Page 75 - DCOM404_CORPORATE_LEGAL_FRAMEWORK

Corporate Legal Framework

Notes 8. Directorate of Enforcement make provisions under

(a) Secs.34 and 36 (b) Secs.36 and 38
(c) Secs.38 and 40 (d) Secs.32 and 34
State whether the following statements are true or false:
9. Foreign currency means any currency same as Indian currency.
10. An authorized person is allowed to credit the account of any person without any
corresponding remittance from any place outside India.
11. Sec.7 deals with export of goods and services.
12. Sec.5 explains dealings in current account transactions.
13. Sec.15 empowers the Directorate of enforcement.

14. The arrest warrant may be issued by the adjudicating authority if the defaulter fails to
make an appearance in pursuance of the notice issued by him.

3.11 Review Questions

1. What are the duties and powers of an ‘authorized person’ under FEMA, 1999?
2. What are the obligations of an exporter of goods and services out of India? Explain.

3. Define an ‘authorised person’. When can the authority of an ‘authorised person’ be
revoked?
4. Can anyone file a suit against officer of the government exercising powers under FEMA?

5. Describe the penalties prescribed under FEMA for contravention of its provisions.
6. Can an appeal be filed against the order of the Adjudicating Authority? If yes, then with

whom shall the appeal be filed and within what period?

7. State the powers of Special Director (Appeals) and of the Appellate Tribunal in disposing
off the appeals.
8. Write short note on:
(a) Foreign Exchange

(b) Currency
(c) Indian Currency
(d) Foreign Currency
(e) Security

(f) Overseas Corporate Body
9. Enumerate some of the more important Regulations made by Reserve Bank of India under
FEMA.
10. State the penalties prescribed under FEMA for contravention of its provisions.

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