Corporate and Other LawsQuestion 5362 of 221
All Questions AUSD 30000 and USD 10,000,000 respectively
BUSD 25000 and USD 1,000,000 respectively
CUSD10000 and USD 1,00,000 respectively
DUSD 15000 and USD 10000 respectively
For any discrepancies in this question, email contact@cadada.in
Correct Answer
✅ Option A — USD 30000 and USD 10,000,000 respectively
All Options:
- AUSD 30000 and USD 10,000,000 respectively ✓
- BUSD 25000 and USD 1,000,000 respectively
- CUSD10000 and USD 1,00,000 respectively
- DUSD 15000 and USD 10000 respectively
Ad
Detailed Solution & Explanation
Under Schedule III of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, the following rules apply:
1. Commission to agents abroad for the sale of residential flats or commercial plots in India does not require prior approval of the Reserve Bank of India (RBI) if the commission per transaction does not exceed USD or of the inward remittance, whichever is more.
The villa cost is USD . Computing of the inward remittance: Comparing the two values: Therefore, the maximum commission that can be paid without RBI approval is USD .
2. Remittance for consultancy services for infrastructure projects does not require prior approval of the RBI up to USD per project, whereas for other consultancy services the limit is USD . Shaping/curing of land, roads, and power facilities fall under infrastructure backup, so the limit is USD .
Thus, the maximum amounts for which RBI approval is not required are USD and USD respectively.
Hence, **Option A** is the correct answer.
The villa cost is USD . Computing of the inward remittance: Comparing the two values: Therefore, the maximum commission that can be paid without RBI approval is USD .
2. Remittance for consultancy services for infrastructure projects does not require prior approval of the RBI up to USD per project, whereas for other consultancy services the limit is USD . Shaping/curing of land, roads, and power facilities fall under infrastructure backup, so the limit is USD .
Thus, the maximum amounts for which RBI approval is not required are USD and USD respectively.
Hence, **Option A** is the correct answer.
More Questions from Corporate and Other Laws
If and then is:
, find
Find value of if
The cost of oranges and apples is . If the cost of an apple is doubled then the cost of oranges and apples is . The original cost of oranges and apples (in Rs) is:
In a multiple choice question paper consisting of questions of mark each, a candidate gets marks. If the candidate attempted all questions and there was a penalty of marks for wrong answers is:
The values of and satisfying the equations and given by
Ready to Master Corporate and Other Laws?
Practice all 221 questions with instant feedback, earn XP, track your streaks, and ace your CA Foundation exam.
Start Practicing — It's Free