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    Question

    What does the term “capital account transaction”

    refer to as per FEMA?
    A A transaction altering the assets or liabilities outside India of persons resident in India Correct Answer Incorrect Answer
    B A transaction altering the assets or liabilities in India of persons resident outside India Correct Answer Incorrect Answer
    C Transactions that include contingent liabilities outside India of persons resident in India Correct Answer Incorrect Answer
    D Transactions referred to in sub-section (3) of section 6 Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    Section 2. Definitions: (e) “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;

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