Module: | Penalties, Adjudication and Sections
Q17: Which of the following pairs, correctly matches the Section of the Foreign Exchange Management Act (FEMA), with its specific subject matter?
1. Section 3: Prohibition on dealing in foreign exchange, except through an Authorized Person.
2. Section 6: Regulation of Capital Account Transactions.
3. Section 7: Export of Goods and Services (Realization and Repatriation).
4. Section 10: Regulation of Domestic Rupee Transfers.
2. Section 6: Regulation of Capital Account Transactions.
3. Section 7: Export of Goods and Services (Realization and Repatriation).
4. Section 10: Regulation of Domestic Rupee Transfers.
✅ Correct Answer: C
Section 3 prohibits unauthorized dealings in foreign exchange.
Section 6 empowers the RBI to regulate Capital Account transactions (those altering assets/liabilities abroad). Section 7 imposes obligations on exporters to furnish declarations and realize export proceeds.
Section 10 deals with the duties and powers of Authorized Persons, not domestic rupee transfers (which are outside FEMA).
Section 6 empowers the RBI to regulate Capital Account transactions (those altering assets/liabilities abroad). Section 7 imposes obligations on exporters to furnish declarations and realize export proceeds.
Section 10 deals with the duties and powers of Authorized Persons, not domestic rupee transfers (which are outside FEMA).