Question

Which of the following is a key function of the Reserve

Q: Answer-Which of the following is a key function of the Reserve Bank of India (RBI) under FEMA?

Under the Foreign Exchange Management Act FEMA, 1999, one of the key functions of the Reserve Bank of India RBI is to grant general or special permissions for dealing in foreign exchange and foreign securities. Section 3 of FEMA prohibits dealing in foreign exchange except through authorized persons or with the RBIs general or special permission. RBI regulates foreign exchange transactions in India, issues guidelines, monitors cross-border transactions, and enforces FEMA provisions.

Bank of India (RBI) under FEMA?

A Setting the exchange rate of the Indian Rupee exclusively.

B Issuing rules and regulations that entirely replace the original Act.

C Providing general or special permissions for dealing in foreign exchange.

D Acting as the sole auditor for all foreign currency accounts.

E Imposing penalties on individuals for foreign exchange violations without any prior authority.

Practice Next

More Banking Related Laws Questions

Which Article of the Constitution of India deals with equal justice and free legal aid, inserted as per the 42 nd Amendment under the Directive Principl...
Section 66F deals with:
The 2018 Amendment of the PC Act changed the definition of “criminal misconduct” primarily by:
Plaint shall state precisely the amount claimed in all money suits except amount for________.
Which of the following is a "Scheduled Offence" under the PMLA, 2002?
The term ‘Admission’ is defined in the Indian Evidence Act, 1872 is______.
The maximum number of times a president can be re-elected in India is?
Every promise and every set of promise forming the consideration for each other is______________
What are the characteristic features of a company?
In the context of a contract for the sale of unascertained goods, when does the property in the goods transfer to the buyer?

Which of the following is a key function of the Reserve

Solution