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  • Test Paper of CH-1 Fema - 23721035 - 2023 - 10 - 04 - 23 - 30

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    Madhav Tailor
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    The document is a practice exam for a course on the Foreign Exchange Management Act of 1999. It contains 6 multiple choice questions testing knowledge of key concepts and regulations related to foreign exchange management in India. Specifically: 1) It asks for the definition of an "Authorized Person" under the Act. 2) It asks about the limit on possession and retention of foreign currency under related regulations. 3) It asks about the functions of the Reserve Bank of India. 4) It asks about the power to compound violations by the Enforcement Directorate. 5) It asks about permissible and prohibited capital account transactions for Indian residents. 6) It presents 3 scenarios asking whether foreign exchange can be obtained for

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    TEST PAPER OF CH-1 FEMA_23721035_2023_10_04_23_30

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    The document is a practice exam for a course on the Foreign Exchange Management Act of 1999. It contains 6 multiple choice questions testing knowledge of key concepts and regulations related to foreign exchange management in India. Specifically: 1) It asks for the definition of an "Authorized Person" under the Act. 2) It asks about the limit on possession and retention of foreign currency under related regulations. 3) It asks about the functions of the Reserve Bank of India. 4) It asks about the power to compound violations by the Enforcement Directorate. 5) It asks about permissible and prohibited capital account transactions for Indian residents. 6) It presents 3 scenarios asking whether foreign exchange can be obtained for

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    © All Rights Reserved
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    15 views1 page

    Test Paper of CH-1 Fema - 23721035 - 2023 - 10 - 04 - 23 - 30

    Uploaded by

    Madhav Tailor
    The document is a practice exam for a course on the Foreign Exchange Management Act of 1999. It contains 6 multiple choice questions testing knowledge of key concepts and regulations related to foreign exchange management in India. Specifically: 1) It asks for the definition of an "Authorized Person" under the Act. 2) It asks about the limit on possession and retention of foreign currency under related regulations. 3) It asks about the functions of the Reserve Bank of India. 4) It asks about the power to compound violations by the Enforcement Directorate. 5) It asks about permissible and prohibited capital account transactions for Indian residents. 6) It presents 3 scenarios asking whether foreign exchange can be obtained for

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    © All Rights Reserved
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    of 1

    “IGNITE ACADEMY”

    Time: 50 Mins. CH-1: FOREIGN EXCHANGE MANAGEMENT ACT,1999 Marks: 23

    1. Define: Authorised Person. (3 Marks)


    2. Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015
    deals with limits on possession and retention of foreign currency or foreign coins. What is the limit of
    possession or retention of foreign currency or foreign coins under Regulation 3? (4 Marks)
    3. What are the functions of RBI? (4 Marks)
    4. Explain the power to compound by Enforcement Directorate under FEMA. (4 Marks)
    5. What are the permissible & prohibited capital account transactions for persons resident in India?
    (4 Marks)
    6. An Indian national desires to obtain foreign exchange on current account transactions for the
    following purposes:
    (a) Remittance of US$ 50,000 out of winnings on a lottery ticket.
    (b) US$ 10,000 for remitting as commission to his agent in USA for sale of commercial plot situated
    near Bangalore, consideration in respect of which was received by Mr.Atul by way of foreign
    currency inward remittance amounting to US$ 1,00,000.
    (c) US$ 3,00,000 for a business trip to UK. [2 marks each]

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