Q13 The Reserve Bank of India (RBI) issues a Master Direction, requiring Authorized Dealer (AD) banks to obtain specific documentation, for certain outward remittances. What is the legal standing of this direction? Q14 An individual realizes they have inadvertently committed a technical contravention, of FEMA procedures. They wish to voluntarily admit the error, and pay a monetary settlement to close the matter, without facing lengthy litigation. Which facility under FEMA allows this? Q15 Consider the following statements, regarding penalties and recovery under FEMA: Q16 Which of the following statements, correctly describe the enforcement and appellate structure under FEMA? Q17 Which of the following pairs, correctly matches the Section of the Foreign Exchange Management Act (FEMA), with its specific subject matter? Q18 A person resident in India, wishes to open a savings bank account in New York, denominated in US Dollars. Under FEMA, is this permitted? Q19 An Indian parent company, provides a corporate guarantee to a foreign bank, to secure a loan for its overseas subsidiary. How is this transaction classified under FEMA?