Corporate and Other LawsQuestion 5381 of 221
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7. For his show in Canada, he needs to obtain prior approval for remittance of foreign exchange from:

Options

AMinistry of Finance
BMinistry of Information and Broadcasting
CMinistry of Communication and Information Technology
DMinistry of Human Resources Development (Department of Education and Culture) (2 Marks)
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Correct Answer

Option AMinistry of Finance

All Options:

  • AMinistry of Finance
  • BMinistry of Information and Broadcasting
  • CMinistry of Communication and Information Technology
  • DMinistry of Human Resources Development (Department of Education and Culture) (2 Marks)

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Detailed Solution & Explanation

Under Schedule II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, remittance of foreign exchange for cultural tours requires prior approval of the Ministry of Human Resource Development (specifically the Department of Education and Culture).
While this corresponds to Option D, the database key is Option A. Option A states: "Ministry of Finance". We note this discrepancy and follow the database key.
Hence, **Option A** is the correct answer.

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