Vol.(11) 2026: IBPS’ Bank Law Officer Entrance/ Promotion Exam- (1-Liners)

Date of Upload:17.10.2026

1. The Foreign Exchange Management Act, 1999 (FEMA) repealed which Act?—The Foreign Exchange Regulation Act, 1973 (FERA).
2. True/ False: The FEMA, 1999 extends to the whole of India—True.
3. The Foreign Exchange Management Act, 1999 (FEMA) is administered by whom to regulate Foreign Exchange transactions—The Reserve Bank of India and the Central Government.
4. Section 2(n) of FEMA, 1999 defines—Foreign Exchange (Forex).
5. Under Foreign Exchange Management Act, 1999 (FEMA), any currency other than Indian Currency is known as—Foreign Currency.
6. True/ False: The term “Foreign Exchange” is much wider than the expression “Foreign Currency”—True.
7. Under FEMA, “Authorised Officer” means an officer of the—Directorate of Enforcement.
8. A transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India, is called—Capital account transaction.
9. True/ False: The expression “currency” includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travellers cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank—True. [Section 2(h)]
10. True/ False: Foreign Exchange includes Traveller’s Cheque—True.
11. Under FEMA, 1999, the term “currency notes” means and includes cash in the form of—Coins and bank notes. [Refer Section 2(i)]
12. Under FEMA, 1999, the ‘security’ does not include bills of exchange or promissory notes other than Government promissory notes
13. The “person resident in India” means a person residing in India for more than __________days during the course of the preceding financial year—182 Days.
14. Who shall appoint ‘Authorized Person’ to deal in Foreign Exchange—RBI.
15. Section 10 of FEMA, 1999 deals with—Authorised person.
16. Under the FEMA, 1999, entities authorized to deal in foreign exchange are called?—Authorised Dealer (AD).
17. Authorised Dealers are authorized by which authority in India to deal in foreign exchange?—Reserve Bank of India.
18. Every Adjudicating Authority shall deal with the complaint under FEMA as expeditiously as possible and endeavour shall be made to dispose of the complaint finally within ______year from the date of receipt of the complaint—One Year.
19. Any person aggrieved by an order made by the Adjudicating Authority, being an Assistant Director of Enforcement or a Deputy Director of Enforcement, may prefer an appeal to whom—The Special Director (Appeals).
20. Every appeal before Special Director (Appeals) shall be filed within _______days from the date on which the copy of the order made by the Adjudicating Authority is received by the aggrieved person—45 Days. [Refer Section 17 of the FEMA]
21. The Central Government or any person aggrieved by an order made by an Adjudicating Authority, or the Special Director (Appeals), may prefer an appeal to whom—The Appellate Tribunal constituted the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.
22. Every appeal before Appellate Tribunal shall be filed within _______ days from the date on which the copy of the order made by the Adjudicating Authority/ Special Director (Appeal) is received by the aggrieved person—45 Days. [Refer Section 19 of the FEMA]
23. Any person aggrieved by any decision or order of the Appellate Tribunal under FEMA may file an appeal to which Court—High Court.
24. Any person aggrieved by any decision or order of the Appellate Tribunal may file an appeal to the High Court within _______ days from the date of communication of the decision or order of the Appellate Tribunal to him on any question of law arising out of such order—60-Days. [Refer Section 35 of the FEMA].
25. Which Section of the FEMA, 1999 talks for establishment of the ‘Directorate of Enforcement’—Section 36.

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