisition by the FEM (ACQUISITION
Exchange 3 (D)
spouse of an NRI or an AND TRANSFER OF
Management OCI IMMOVABLE
Act,1999 PROPERTY IN
Mr. George Samuel, is a INDIA)
foreigner, as per the REGULATIONS, 2018
provisions of FEMA can Page 5.34
he acquire any property
in India? Ans) Mr.
George can only purchase
a joint property with his
spouse.
(Here Mrs. Ranjana is NRI
and her spouse Mr. George
,hence he can purchase
only a joint property.)
Foreign 2 Mr. George and his wife Acquisition and

Exchange 4 (C)
Mrs. Ranjana purchased Transfer of Property
Management a farmhouse near in India by a Non-
Act,1999 Gurugram. Is this Resident Indian or an
allowed under FEMA ? Overseas Citizen of
An NRI is not eligible to India Page 5.32
purchase any farmhouse
in India.Hence,it is not a
valid transaction under
FEMA.
Note : Mrs Ranjana is a
NRI.
Competition 2 Section 3 Page 1.18
Act,2002 5(B) Anti-competitive
agreements (Bid-rigging)
The agreement between
the Companies can be
viewed as an exclusive
agreement, adversely
affecting the process and
manipulating the bidding
completely.
RERA ,2016 1 7 Extension of Registration Section 6 Page 2.29
(Descriptive The project was delayed by
Questions) the builder. What remedies
are available?

Competition 2 8 Inquiry into certain Section 19 Page 1.34

Act,2002 agreements and dominant ,Section 27 Page 1.40
position of enterprise , ,Section 60 Page 1.64
(Any Pending case in
Orders by Commission after any civil court will not
inquiry into agreements or affect on the power of
abuse of dominant position , Commission to
investigate.)
Act to have overriding effect

Act /Code Question Marks Specific Topics Answers (Mapping with
Involved no. Included ICAI Study Material)
Foreign 1 (A) 2 Acquisition and Transfer

Exchange After becoming an NRI,
of Property in India by a
Management Mr. Rajeev can validly
Non-Resident Indian or an
Act,1999 transfer inherited
Overseas Citizen of India
agricultural land in India
Page 5.32
to Person resident in
India.
Multiple 2 (B) 2 Liberalised Remittance Page 5.19 (Refer section 2

Choice Scheme (LRS) (77) of the Companies
Questions (Maximum limit is Act,2013 ,Definition of
USD 250,000) relative)
(grandson, brother’s
Note : Mr. Raju can not
wife and sister’s husband
transfer funds under
,they are not included in
Liberalised remittance
definition of relative
Scheme to his grandson,
under 2013 act ,but it was
brother’s wife and
there in Companies
sister’s husband
Act,1956.)
3 (C) 2 Joint acquisition by the Page 5.34 (Consideration for
spouse of an NRI or an transfer should be made from
OCI -Conditions to be inward remittance from any
followed to purchase place outside India. The
property as spouse of marriage should have been
NRI/OCI registered. The marriage
should last not for more than
two years preceding the
acquisition of property. The
property should be bought
jointly with Mr. Rajeev.)


Foreign 4 (C) 2 Question based on general

Exchange Usage of International
understanding
Management Credit Card by Mrs.
Act,1999 Alka’s son in South
Africa requires approval
of None. (Mrs Alka is
well settled in South
Africa)
5(D) 2 Question based on general

Can Mrs. Alka’s son utilise
her assets lying in South understanding
Africa in India? Mrs.
Alka’s son can inherit both
the assets of her mother
and utilise the same in
India.
Prohibition of 1 (a) Marks Section 24 Page 6.25
Benami Notice and attachment
not * from the last day of the
Property given of property involved in month in which notice
Transactions in MTP benami transaction. was issued. It is an
Act,1988 (Initiating Officer has
(15 amendment but in the
Marks rightly issued the notice MTP it’s not changed. It
overall to Mr. Babubhai to show won’t change the answer
for cause. However, the order as notice was issued on 1st
Ques. should have been passed feb ,2020 and order was
1& 2 ) within 90 days *from the passed on 14th April,2020)
date of issue of notice. so ,earlier 90 days was to
Since the Initiating be counted from 1st
Officer passed the order feb,2020 i.e. date of issue
within 90 days, the of notice but now as per
order passed is correct. amendment it would be
counted from last date of
month in which notice
was issued i.e.29th
feb,2020.


