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

Under Section 47 of FEMA, the Reserve Bank may make regulations on which of the following matters specifically listed in the section?

The Reserve Bank can make regulations fixing the limit up to which any person may possess foreign currency or foreign coins under Section 9(a). Commencement, penalties and tribunal constitution are not matters listed for the Reserve Bank's regulations in Section 47.

  1. AThe limit up to which any person may possess foreign currency or foreign coins under clause (a) of section 9Correct
  2. BThe penalty payable for each contravention of the Act
  3. CThe date of commencement of the Act
  4. DThe constitution of the Appellate Tribunal

Explanation

Section 47(2)(d) lets the Reserve Bank's regulations provide for the limit up to which any person may possess foreign currency or foreign coins under Section 9(a). Penalties, commencement and tribunal constitution are not among the listed regulation-making matters.

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