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    Question

    Under Section 13(1) of FEMA, 1999, what is the penalty

    for a contravention where the sum involved in the contravention is NOT quantifiable?
    A Up to ₹1 lakh Correct Answer Incorrect Answer
    B Up to ₹2 lakh Correct Answer Incorrect Answer
    C Up to ₹5 lakh Correct Answer Incorrect Answer
    D Up to three times the sum involved Correct Answer Incorrect Answer

    Solution

    Explanation:
    Section 13(1) of FEMA, 1999 establishes a  two-track penalty structure : ​ ·         Where the sum involved in the contravention  is quantifiable  → penalty up to  three times  the sum involved ·         Where the sum involved  is NOT quantifiable  → penalty up to  ₹2 lakh  (two lakh rupees) ·         In case of a  continuing contravention  → an additional penalty up to  ₹5,000 per day  after the first day

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