Prohibition of 1 (b) Adjudication of benami Section 26 Page 6.27

Benami property
Property
Time period for issue of
Transactions
Act,1988 Notice (The Adjudicating
Authority shall provide a
period of not less than
30days to the person to
whom the notice is issued
to furnish the information
sought. Thus, Mr.
Babubhai is right in
contending that
have provided less time
to furnish the
information. Mr.
Babubhai can ask
to provide at least
30days to furnish the
information sought as
the authority gave only
10 days to him.)
1 (c) Confiscation and vesting Section 27 Page 6.29

of benami property
(Mr. Babubhai’s decision
to sell the property is
incorrect as per law as the
same will not give any
rights to the villager as the
rights have already been
passed in favour of the
Central Government.
Infact, the transaction of
selling of property by Mr.
Babubhai shall be null and
void.)
Foreign 2(I) Liberalised Remittance Page 5.19

Exchange Scheme (LRS) Regulation
Management 14.Documentation by
Act,1999 Remitter

FEMA 2 ( II ) Page 5.19

LibLiberalised Remittance
Scheme (LRS)
Regulation 15 ,
furnishing of Permanent
Account Number (PAN),
which hitherto (until
now) was not to be
insisted upon while
putting through
permissible current
account transactions of
up to USD 25,000, shall
now be mandatory for
making all remittances
under Liberalised
Remittance Scheme
(LRS).

Material)
Competition 1 (D) 2 Section 4 Page 1.22
Act,2002 Abuse of dominant
position (predatory price Is charging INRs 999 for
means the sale of goods or plan AMC@999, can be
provision of services, at a considered as the
predatory price-
price which is below the
Yes, because price
cost, as may be determined charged is less than cost
by regulations, of production as well
of the goods or provision of
services, with a view to
reduce competition or
eliminate the competitors.)
RERA,2016 2 (D) 2 No Deposit or Advance to Be Section 13 Page 2.37

Taken by Promoter without
First Entering into Agreement
for Sale
IBC,2016 3 (B) 2 Initiation of corporate Section 10 Page 3.27
insolvency resolution process (within 14 days AA has to
by corporate applicant admit/reject ,and give 7
days to rectify any defect
in application)


Material)
Prohibition of 4 (C) 2 Section 23 Page 6.24
Benami Power of authority to
Property conduct inquiry, etc. (DCIT
Transactions can conduct inquiry with
Act,1988 prior approval of
approving authority only)
FEMA,1999 5 (D) 2 Foreign Exchange
Mr. and Mrs. Shukla shall
Management
surrender unused/unspent
(Realisation,
foreign exchange within a
repatriation and
period of 180 days from
surrender of foreign
date of his return to
exchange) Regulations,
India.
2000
Regulation 5 Period for
surrender of received/
realised/ unspent/
unused foreign
individuals Page 5.65
IBC,2016 1(a) 2 Persons not entitled to initiate Section 11 Page 3.28

(Descriptive insolvency process Amendment Section
Questions)
1(b) 1 Initiation of corporate Section 10 Page 3.27

insolvency resolution process
by corporate applicant
FEMA,1999 2(a) 2 Acquisition and Transfer of Page 5.32 (a person of

