📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • âś–

      Question

      Transactions altering assets and liabilities in India of

      residents outside India:
      A Capital account transactions Correct Answer Incorrect Answer
      B Current account transactions. Correct Answer Incorrect Answer
      C Either a or b Correct Answer Incorrect Answer
      D Both a and b. Correct Answer Incorrect Answer
      E Foreign account transactions. Correct Answer Incorrect Answer

      Solution

      As per s.2(e)of the FEMA Act, 1999- “capital account transaction” means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India, and includes transactions referred to in sub-section (3) of section 6;

      Practice Next
      More Administrative Interpretation and Maxims Questions
      ask-question