FEMA_Practicle Problems_4

State whether the following statements are ‘True ‘ or ‘False’.
1. FEMA is a civil law.

2. A person resident in India can carry Indian currency notes of any denomination while traveling to Nepal.

3. ‘X’ who went to Switzerland in December, 2003 and drew US $ 10,000 desires to go to USA in January 2004, he can again draw US $ 10,000.

4. Foreign exchange payable for import of goods is a capital account transaction.

5. ‘X’, a citizen of USA but of Indian origin, comes to India for doing business and with the intention of setting in India, he becomes person resident in India on his arrival in India.

6. ‘A’ a citizen of India, goes to London to attend to his sick father and intends to stay in England till his father recovers, he becomes a non-resident from the date he leaves India.

7. ‘Security’ under FEMA includes a bill of exchange and promissory notes.

8. A person resident in India can purchase British lottery tickets through Internet using his International credit card.

9. A foreigner who is a non-whole time director of an Indian company can be paid ‘to’ and ‘fro’ fare for attending Board meetings in India.

10. An Indian sole proprietorship concern can accept deposits from non-residents on repatriation basis.

11. Export proceeds under FEMA must be realized within one month of shipment.

12. A non-resident can purchase immovable property in India only for his own residential use.

13. A person can buy foreign exchange up to US $ 1,00,000 for studies abroad per academic year.

14. A public limited company incorporated in India can accept deposits from non-residents only on non-repatriation basis.

15. A non-resident Indian who sells his immovable property in India can repatriate outside India only an amount equivalent to foreign exchange brought in.