Multiple choice

If there is a contravention of provisions of FEMA 1999 by a person and the amount is not quantifiable, penalty can be levied

  1. up to Rs. 2 lac

  2. up to the amount involved in such contravention

  3. up to two times of amount involved in such contravention

  4. up to thrice the amount involved in such contravention
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A Correct answer
Explanation

If any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorization is issued by the Reserve Bank, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where such amount is quantifiable, or up to two lakh rupees where the amount is not quantifiable, and where such contravention is a continuing one, further penalty which may extend to five thousand rupees for every day after the first day during which the contravention continues.

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