Q7 Consider the following foreign exchange transactions, undertaken by Indian residents. Which of the following correctly classifies the nature of the transaction, under FEMA? Q8 Regarding the regulation of foreign exchange transactions, which of the following pairs correctly identifies the primary regulatory authority? Q9 Under FEMA, the term "Foreign Exchange" includes which of the following? Q10 An individual wishes to legally purchase US Dollars, for a holiday abroad. Under FEMA, from whom must they purchase this currency? Q11 The "Liberalised Remittance Scheme" (LRS) allows residents to remit a certain amount of money abroad annually, for permitted purposes, without seeking case-by-case approval. What FEMA principle does this illustrate? Q12 An Indian exporter ships goods to a buyer in France, but fails to collect the payment within the time period prescribed by the RBI. The exporter claims that since the goods have left India, FEMA no longer applies. Is this correct?