Property in India by a Non- Indian origin resident
Resident Indian or an outside India may acquire
Overseas Citizen of India immovable property in
India other than an
agricultural property,
plantation, or a
farmhouse)
FEMA,1999 2(b) 4 Foreign Exchange Page 5.65
Hence DBSCs need to
Management (Realisation,
realise, then repatriate
repatriation and surrender of and then convert (by
foreign exchange) making sale to authorized
Regulations, 2015 (in MTP dealer within 90 days
its mentioned 2000) from date of receipt) the
Regulation 5 Period for foreign exchange)
surrender of realised
foreign exchange

(*Regulation 5 provides a
person shall sell the
realised foreign exchange
to an authorised person
under clause (a) of sub-
regulation (1) of regulation
4, within a period of
ninety days from the date
of its receipt.
Competition 3(a) 2.5+3.5 3 (a) Abuse of dominant Section 4 Page 1.22
Act,2002 =6 position
3(b) Section 49 Page 1.54
3(b) Competition advocacy
(Central Government is
legally correct in both
the aspect ‘making
reference to’ & ‘refusal to
consider the opinion’
furnished by competition
commission as the opinion
given by the Commission
shall not be binding upon
the Central Government
or the State Government, as
the case may be in
formulating such policy.
NOV 2020 MOCK TEST PAPER CASE STUDY 1

Material)
PMLA 1 (d) 2 Power to arrest. Section 19 Page 4.24

The arrest is legally valid
in all aspects.(He took to
special court which is
valid ,24 hours will
exclude the period of
travelling)
IBC 2016 2 (d) 2 Time period for Section 56 Page 3.72

completion of fast-track
corporate insolvency
resolution process.

No, the extension shall

not be granted.(Refer
Section 56 of IBC,2016
,for extension of period
of CIRP resolution must
be passed by 75% voting
share whereas in case of
this case ,only 68%
voting share is there)
Prohibition of 3 (d) 2 Beneficial Owner Section 2 (12)

Benami Driver (Beneficial Page 6.11
Property owner) a person who
Transactions enjoys the benefit of
Act,1988
benami property is the
‘beneficial owner’ since
it is in form of advance
salary
4 (b) 2 Benamidar Section 2(10)

Mrs. Kataria (Since Page 6.10
property was purchased
in her name)
Competition 5 (a) 2 Its discretion of Section 49 Page 1.54

Act,2002 government to make
reference to the
commission prior to
make any law or policy
on competition.
(Refer Section 49
Competition Advocacy)
Descriptive Questions
Prohibition of 1 4 Powers of authorities Section 19 Page 6.22

Benami
Property
Transactions
Act,1988
FEMA 2 2x3 = 6 Schedule III Section 5 Page 5.18

19999 (Transactions which
require RBI’s prior
foreign exchange)

Facilities for persons Section 13 Page 5.71

other than individual Section 15 Page 5.74
Liberalised Remittance
Scheme (LRS),
Penalty for
contravention,
Compounding of
offences
RERA 3 5 Return of Amount And Section 18 Page 2.43

Compensation

Material)
RERA 2016 1 (a) 2 Premium Serene in Vashi Section 3 Page 2.24

Mumbai, where the
proposed project
includes area of four
hundred fifty square
meters and the number of
proposed apartments will
be six.
2 (b) 2 Advertisement Section 2(b) Page 2.13
Misleading the buyers
for services that are not
intended to be offered.
(Case facts : Mr. Harshit
gave an advertisement in
the newspaper for the
sale of flats along with
an offer that whosoever
booking any flats via his
firm will get extra one
percent discount in
booking amount without
company's knowledge.)

