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Authorities under Foreign Exchange Law

Description: This quiz will test your knowledge of the authorities under the Foreign Exchange Law in India.
Number of Questions: 14
Created by:
Tags: foreign exchange law authorities rbi central government
Attempted 0/14 Correct 0 Score 0

Which authority is responsible for administering the Foreign Exchange Law in India?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Ministry of Finance

  4. Directorate General of Foreign Trade (DGFT)


Correct Option: A
Explanation:

The Reserve Bank of India (RBI) is the primary authority responsible for administering the Foreign Exchange Law in India.

What is the role of the Central Government in the administration of the Foreign Exchange Law?

  1. Formulating policies and regulations

  2. Granting approvals and permissions

  3. Enforcement of the law

  4. All of the above


Correct Option: D
Explanation:

The Central Government plays a crucial role in the administration of the Foreign Exchange Law by formulating policies and regulations, granting approvals and permissions, and enforcing the law.

Who is the competent authority for granting approvals and permissions under the Foreign Exchange Law?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Directorate General of Foreign Trade (DGFT)

  4. All of the above


Correct Option: A
Explanation:

The Reserve Bank of India (RBI) is the competent authority for granting approvals and permissions under the Foreign Exchange Law.

Which authority is responsible for enforcing the Foreign Exchange Law?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Directorate General of Foreign Trade (DGFT)

  4. All of the above


Correct Option: D
Explanation:

The Reserve Bank of India (RBI), the Central Government, and the Directorate General of Foreign Trade (DGFT) are all responsible for enforcing the Foreign Exchange Law.

What is the penalty for violating the Foreign Exchange Law?

  1. Fine

  2. Imprisonment

  3. Both fine and imprisonment

  4. None of the above


Correct Option: C
Explanation:

The penalty for violating the Foreign Exchange Law can be both fine and imprisonment.

Which authority is responsible for adjudicating disputes arising under the Foreign Exchange Law?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Foreign Exchange Management Act (FEMA) Appellate Tribunal

  4. All of the above


Correct Option: C
Explanation:

The Foreign Exchange Management Act (FEMA) Appellate Tribunal is responsible for adjudicating disputes arising under the Foreign Exchange Law.

What is the time limit for filing an appeal before the Foreign Exchange Management Act (FEMA) Appellate Tribunal?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days


Correct Option:
Explanation:

The time limit for filing an appeal before the Foreign Exchange Management Act (FEMA) Appellate Tribunal is 45 days.

Which authority is responsible for regulating the import and export of goods and services in India?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Directorate General of Foreign Trade (DGFT)

  4. All of the above


Correct Option: C
Explanation:

The Directorate General of Foreign Trade (DGFT) is responsible for regulating the import and export of goods and services in India.

What is the role of the Reserve Bank of India (RBI) in regulating the import and export of goods and services?

  1. Formulating policies and regulations

  2. Granting approvals and permissions

  3. Enforcement of the law

  4. All of the above


Correct Option: D
Explanation:

The Reserve Bank of India (RBI) plays a crucial role in regulating the import and export of goods and services by formulating policies and regulations, granting approvals and permissions, and enforcing the law.

Who is the competent authority for granting approvals and permissions for the import and export of goods and services?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Directorate General of Foreign Trade (DGFT)

  4. All of the above


Correct Option: C
Explanation:

The Directorate General of Foreign Trade (DGFT) is the competent authority for granting approvals and permissions for the import and export of goods and services.

Which authority is responsible for enforcing the law relating to the import and export of goods and services?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Directorate General of Foreign Trade (DGFT)

  4. All of the above


Correct Option: D
Explanation:

The Reserve Bank of India (RBI), the Central Government, and the Directorate General of Foreign Trade (DGFT) are all responsible for enforcing the law relating to the import and export of goods and services.

What is the penalty for violating the law relating to the import and export of goods and services?

  1. Fine

  2. Imprisonment

  3. Both fine and imprisonment

  4. None of the above


Correct Option: C
Explanation:

The penalty for violating the law relating to the import and export of goods and services can be both fine and imprisonment.

Which authority is responsible for adjudicating disputes arising under the law relating to the import and export of goods and services?

  1. Reserve Bank of India (RBI)

  2. Central Government

  3. Foreign Exchange Management Act (FEMA) Appellate Tribunal

  4. All of the above


Correct Option: C
Explanation:

The Foreign Exchange Management Act (FEMA) Appellate Tribunal is responsible for adjudicating disputes arising under the law relating to the import and export of goods and services.

What is the time limit for filing an appeal before the Foreign Exchange Management Act (FEMA) Appellate Tribunal?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days


Correct Option:
Explanation:

The time limit for filing an appeal before the Foreign Exchange Management Act (FEMA) Appellate Tribunal is 45 days.

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