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The Foreign Exchange Management Act ,1999 is made effective from,
FEMA Provides Regulation of transactions between………….
As per FEMA,1999 ‘Authorised Persons’ includes
In FEMA, 1999 Investigation of Offences are conducted by…………………..
Appealing authority as per FEMA, 1999 includes………………..
Which of the following statement is Correct?
Which of the following statement is correct?
____________means a transaction which alter the assets or liabilities, including contingent liabilities, outside India of a person’s residence in India or assets or liabilities in India of persons resident outside India, and include in transactions referred to in Section 6(3); (Section 2(e)).
“Export” with its grammatical variations and cognate expressions means;
Mr Yogesh has gone out of India for carrying on business or vocation outside India for more than 182 days, that person is considered as–
Which of the following statement is Correct?
______________means bringing into India the realise foreign exchange and selling of such foreign exchange to an authorised person in India in exchange for rupees or the holding of realised amount in an account with an authorised person in India to the extent notified by the RBI.
Following statement are incorrect-
Following are not a person resident in India-
Which of the following statement are true?
Miss. Nidhi resides in India for more than 182 days during FY 2018-19, then for the FY 2019-20, the person will be an Indian resident. In the FY 2019-20 she went to New York on
25 may, 2020 then what should be the residential status for the FY.2020-21.
Miss.meeta resides in India for more than 182 days during FY 2018-19, then for the FY 2019-20, the person will be an Indian resident. In the FY 2019-20 she leaves India on 2nd June, 2020 for the purpose of employment then what should be the residential status for the FY.2020-21.
Minnie Ltd. Being a Japanese company having several business units all over the world. It has a robotic unit with its head quarter in New Delhi and has a branch in Singapore. The headquarter at New Delhi controlled the Singapore branch of the robotic unit. What would be the residential status of robotic unit in New Delhi and that of the Singapore branch?
Minnie Ltd. Being a Japanese company having several business units all over the world. It has a robotic unit with its head quarter in New Delhi and has a branch in Singapore. The headquarter at New Delhi controlled the Singapore branch of the robotic unit. What should be resident status of Minnie Ltd.?
Miss Dolly is an Airhostess with the British Airways. She flies for 14 days and takes a break for 20 days. During the break, she is accommodate in ‘base’, which is the normally Airline’s headquarter. However for the security considerations, she was based at Mumbai. During the financial year, she was accommodated at Mumbai for more than 182 days what would be her residential status of Miss Dolly under FEMA?
Miss Dolly is an Airhostess with the British Airways. She flies for 14 days and takes a break for 20 days. During the break, she is accommodate in ‘base’, which is the normally city where the Airline is the headquartered. However for the security considerations, she was based at Mumbai. During the financial year, she was accommodated at Mumbai for more than 182 days, residential status as per FEMA if she has employed in Mumbai branch of British Airways, then what should be her residential status under FEMA?
Mr Pranav was resident in India during the financial year 2019-2020. He left India on 1st August, 2020 For United States for pursuing higher studies for 3 years. What would be his residential status during financial year 2020-21
Which of the following statement is correct?
Which of the following statement is false?
Which of the following transaction is permitted?
Which of the following transaction is permitted, If this transaction is done through the Authorised Dealer?
Which of the following is Current Account Transaction?
Miss Alisha is an Indian resident, who imports machinery from a vendor in UK for installing in her factory. As per account and income-tax law, machinery is a “capital expenditure”, what type of transaction is this considered under FEMA 1999.
For Import, maximum period of realisation of payment on the basis of credit period is-
For Export, the period for realisation of proceeds is ________.
Mr Vipul is person resident in India transfers USD800 to his NRI brother in New York as “gift”, the funds are sent from PRII’s Indian bank account to the NRI Brother’s bank account in New York, under accounts and income tax law, gift is a “capital receipt”. However, under FEMA, What should be treated?
PRII gives a PROI a gift in India in Indian currency, for the PROI it will result in funds lying in India. For PRII there is no creation of assets or liability. As this transaction creates an asset in India for the PROI what is the type of transaction?
Which of the following schedules prescribes transactions which are prohibited under FEMA, 1999?
Miss sheela is resident in India, she sends fund to her sister in UK, this remittance is out of winning from lottery, as per FEMA 1999, Is this transaction is permitted?
Miss Reema is resident in India, she sends some fund to her brother in USA, this remittance is out of dividend from Infosys Ltd to which the requirement of dividend balancing is applicable, as per FEMA 1999, Is this transaction permitted?
LMS Ltd is an export oriented unit, they export tobacco to USA for invoice value of Rs.2500000 and also give commission to importer of Rs.210000, is this foreign exchange transaction permitted under FEMA 1999.
Which of the following transaction is permitted under FEMA, 1999?
Schedule II require prior approval of __________________.
Advertisement in foreign print media for the purpose other than promotion of tourism, foreign investments and international bidding exceeding USD25000 by a State Government and its Public Sector Undertakings requires permission by___
Remittance of Freight of Vessel Chartered by a PSU, Requires permission of___?
Remittance of hiring charges of transponders by Internet service providers requires prior permission of ___________
Remittance of Container detention charges exceeding the rate prescribed is decided by _______________.
Remittance for membership of P&I Club required permission of,
Schedule III of FEMA, 1999 requires approval of ___for withdrawal of foreign exchange.
Individuals can avail the foreign exchange facility for emigration with in the limit of USD __________only.
Individuals can avail of foreign exchange facility for going abroad for employment with in the limit of USD _________only.
Travel for business or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment / check-up.
(i) Expenses in connection with medical treatment abroad.
(ii) Studies Abroad.
(iii) Any other current account transaction.
(iv) Choose the correct option?
Commission per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding _______ or _______ of the inward remittance whichever is more is permitted.
Donation exceeding _______ per cent of their foreign earnings during the previous _______ financial year or USD 5000000 whichever is less for- (1) Creation of chairs in reputed educational institutes. (2) Contribution to funds (not being an investment fund) promoted by educational institutes; and (3) Contribution to a technical institute or body or association in the field of activity of the donor company.
No approval is required where any remittance has been made for the transaction listed in______________ from an RFC account.
No approval is required where any remittance has been made for the transaction listed in_____________ from an EEFC account.
If payment has to be made for the following transactions approval is required even if payment is from EEFC Account:
Remittance of interest income on funds held in Non-resident special rupee scheme a/c.
(i) Remittance for membership of P& I.
(ii) Commission per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD25000 or five per cent of the inward remittance whichever more is.
(iii) Remittance exceeding five per cent of investment brought into India or USD 100000 whichever is higher, by an entity in India by way of reimbursement of pre-incorporation expenses.
(iv) Remittance of hiring charges of transponders by TV Channels.
Which of the above transaction required approval even if payment is from EEFC Account?
Which of the following statements is incorrect?
Under the Liberalised Remittance Scheme (LRS), all resident individuals, including minors, can freely remit up to ________per financial year for any permissible current or capital account transaction or a combination of both.