Foreign Exchange Management Act — Prelims Questions

Consider the following statements about the Foreign Exchange Management Act (FEMA): 1. FEMA treats all violations as criminal offenses punishable with imprisonment. 2. Under FEMA, current account transactions are generally permitted while capital account transactions require RBI permission. 3. The Enforcement Directorate has no role in FEMA enforcement. Which of the statements given above is/are correct?

Which of the following transactions would require RBI permission under FEMA? 1. Purchase of shares of an Indian company by a foreign investor within FDI limits. 2. Remittance for higher education abroad by a resident Indian. 3. Acquisition of immovable property abroad by a resident Indian. 4. Payment for import of goods by an Indian company.

The maximum penalty under FEMA for quantifiable contraventions is:

Consider the following about the Liberalized Remittance Scheme (LRS) under FEMA: 1. It allows resident individuals to remit up to $300,000 per financial year. 2. It covers both current and capital account transactions. 3. No end-use restrictions apply under this scheme. Which of the statements given above is/are correct?

Which authority is primarily responsible for adjudicating FEMA contraventions?