Authorised Person – FEMA
Section 2 © of the Foreign Exchange Management Act, 1999 provides the definition of authorised person. The term authorised person is defined to include an authorised dealer, money changer, offshore banking unit or any other person for the time being authorised to deal in foreign exchange or foreign securities.
Foreign exchange market is a very vast market with a huge potential which needs to be regulated effectively. Authorised persons form an important part of the forex market. An authorized person can deal in or transfer any foreign exchange or foreign securities. The authorized persons are appointed an governed by the RBI.
Here are 10 MCQs on authorised persons to check your knowledge.
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- Question 1 of 10
1. Question1 points
Which of the following section sof FEMA deal with Authorised personsCorrectIncorrect
- Question 2 of 10
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Which of the following authority appoint the authorised personsCorrectIncorrect
- Question 3 of 10
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Who are appointed as authorised personsCorrectIncorrect
- Question 4 of 10
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RBI issues directions to authorised persons under the embit of which sectionCorrectIncorrect
- Question 5 of 10
5. Question1 points
In case of any contravention of directions issued by the RBI, authorised persons will be liable toCorrectIncorrect
- Question 6 of 10
6. Question1 points
An authorised dealer isCorrectIncorrect
- Question 7 of 10
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RBI can initiate inspection as in the cases it may deem fitCorrectIncorrect
- Question 8 of 10
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Authorised person includesCorrectIncorrect
- Question 9 of 10
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RBI can revoke the authorisation grantedCorrectIncorrect
- Question 10 of 10
10. Question1 points
If any person other than authorised person doesnâ€™t use the forex as per stated and even donâ€™t surrender the forex as such used, thenCorrectIncorrect