Q1 A businessman fails to comply with a procedural requirement, under the Foreign Exchange Management Act (FEMA). Which of the following describes the nature of the potential liability he faces? Q2 A resident of Bengaluru transfers ₹75,000 via UPI, to a friend's bank account in Kolkata. Both accounts are held in Indian banks, and denominated in Indian Rupees. Why does this transaction NOT fall under the purview of FEMA? Q3 Which of the following statements, regarding the objectives and philosophy of FEMA, are correct? Q4 An individual has been living and working in Mumbai, for the last five years. While on a trip abroad, she purchases a property in Dubai, in her own name. Does FEMA apply to this asset? Q5 Which regulatory body is primarily responsible, for the administration and practical implementation of the Foreign Exchange Management Act (FEMA), including issuing Master Directions to banks? Q6 Consider the following scenarios, regarding residential status under FEMA: