IIBF Forex for Individuals Practice Questions - IIBF Certificate in Foreign Exchange Facilities for Individuals (India) Exam - IIBF Forex for Individuals Practice Questions - IIBF Certificate in Foreign Exchange Facilities for Individuals (India) Exam

Question 1

FEMA, 1999 came into force on which of the following dates?

June 1, 2000 January 1, 1999 April 1, 2000 August 15, 1999

Correct Answer:

June 1, 2000

Question 2

What is the primary structural philosophy change from FERA (1973) to FEMA (1999)?

FEMA introduced stricter criminal prosecution and imprisonment for all forex violations. FEMA transitioned the regulatory framework from 'control and conservation' of foreign exchange to 'facilitation' of trade and payments with civil penalties. FEMA restricted all capital account transactions and banned foreign direct investment. FEMA removed all roles of the Reserve Bank of India in managing foreign exchange.

Correct Answer:

FEMA transitioned the regulatory framework from 'control and conservation' of foreign exchange to 'facilitation' of trade and payments with civil penalties.

Question 3

Under Section 2(v) of FEMA, what is the quantitative threshold of stay in India to qualify as a 'Person Resident in India'?

Residing in India for more than 182 days during the preceding financial year, subject to exceptions. Residing in India for exactly 180 days in the current calendar year. Staying in India for more than 90 days in any given financial year. Staying in India for 365 days continuously without any travel abroad.

Correct Answer:

Residing in India for more than 182 days during the preceding financial year, subject to exceptions.

Question 4

Which of the following describes a 'Current Account Transaction' under FEMA?

A transaction that alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India. A transaction that alters the assets or liabilities in India of persons resident outside India. A transaction other than a capital account transaction, including payments due in connection with foreign trade, interest on loans, and moderate remittances for family maintenance. A transaction that exclusively involves buying gold or real estate outside India.

Correct Answer:

A transaction other than a capital account transaction, including payments due in connection with foreign trade, interest on loans, and moderate remittances for family maintenance.

Question 5

Which section of FEMA prohibits any person other than an Authorised Person from dealing in or transferring foreign exchange or foreign security?

Section 3 Section 5 Section 6 Section 10

Correct Answer:

Section 3

Question 1

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Prepare with the IIBF Forex for Individuals Practice Questions - IIBF Certificate in Foreign Exchange Facilities for Individuals (India) Exam practice quiz. This question bank includes 100 questions covering resident, foreign, fema, account, and individual. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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IIBF Forex for Individuals Practice Questions - IIBF Certificate in Foreign Exchange Facilities for Individuals (India) Exam

This practice set contains 100 questions from the matching question bank and focuses on resident, foreign, fema, account, and individual. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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IIBF Forex for Individuals Practice Questions - IIBF Certificate in Foreign Exchange Facilities for Individuals (India) Exam

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