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

Under section 47(2) of FEMA, which of the following may the Reserve Bank's regulations provide for?

The Reserve Bank's regulations may specify the limit up to which a person may possess foreign currency or foreign coins. Section 47(2)(d) gives this power in connection with section 9(a). Commencement and extent are fixed by the Act or Central Government, not by RBI regulations.

  1. AThe limit up to which any person may possess foreign currency or foreign coinsCorrect
  2. BThe date of commencement of the Act
  3. CThe punishment for contravention of the Act
  4. DThe extent of the Act to the whole of India

Explanation

Section 47(2)(d) lets RBI regulations provide the limit up to which any person may possess foreign currency or coins under section 9(a). Commencement is fixed by the Central Government under section 1(4), and extent is stated in the Act itself; punishment is not listed in section 47.

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