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Question

Which of the following penalty can be imposed for contravention of the provisions of FEMA?

A penalty up to thrice the sum involved in such contravention. Correct Answer Incorrect Answer
B up to two lakh rupees where the amount is not quantifiable. Correct Answer Incorrect Answer
C Rs. 5000 Per day if contravention is a continuing one. Correct Answer Incorrect Answer
D A and C Correct Answer Incorrect Answer
E All of the above. Correct Answer Incorrect Answer

Solution

S.13. Penalties.—(1) If any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorisation is issued by the Reserve Bank, he shall, upon adjudication, ü  be liable to a penalty up to thrice the sum involved in such contravention where such ü  amount is quantifiable, or up to two lakh rupees where the amount is not quantifiable, and where such ü  contravention is a continuing one, further penalty which may extend to five thousand rupees for every day after the first day during which the contravention continues.

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