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      Question

      What is the new maximum penalty limit set by RBI for

      FEMA violations?
      A โ‚น1 lakh Correct Answer Incorrect Answer
      B โ‚น1.5 lakh Correct Answer Incorrect Answer
      C โ‚น2 lakh Correct Answer Incorrect Answer
      D โ‚น5 lakh Correct Answer Incorrect Answer
      E โ‚น10 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 โ‚น2 lakh , replacing the earlier system that calculated fines as a percentage of the violation amount .

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