| Consider the following functions of the Foreign Exchange Management Act (FEMA) |
| 1. FEMA restricts activities such as payments made to any person outside India or receipts from them. |
| 2. FEMA imposes restriction on people living in India who carry out transactions in foreign exchange, foreign security or who own or hold immovable property abroad. |
| 3. FEMA regulates the exporters to furnish their export details to RBI. Which of the statements given above is/are correct? |
A) 1, 2 and 3
B) 1 and 3
C) 2 and 3
D) Only 1
Correct Answer: A
Solution :
Among the Various objectives of the Foreign Exchange Management Act (FEMA), an important one is to revise and unite all the laws that relate to foreign exchange. Further FEMA aims to promote foreign payments and trade in the country. Another important objective of the Foreign Exchange Management Act (FEMA) is to encourage the orderly maintenance and development of the foreign exchange market in India,
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