RERA 2016 3 (c) 2 Each phase will be Section 3 Page 2.24

considered as a stand-
alone phase and separate
registration is required
for both the phase.
4 (d) 2 Obligations of Section 15 Page 2.40

Promoter in Case of
Transfer of A Real
Estate Project To A
Third Party
The new promoters are
required to carry forward
the project on the
condition entered by
erstwhile promoter.
IBC 2016 5 (b) 2 In person meeting is not (Question based on
necessary and it can be general understanding
held via video of meetings under
conferencing IBC,2016)
IBC 2016 1 7 Constitution of Section 21 (3) ,21 (4)

Committee of Creditors Page 3.40
*In case where debts
owed to 2/more FC,
In case of consortium
arrangement of FC
Competition 2 8 Regulation of Section 6 Page 1.27

Act,2002 combinations, Section 29 Page 1.42
Procedure for
investigation of
combination


Material)
1 (d) 2 Rights and Duties of Section 19 Page 2.45

RERA 2016 Allottees
The allottees as of right
claim their refund as Mr.
Lal has no right to raise
any objection.
2 (d) 2 Prior Registration of Section 3 Page 2.24

Real Estate Project with
Real Estate Regulatory
Authority
RERA is applicable as
the previous society is
renamed and flats are
resold to new allottees,
making registration
mandatory.
3 (c) 2 Adherence to Sanctioned Section 14 Page 2.39

Plans and Project
Promoter
Five years from the issue
of the occupancy
certificate, Mr. Lal will
be liable for all the
material and structural
defects.
Prohibition 4 (b) 2 Benami Transaction Section 2 (9) Page 6.5

of Benami No, as they purchased
Property the flat while they were
Transactions married to each other
Act,1988
RERA 2016 5 (a) 2 Punishment for Non- Section 59 Page 2.66
Registration Under
Section 3
Penalty up to 10 % of
the estimate cost of the
project

FEMA 1999 1 8 Question based on LRS Section 5 Page

and Schedule III 5.17,5.19
(Transactions which
require RBI’s prior
foreign exchange)
Facilities for individuals
RERA 2016 2 7 Adherence to Sanctioned Section 14 Page 2.39

Plans and Project
Promoter

Material)
IBC 2016 1 (c) 2 Definition of operational [ Section 5(7)],

and financial creditor [ Section 5(20)]
Page 3.16 ,
2 (d) 2 (Based on against whom Question based on
application can be filed general understanding
for CIRP in case of of the code.
default)
3 (c) 2 Constitution of CoC Section 21 Page 3.40
Prohibition 4 (a) 2 A Benami transaction Section 2 (9) Page 6.5

of Benami (Since the son denied
Property ownership which his father
Transactions purchased for him)
Act,1988
Ques.based 5 (d) 2 5. Mr. Manish (a) Real Estate
on Mehra had entered into (Regulation and
applicability an MoU for the Malshej Development) Act,
of various Premises with TBPL, but 2016 (“RERA”)
Acts on account of lack of (b) The Insolvency
funds and financial and Bankruptcy Code,

difficulties TBPL could 2016

not complete the (c) Consumer
construction and Protection Act, 1986
handover the premises (d) All of the above
to TBPL within the time
specified in the MoU. In
this case Manish has
recourse under:
RERA,2016 1 5 Return of Amount and Section 18 Page 2.43

Compensation
IBC 2016 2 5 Liability of the personal Moratorium Section 14

guarantor in case debtor Page 3.31
fails to pay.
Section 60(2) of the
Insolvency and
Bankruptcy Code, 2016
(“Code”) provides that,
“Where a corporate
insolvency resolution
process or liquidation
proceeding of a corporate
debtor is pending before
a National Company
Law Tribunal, an
application relating to the
insolvency resolution or
bankruptcy of a personal
guarantor of such
corporate debtor shall be
filed before such
National Company Law
Tribunal.”
IBC 2016 3 5 Insolvency resolution by Section 8 Page 3.25
operational creditor


