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TOTAL QUESTION: 20
TOTAL TIME= 20 MIN
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Your results are here!! for" Foreign Exchange Management Act, 1999 (FEMA) "
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Question 1 of 20
1. Question
When was the Foreign Exchange Management Act, 1999 passed by the Parliament of India?
Correct
FEMA was passed on 29 December 1999.
Incorrect
FEMA was passed on 29 December 1999.
Unattempted
FEMA was passed on 29 December 1999.
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Question 2 of 20
2. Question
When did FEMA come into force?
Correct
FEMA came into force on 1 June 2000.
Incorrect
FEMA came into force on 1 June 2000.
Unattempted
FEMA came into force on 1 June 2000.
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Question 3 of 20
3. Question
Which earlier law was replaced by FEMA?
Correct
FEMA replaced the Foreign Exchange Regulation Act (FERA).
Incorrect
FEMA replaced the Foreign Exchange Regulation Act (FERA).
Unattempted
FEMA replaced the Foreign Exchange Regulation Act (FERA).
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Question 4 of 20
4. Question
Which of the following is a main objective of FEMA?
Correct
FEMA aims to facilitate external trade, regulate payments, and promote an orderly and stable foreign exchange market.
Incorrect
FEMA aims to facilitate external trade, regulate payments, and promote an orderly and stable foreign exchange market.
Unattempted
FEMA aims to facilitate external trade, regulate payments, and promote an orderly and stable foreign exchange market.
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Question 5 of 20
5. Question
Under FEMA, most violations are treated as what type of offences?
Correct
Unlike FERA, FEMA treats most violations as civil offences.
Incorrect
Unlike FERA, FEMA treats most violations as civil offences.
Unattempted
Unlike FERA, FEMA treats most violations as civil offences.
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Question 6 of 20
6. Question
FEMA applies to which geographical area?
Correct
FEMA applies to the entire country.
Incorrect
FEMA applies to the entire country.
Unattempted
FEMA applies to the entire country.
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Question 7 of 20
7. Question
FEMA aligns India‘s foreign exchange laws with global trade rules under which organisation?
Correct
The provided content states that FEMA aligns India‘s foreign exchange laws with global trade rules under the WTO.
Incorrect
The provided content states that FEMA aligns India‘s foreign exchange laws with global trade rules under the WTO.
Unattempted
The provided content states that FEMA aligns India‘s foreign exchange laws with global trade rules under the WTO.
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Question 8 of 20
8. Question
In which year did FEMA introduce the Liberalised Remittance Scheme (LRS)?
Correct
The provided content states that FEMA introduced LRS in 2004.
Incorrect
The provided content states that FEMA introduced LRS in 2004.
Unattempted
The provided content states that FEMA introduced LRS in 2004.
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Question 9 of 20
9. Question
According to the provided content, which persons can use the Liberalised Remittance Scheme?
Correct
The provided content states that resident individuals, including students and minors, can send money abroad under LRS.
Incorrect
The provided content states that resident individuals, including students and minors, can send money abroad under LRS.
Unattempted
The provided content states that resident individuals, including students and minors, can send money abroad under LRS.
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Question 10 of 20
10. Question
What was the basic approach under FERA?
Correct
Under FERA, everything was prohibited unless specifically permitted.
Incorrect
Under FERA, everything was prohibited unless specifically permitted.
Unattempted
Under FERA, everything was prohibited unless specifically permitted.
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Question 11 of 20
11. Question
According to the provided content, under FERA a person was considered what until proven innocent?
Correct
The provided content states that under FERA, a person was considered guilty until proven innocent.
Incorrect
The provided content states that under FERA, a person was considered guilty until proven innocent.
Unattempted
The provided content states that under FERA, a person was considered guilty until proven innocent.
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Question 12 of 20
12. Question
Under FEMA, current account transactions are generally:
Correct
Current account transactions are allowed by default unless specifically restricted.
Incorrect
Current account transactions are allowed by default unless specifically restricted.
Unattempted
Current account transactions are allowed by default unless specifically restricted.
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Question 13 of 20
13. Question
Under FEMA, capital account transactions are generally:
Correct
Capital account transactions are restricted unless specifically permitted.
Incorrect
Capital account transactions are restricted unless specifically permitted.
Unattempted
Capital account transactions are restricted unless specifically permitted.
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Question 14 of 20
14. Question
Which of the following is an example of a capital account transaction mentioned in the provided content?
Correct
Foreign Direct Investment (FDI) is listed as a capital account transaction.
Incorrect
Foreign Direct Investment (FDI) is listed as a capital account transaction.
Unattempted
Foreign Direct Investment (FDI) is listed as a capital account transaction.
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Question 15 of 20
15. Question
What return must a company receiving FDI or making overseas investments file every year?
Correct
The provided content states that such a company must file the FLA Return every year.
Incorrect
The provided content states that such a company must file the FLA Return every year.
Unattempted
The provided content states that such a company must file the FLA Return every year.
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Question 16 of 20
16. Question
In which year was the Foreign Exchange Regulation Act enacted?
Correct
FERA was introduced in 1973.
Incorrect
FERA was introduced in 1973.
Unattempted
FERA was introduced in 1973.
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Question 17 of 20
17. Question
In which year was FERA finally repealed according to the provided content?
Correct
The provided content states that FERA was finally repealed in 1998.
Incorrect
The provided content states that FERA was finally repealed in 1998.
Unattempted
The provided content states that FERA was finally repealed in 1998.
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Question 18 of 20
18. Question
Why did Coca-Cola leave India in 1977 according to the provided content?
Correct
The provided content states that Coca-Cola left India in 1977 due to FERA rules requiring the company to dilute its shareholding.
Incorrect
The provided content states that Coca-Cola left India in 1977 due to FERA rules requiring the company to dilute its shareholding.
Unattempted
The provided content states that Coca-Cola left India in 1977 due to FERA rules requiring the company to dilute its shareholding.
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Question 19 of 20
19. Question
What does the Foreign Contribution Regulation Act, 2010 primarily regulate?
Correct
FCRA regulates the acceptance and use of foreign donations.
Incorrect
FCRA regulates the acceptance and use of foreign donations.
Unattempted
FCRA regulates the acceptance and use of foreign donations.
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Question 20 of 20
20. Question
Which of the following is NOT included as foreign contribution according to the provided content?
Correct
Fees paid by foreign students and payments for business or services are excluded from foreign contribution.
Incorrect
Fees paid by foreign students and payments for business or services are excluded from foreign contribution.
Unattempted
Fees paid by foreign students and payments for business or services are excluded from foreign contribution.