Question

     According to the FEMA any person may sell or draw

    foreign exchange to or from an authorised person if such sale or drawl is a ______________________
    A Speculative Transaction Correct Answer Incorrect Answer
    B Current account transaction Correct Answer Incorrect Answer
    C Capital account transaction Correct Answer Incorrect Answer
    D Reserve Bank of India Transaction Correct Answer Incorrect Answer
    E Government Approved Transaction Correct Answer Incorrect Answer

    Solution

    Section 5. Current account transactions—Any person may sell or draw foreign exchange to or from an authorised person if such sale or drawl is a current account transaction: Provided that the Central Government may, in public interest and in consultation with the Reserve Bank, impose such reasonable restrictions for current account transactions as may be prescribed.

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