Question

Under Section 3 of the Foreign Exchange Management Act, 1999, which of the following acts is prohibited for a "person" without the general or special permission of the Reserve Bank of India?

A Dealing in or transferring any foreign exchange or foreign security to an Authorized Person (AP).
B Receiving any payment by order or on behalf of a person resident outside India (PROI) through an Authorized Person.
C Entering into any financial transaction in India as consideration for the acquisition of an asset outside India by any person.
D Holding foreign currency notes up to US$ 2,000 acquired during a visit abroad as honorarium for services rendered.
Practice Next

Hey! Ask a query

🎓
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
  • 200 Questions with Detailed Solutions
  • Section-wise Coverage (GA, English, Quant & Reasoning)