Question

    What is the new maximum penalty limit set by RBI for

    FEMA violations?
    A ₹1 lakh Correct Answer Incorrect Answer
    B ₹1.5 lakh Correct Answer Incorrect Answer
    C ₹2 lakh Correct Answer Incorrect Answer
    D ₹5 lakh Correct Answer Incorrect Answer
    E ₹10 lakh Correct Answer Incorrect Answer

    Solution

    Under the updated provisions of the Foreign Exchange Management Act (FEMA) , the RBI has capped penalties for violations at a maximum of ₹2 lakh , replacing the earlier system that calculated fines as a percentage of the violation amount .

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