To regulate the flow of foreign currency.

To promote foreign investment.

To control the exchange rate.

To facilitate international trade.

The Foreign Exchange Management Act, 1999

The Foreign Exchange Regulation Act, 1973

The Foreign Exchange Control Act, 1947

The Foreign Exchange (Regulation) Act, 1973

It covers all transactions involving foreign currency.

It covers only transactions involving foreign currency between residents and non-residents.

It covers only transactions involving foreign currency between residents.

It covers only transactions involving foreign currency between non-residents.

It prohibits the unauthorized possession of foreign currency.

It requires the declaration of foreign currency holdings.

It regulates the import and export of foreign currency.

All of the above.

The Reserve Bank of India

The Ministry of Finance

The Directorate of Enforcement

All of the above.

Fines

Imprisonment

Both fines and imprisonment

None of the above.

The Foreign Exchange Management (Amendment) Act, 2015

The Foreign Exchange Management (Amendment) Act, 2016

The Foreign Exchange Management (Amendment) Act, 2017

All of the above.

It imposes restrictions on the import and export of goods and services.

It regulates the repatriation of profits and dividends.

It affects the availability of foreign currency for businesses.

All of the above.

It restricts the amount of foreign currency that individuals can hold.

It regulates the purchase and sale of foreign currency.

It affects the availability of foreign currency for travel and education.

All of the above.

The complexity of the law

The lack of resources

The cross-border nature of foreign exchange transactions

All of the above.

The increasing use of technology

The growing importance of emerging markets

The need for greater international cooperation

All of the above.

It is the central bank of India.

It is responsible for regulating the foreign exchange market.

It is responsible for enforcing Foreign Exchange Law.

All of the above.

It is responsible for formulating Foreign Exchange Law.

It is responsible for enforcing Foreign Exchange Law.

It is responsible for regulating the foreign exchange market.

None of the above.

It is responsible for investigating violations of Foreign Exchange Law.

It is responsible for prosecuting violations of Foreign Exchange Law.

It is responsible for enforcing Foreign Exchange Law.

All of the above.

Unauthorized possession of foreign currency.

Failure to declare foreign currency holdings.

Illegal import and export of foreign currency.

All of the above.