Question

Foreign Exchange Management Act, 1999 regulates which of the following:

Which of the following statement(s) is/are correct?

• A. Only 1, 2, 4 and 5
• B. Only 2, 3 and 5
• C. Only 1, 2 and 4
• D. All of the above

Answer 1

The correct option is C Only 1, 2 and 4

FEMA aims at facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange markets in India. This Act empowers the Reserve Bank, and in certain cases the Central Government, to control and regulate dealings in foreign exchange payments outside India, export and import of currency notes and bullion, transfer of securities between residents and non-residents, acquisition of foreign securities, and acquisition of immovable property in and outside India, among other transactions.