Material)
Competition 1 (d) 2 Agreement Section 2 (b) Page 1.6

Act,2002
2 (c) 2 Abuse of dominant Section 4 Page 1.22

position
Prohibition 3 (a) 2 Benami Transaction Section 2(9) Page 6.5

of Benami
Property
Transactions
Act,1988
4 (b) 2 Benami Transaction Section 2(9) Page 6.5
(Since Copyright
consideration is paid by
Mr.Vikash ,although
Copyright signed in
favour of
Shaira.)Moreover they
are not relatives i.e. they
are just engaged now.
Shaira wishes earning
royalty by assigning the
copyright of the rap-song
dance trance.Its not
possible.
Competition 5 (a) 2 Question based on Page 1.18,1.22,1.34
Act,2002 applicability of section
3(4),4 and 19.
Prohibition 1 5 Benami Transaction Section 2(9) Page 6.5

of Benami
Property
Transactions
Act,1988

PMLA 2002 2 5 Money-laundering, Section 2(1)(p) Page 4.3

PARAGRAPH 12 Page 4.52
OFFENCES UNDER
THE CUSTOMS ACT,
1962
Competition 3 5 Abuse of dominant Section 4 Page 1.22
Act,2002 position, Inquiry into Section 19 Page 1.34
enterprise

Material)
RERA 2016 1.1 (d) 2 Transfer of Title Section 17(2)

In absence of any local Page 2.42
law promoter shall hand
over within thirty days
after obtaining the
completion certificate.
Prohibition 1.2 (a) 2 Benamidar Section 2 (10) Page

of Benami 6.10
Property
Transactions
Act,1988
FEMA 1999 1.3 (c) 2 SCHEDULE II (The list Section 6(2) Page 5.29
persons resident outside
India )
Being a person resident
outside India he can
acquire, hold, own and
transfer any immovable
property in India, if
inherited by him from
the person who was a
resident of India.

IBC 2016 1.4 (d) 2 No, because an -

application for initiation
of CIRP shall not be
filled.
IBC 2016 1.5 (d) 2 No, because default Section 10A Page 3.8
occurred during a period
of suspension.
Due to the advent of

COVID-19 pandemic,
the IBC was amended by
insertion of Section 10A
to suspend the initiation
of CIRP under Sections
7, 9 and 10 of the IBC
for any default arising on
or after March 25, 2020.
RERA 2016 1.6 6 Adherence to Sanctioned Section 14 (2) (ii)

Plans and Project Page 2.39
Promoter
FEMA 1999 1.7 5 SCHEDULE II (The list Section 6(2) Page 5.29
persons resident outside
India )
FEMA 1999 1.8 4 Foreign Exchange Page 5.32-5.35

Management
(Acquisition and
Transfer of Immovable
Property in India)
Regulations, 2018


Material)
PMLA 2002 2.1 (a) 2 Offences to be Section 45 Exceptions

cognizable and non- Page 4.32
bailable (Nature of
offence committed under
the Act)
Prohibition 2.2 (b) 2 Benamidar Section 2 (10) Page
of Benami 6.10
Property
Transactions
Act,1988
IBC 2016 2.3 (d) 2 Case Specific question -

based on choose correct
statement
RERA 2016 2.4 (b) 2 Obligations of Promoter Section 15 Page 2.40
in Case of Transfer of A
Real Estate Project To A
Third Party
Prohibition 2.5 (c) 2 Initiating Officer Section 2(19) Page 6.14

of Benami
Property
Transactions
Act,1988
FEMA 1999 2.6 5 Difference between NRE Not given in Study
and NRO Account and Material ,Based on
its usage general understanding
of the Act.
Competition 2.7 5 Combination ,Regulation Section 5,6 Page
Act 2002 of combination 1.24,1.27
PMLA 2002 2.8 5 Power to arrest, Section 19 Page 4.24

Offences to be Section 45 Page 4.32
cognizable and non-
bailable (Nature of
offence committed under
the Act)


Material)
PMLA 2002 3.1 (d) 2 frivolous search is not -

vexatious search as given
in Section 62,henece
there is no punishment
for this.
FEMA 1999 3.2 (d) 2 Period for surrender of Page 5.65
received/ realised/
unspent/ unused foreign
individuals.
FEMA 1999 3.3 (c) 2 Parking of ECB Page 5.43

proceeds- In term
deposit with AD
Category I bank for 12
Months
RERA 2016 3.4 (c) 2 No Deposit or Advance Section 13 Page 2.37

to Be Taken By
for Sale
Prohibition 3.5 (d) 2 Benamidar Section 2 (10) Page

of Benami 6.10
Property
Transactions
Act,1988
Competition 3.6 4 Abuse of Dominant Section 4 Page 1.22

