Question 1

Exchange Control deals with

Accepted Answer

Exchange Control primarily deals with the regulation of foreign exchange transactions, including the buying, selling, and exchange of currencies.

Question 2

The central office of the Exchange Control department is situated in

Accepted Answer

The central office of the Exchange Control department, which is part of the Reserve Bank of India (RBI) dealing with matters related to foreign exchange, is situated in Mumbai. Mumbai is the financial capital of India and hosts the headquarters of several major banks, financial institutions, and the Reserve Bank of India itself.

Question 3

The objective of FEMA is

Accepted Answer

The objective of FEMA (Foreign Exchange Management Act) is to facilitate external trade and payments and to promote the orderly development and maintenance of foreign exchange market in India.

Question 4

In India, foreign currency means any currency other than

Accepted Answer

In India, the term "foreign currency" refers to any currency that is not the Indian Rupee. The Rupee is the official currency of India, so any currency other than the Rupee, including the Dollar, Pound, Euro, etc., is considered foreign currency.

Question 5

Remittances is a ------------account

Accepted Answer

Remittances are transfers of money by foreign workers to their home countries, which are recorded in the current account of a country's balance of payments. The current account includes transactions in goods, services, primary income, and secondary income, with remittances falling under secondary income.

Question 6

Every exporter in India shall furnish a report to -------

Accepted Answer

Every exporter in India is required to furnish a report to the Reserve Bank of India (RBI). This is part of the regulatory framework to monitor and manage foreign exchange and trade transactions.

Question 7

All the matters related to passport are under the control of

Accepted Answer

Passport issuance and matters related to it are under the exclusive control of the Central Government, specifically handled by the Ministry of External Affairs in India.

Question 8

Which section under the Passport Act, 1967 makes it mandatory that no person shall departure from India under he/she holds a valid passport?

Accepted Answer

Section 3 of the Passport Act, 1967 makes it mandatory that no person shall departure from India under he/she holds a valid passport.

Question 9

Which Section deals with issue of passport and travel documents to persons who are not citizens of India?

Accepted Answer

The answer of Which Section deals with issue of passport...

Question 10

In which year Wildlife Protection Act came into force?

Accepted Answer

The Wildlife Protection Act came into force in 1972 to protect India's wildlife and ensure the ecological and environmental security of the country.

Question 11

The Wildlife Protection Act, 1972 applies to whole of India except

Accepted Answer

The Wildlife Protection Act, 1972 does not apply to the state of Jammu & Kashmir because it had its own wildlife protection laws.

Question 12

How many schedules are there under the Wildlife Protection Act, 1972?

Accepted Answer

The Wildlife Protection Act, 1972, has six schedules which provide varying degrees of protection to classes of plants and animals.

Question 13

-----------means the area which is declared to be closed for hunting under the Wildlife Protection Act, 1972.

Accepted Answer

The term "Closed Area" is used to describe an area that is declared off-limits for hunting under the Wildlife Protection Act, 1972.

Question 14

-------------means the part or whole of captive animals or wild animals which has been kept or preserved by any means whether artificial or natural?

Accepted Answer

A trophy in this context refers to any part or the whole of captive or wild animals that have been preserved by any means, whether through artificial or natural methods. This term is often used in legal and conservation contexts to describe parts of animals kept as hunting souvenirs or for display.

Question 15

-----------------is an official document issued by a competent public authority to nationals or to alien residents of the issuing country

Accepted Answer

A passport is an official document issued by a government, certifying the holder's identity and citizenship and entitling them to travel under its protection to and from foreign countries.

Question 16

Foreign Exchange Management Bill was introduced in India in the year

Accepted Answer

The Foreign Exchange Management Bill was introduced in India in 1998, and it later became the Foreign Exchange Management Act (FEMA) in 1999.

Question 17

Consumer Protection Act came into existence in the year

Accepted Answer

The Consumer Protection Act came into existence in the year 1986, aimed at protecting the interests of consumers in India.

Question 18

Indian Passport is valid for

Accepted Answer

Indian passports for adults are valid for 10 years from the date of issue, after which they need to be renewed.

Question 19

The FERA came into force on

Accepted Answer

The Foreign Exchange Regulation Act (FERA) came into force on 25th March 1948.

Question 20

Which of the following is not a foreign Exchange dealer?

Accepted Answer

Individuals are typically not classified as foreign exchange dealers. Foreign exchange dealers are entities that engage in the trading and exchange of currencies on a large scale, such as central banks, commercial banks, and specialized foreign exchange firms. Individuals, while they may exchange currency for personal use or investment, do not operate at the scale or with the regulatory oversight of formal foreign exchange dealers.

Quiz 2: Indian Laws and Regulations:part A