Foreign Exchange Management ActMCQQuestion 5746 of 6
All Questions

Which of the following authorities is responsible for administering the Foreign Exchange Management Act, 1999?

Options

AReserve Bank of India
BEnforcement Directorate
CDirectorate of Revenue Intelligence
DMinistry of Finance
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Correct Answer

✅ Option A — Reserve Bank of India

All Options:

  • AReserve Bank of India ✓
  • BEnforcement Directorate
  • CDirectorate of Revenue Intelligence
  • DMinistry of Finance

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Detailed Solution & Explanation

The Reserve Bank of India (RBI) is the primary authority responsible for administering the Foreign Exchange Management Act, 1999. The RBI is empowered to regulate foreign exchange transactions, grant permissions, and impose penalties for contraventions under FEMA.
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More Questions from Foreign Exchange Management Act

Which of the following is the primary objective of the Foreign Exchange Management Act, 1999?

What is the penalty for contravening the provisions of the Foreign Exchange Management Act, 1999?

Explain the provisions of Section 6 of the Foreign Exchange Management Act, 1999, regarding the transfer or issue of any foreign security.

Discuss the key differences between the Foreign Exchange Regulation Act, 1973 (FERA), and the Foreign Exchange Management Act, 1999 (FEMA).

Analyse the provisions of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, as amended, and their impact on foreign investment in India.

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