Act 2002 Position, Predatory Section 19 Page 1.34
Pricing, Inquiry into
enterprise

FEMA 1999 3.7 6 Negative List of ECB Page 5.40
RERA 2016 3.8 (i) 3 Filing of Complaints Section 31 Page 3.51

with The Authority or
Adjudication officer
3.8 (ii) 2 Extension of Registration Section 6 Page 2.29

Material)
FEMA 1999 4.1 (d) 2 Minimum Average Page 5.39

Maturity Period
(MAMP) of ECB
Competition 4.2 (c) 2 Orders by Commission Section 27 Page 1.40
Act 2002 after inquiry into
dominant position
RERA 2016 4.3 (b) 2 Ques.based on general Section 70 Page 2.68

understanding of
offences under RERA
which are Non-
cognizable, Bailable, and
Compoundable
Compounding of
offences
IBC 2016 4.4 (b) 2 Debt (Financial Debt) Section 3(11) Page 3.11
Advance payment
against allotment by
allottees to RCL shall be
considered as Financial
debt.

FEMA 1999 4.5 (c) 2 Schedule II Section 5 Page 5.16

(Transactions, which
require prior approval of
the Government of India
for drawal of foreign
exchange)
IBC 2016 4.6 4 Fraudulent trading or Section 66 ,10A

wrongful trading, Page 3.77,3.8
Suspension of CIRP due
to COVID
Competition 4.7 6 Inquiry into certain Section 19 Page 1.34

Act 2002 agreements and
enterprise
Prohibition 4.8 5 Penalty for false Section 54, 54A

of Benami information Page 6.43
Property
Transactions
Act,1988

Material)
Prohibition 5.1 (b) 2 Confiscation and vesting Section 27 Page 6.29

of Benami of benami property
Property
Transaction
Act, 1988
RERA 2016 5.2 (c) 2 Functions and Duties of Section 11 (4) (e)
Promoter Page .36
Competition 5.3 (b) 2 Form II Not given in Study

Act 2002 DSPL and ANSL are Material
engaged in selling Note : Form I used
when combined market

identical products like share is not more than

surgical items and After 15 %.
the acquisition, the
market share of both the Form III for filing
company putting details of the acquisition
together will be around under Section 6(5) .
32% of the relevant
market which is more Form IV – Details of
than 15% share of the combination under
relevant market .hence Section 29 (2)
Form II is used. Procedure for
investigation of
combination
Prohibition 5.4 (d) 2 Parties to be issued Section 26(1) Page 6.27
of Benami notice.
Property Notice in case of
Transaction Krishnan Family (HUF)
Act, 1988 under the Prohibition of
Benami Property
Transaction Act 1988,
can be served on Karta
or any member of HUF
IBC 2016 5.5 (d) 2 Constitution of CoC Section 21 Page 3.40
(Since Ms.Jaya is a
director of the company)
IBC 2016 5.6 3 Swiss Ribbons Private Ques. based on Case

Limited & Anr. Vs. Laws.
Union of India & Ors.
Article 14 of the
Constitution of India
(equality before the law)
does not get infracted as
Insolvency and
Bankruptcy Code, 2016
(IBC) is constitutional in
entirety and not
discriminatory and unfair
to an operational creditor
as compared to the
financial creditor.

PMLA 2002 5.7 3 Verification of Identity Section 11A Page 4.15

by Reporting Entity
IBC 2016 5.8 6 Moratorium Section 14 Page 3.31
FEMA 1999 5.9 3 Master Direction on Page 5.19

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INDEX for Mapping Sheets

Sr.No. Particulars Page No.

