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CMA Final · Corporate and Economic Laws · Foreign Exchange Management Act, 1999

Section 9 of FEMA exempts certain cases from the operation of sections 4 and 8. Which of the following is covered by this exemption as stated in the section?

Possession of foreign currency or foreign coins by any person, up to the limit the Reserve Bank specifies, is exempt from sections 4 and 8 under Section 9(a). Unlimited property abroad or dealing with non-authorised persons are not exempted by this section.

  1. APossession of foreign currency or foreign coins by any person up to such limit as the Reserve Bank may specifyCorrect
  2. BAcquisition of immovable property outside India without any limit
  3. CDealing in foreign exchange with any person who is not an authorised person
  4. DMaking payments to a person resident outside India in any manner

Explanation

Section 9(a) exempts possession of foreign currency or foreign coins up to a limit specified by the Reserve Bank from sections 4 and 8. The other options describe matters under Section 3 or Section 4 that are not exempted by Section 9.

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