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      Question

      What is the penalty for acquiring foreign exchange,

      foreign security, or immovable property outside India exceeding the prescribed threshold under FEMA?
      A A penalty equal to the value of the sum involved in the contravention Correct Answer Incorrect Answer
      B A penalty up to two times the sum involved in such contravention Correct Answer Incorrect Answer
      C A penalty up to three times the sum involved in such contravention Correct Answer Incorrect Answer
      D No penalty is imposed; only confiscation is applicable Correct Answer Incorrect Answer
      E Confiscation of the foreign exchange or property without penalty Correct Answer Incorrect Answer

      Solution

      Section 13. Penalties: (1A) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall be liable to a penalty up to three times the sum involved in such contravention and confiscation of the value equivalent, situated in India, the Foreign exchange, foreign security or immovable property.

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