1. ICAI 7 Sample Case Studies 1-12

3. November 2018 Suggested Answers 21-28

5. November 2019 Suggested Answers 41-55

7. August 2018 Mock Test Papers 62-69

8. October 2019 Mock Test Papers 70-79

10. November 2020 Mock Test Papers 93-100

CA FINAL (NEW SYLLABUS)

7.(b) The time limit within Refer Page 2.45 –Section 19

1 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT I. MCQs Specific Topics Answers (Mapping with ICAI

SAMPLE CASE STUDY 2

2 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT I. MCQs Specific Topics Answers (Mapping with ICAI

FEMA,1999 6.(c) Penalty on illegal Refer Page 5.71,5.17,5.18

RERA,2016 2. Prior Registration of Real Refer Page 2.24,2.28 Section 3

FEMA,1999 3. (i) Compounding of Refer Page 5.74 Section 15

3 | Page Economic Laws Compiled by CA Sanidhya Saraf

PMLA,2002 3. (ii) Adjudication Refer Page 4.12 Section 8

SAMPLE CASE STUDY 3

Prohibition 9.(b) Benami Transaction Refer Page 6.5 –Section 2 (9)

4 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT II.Descriptive Specific Topics Answers (Mapping with ICAI

FEMA,2002 3. (ii) Issue of Equity Shares of ₹ Refer Page 5.29 Regulation 3

SAMPLE CASE STUDY 4

5 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT I.MCQs Specific Topics Answers (Mapping with ICAI

8.(c) Scheduled offence Refer Page 4.4–Section 2 (1) (y)

6 | Page Economic Laws Compiled by CA Sanidhya Saraf

SAMPLE CASE STUDY 5

5.(a) An Indian citizen resident Refer Page 5.33 Regulation 3 (d)

7 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT /Code I. MCQs Specific Topics Included Answers (Mapping with

FEMA,1999 1. (i) Reserve Bank’s powers to Refer Page 5.69 Section 11

1.(iii) Person, Person resident in Refer Page 5.5,5.6 Section 2

8 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT /Code II.Descriptive Answers (Mapping with

RERA,2016 3. (i) and (ii) Adherence to Sanctioned Refer Page 2.37-2.39

SAMPLE CASE STUDY 6

FEMA,1999 3.(b) Refund of advance payment by Refer Page 5.63 Regulation

IBC,2016 5.(c) Resolution applicant, Refer Page 3.19, 3.44

6.(c) Maximum duration of IRP Refer Page 3.34 Section 16

9 | Page Economic Laws Compiled by CA Sanidhya Saraf

8.(c) Appointment of Resolution Refer Page 3.36 –Section 22

IBC,2016 1. (i) Initiation of Liquidation Refer Page 4.49 Section 33

1. (ii) Contravention of Resolution Refer Page 3.54 Section 33

IBC,2016 2. (i) Avoidance of undervalued Refer Page 3.65-3.66 Section

2.(ii) In case where liquidator or RP Refer Page 3.66 Section 47

2.(iii) Order in cases of undervalued Refer Page 3.66 Section 48

3.(a) (i) Concealment of property Refer Page 4.73 Section 68

3.(a) (ii) Falsification of books of Refer Page 3.79 Section 71

3.(a) (iii) Providing false information in Refer Page 3.84 Section 77

10 | Page Economic Laws Compiled by CA Sanidhya Saraf

3.(b) Transactions defrauding Refer Page 3.80 Section 69

SAMPLE CASE STUDY 7

11 | Page Economic Laws Compiled by CA Sanidhya Saraf

ACT I. MCQs Specific Topics Included Answers (Mapping with

8.(b) Hint: Cartelisation requires Refer Page 1.6–Section 2 (c)

10.(d) Abuse of dominant position Refer Page 1.22 Section 4

12 | Page Economic Laws Compiled by CA Sanidhya Saraf

MAY 2018 SUGGESTED CASE STUDY 1

3 5 Conditions in an agreement Section 4 -Page 1.22