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Your results are here!! for" Foreign Exchange Management Act, 1999 (FEMA) "
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Question 1 of 10
1. Question
When did the Foreign Exchange Management Act, 1999 (FEMA) come into force?
Correct
The provided material states that FEMA came into force on 29 December 1999.
Incorrect
The provided material states that FEMA came into force on 29 December 1999.
Unattempted
The provided material states that FEMA came into force on 29 December 1999.
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Question 2 of 10
2. Question
Which earlier legislation was replaced by FEMA?
Correct
FEMA replaced the Foreign Exchange Regulation Act (FERA) of 1973.
Incorrect
FEMA replaced the Foreign Exchange Regulation Act (FERA) of 1973.
Unattempted
FEMA replaced the Foreign Exchange Regulation Act (FERA) of 1973.
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Question 3 of 10
3. Question
What is a primary objective of FEMA?
Correct
FEMA aims to facilitate external trade and payments and promote the orderly development and maintenance of the foreign exchange market.
Incorrect
FEMA aims to facilitate external trade and payments and promote the orderly development and maintenance of the foreign exchange market.
Unattempted
FEMA aims to facilitate external trade and payments and promote the orderly development and maintenance of the foreign exchange market.
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Question 4 of 10
4. Question
FEMA focuses on the ______ of foreign exchange rather than strict regulation.
Correct
The material highlights a policy shift from strict regulation under FERA toward management under FEMA.
Incorrect
The material highlights a policy shift from strict regulation under FERA toward management under FEMA.
Unattempted
The material highlights a policy shift from strict regulation under FERA toward management under FEMA.
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Question 5 of 10
5. Question
How are violations related to foreign exchange generally treated under FEMA, according to the provided material?
Correct
The material states that foreign exchange violations under FEMA are treated as civil offences rather than criminal offences.
Incorrect
The material states that foreign exchange violations under FEMA are treated as civil offences rather than criminal offences.
Unattempted
The material states that foreign exchange violations under FEMA are treated as civil offences rather than criminal offences.
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Question 6 of 10
6. Question
Which statement correctly describes the broad approach of FEMA compared with FERA?
Correct
The provided material describes FEMA as permitting transactions unless specifically prohibited, unlike FERA‘s more restrictive approach.
Incorrect
The provided material describes FEMA as permitting transactions unless specifically prohibited, unlike FERA‘s more restrictive approach.
Unattempted
The provided material describes FEMA as permitting transactions unless specifically prohibited, unlike FERA‘s more restrictive approach.
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Question 7 of 10
7. Question
Which institution is empowered to regulate foreign exchange under FEMA?
Correct
FEMA empowers the Reserve Bank of India to regulate foreign exchange.
Incorrect
FEMA empowers the Reserve Bank of India to regulate foreign exchange.
Unattempted
FEMA empowers the Reserve Bank of India to regulate foreign exchange.
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Question 8 of 10
8. Question
What does Section 5 of FEMA deal with according to the provided material?
Correct
Section 5 permits current account transactions unless restricted by the Central Government.
Incorrect
Section 5 permits current account transactions unless restricted by the Central Government.
Unattempted
Section 5 permits current account transactions unless restricted by the Central Government.
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Question 9 of 10
9. Question
What does Section 6 of FEMA regulate according to the provided material?
Correct
Section 6 regulates capital account transactions and lays down conditions for areas such as FDI, debt, and equity outflows.
Incorrect
Section 6 regulates capital account transactions and lays down conditions for areas such as FDI, debt, and equity outflows.
Unattempted
Section 6 regulates capital account transactions and lays down conditions for areas such as FDI, debt, and equity outflows.
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Question 10 of 10
10. Question
Which of the following is an example of a capital account transaction mentioned in the provided material?
Correct
The material identifies Foreign Direct Investment (FDI) and External Commercial Borrowings (ECB) as examples of capital account transactions.
Incorrect
The material identifies Foreign Direct Investment (FDI) and External Commercial Borrowings (ECB) as examples of capital account transactions.
Unattempted
The material identifies Foreign Direct Investment (FDI) and External Commercial Borrowings (ECB) as examples of capital account transactions.