MAFA practice paper with solution

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Sathiya Narayanan (CA-Final & CS-Exec Student) (614 Points)
Replied 11 January 2011

Thanks for sharing...........

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26258 Points)
Replied 15 January 2011

Very Nice.

sushil kumar (Student) (111 Points)
Replied 21 January 2011

Sr. No.	Questionnaire	Option-I	Option-II	Option-III	Option-VI
1.	Appellate Tribunal" means-	The Appellate Tribunal for Foreign Exchange established under section 17.	The Appellate Tribunal for Foreign Exchange established under section 18.	The Appellate Tribunal for Foreign Exchange established under section 19.	The Appellate Tribunal for Foreign Exchange established under section 20.
2.	authorized person" means-	an authorized dealer, money changer, off-shore banking unit or any other person for the time being authorized under sub-section (1A) of section 11 to deal in foreign exchange or foreign securities	an authorized dealer, money changer, off-shore banking unit or any other person for the time being authorized under sub-section (1) of section 10 to deal in foreign exchange or foreign securities	an authorized dealer, money changer, off-shore banking unit or any other person for the time being authorized under sub-section (1) of section 10A to deal in foreign exchange or foreign securities	None
3.	Bench" means-	a Bench of the Appellate Tribunal	a Bench of the Board	a Bench of the RBI	None
4.	capital account transaction" means-	a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India	a transaction which alters assets or liabilities in India of persons resident outside India	Both	None
5.	Chairperson" means-	Chairperson of the Board	Chairperson of the Appellate Tribunal	Chairperson of SEBI	None
6.	currency" includes-	currency notes, postal notes, postal orders, money orders, cheques, drafts	travelers cheques, letters of credit, bills of exchange and promissory notes, credit cards	Both	None
7.	currency notes" means and includes-	cash in the form of coins only	cash in the form bank notes	Both	None
8.	"current account transaction" Includes-	payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business	payments due as interest on loans and as net income from investments	Both	None
9.	"current account transaction" Includes-	remittances for living expenses of only parents, spouse residing abroad and not include any children residing abroad whether minor or major	remittances for living expenses of parents, spouse and children residing abroad	remittances for living expenses of spouse and children residing abroad	None

10.

"current account transaction" Includes-

expenses in connection with foreign travel and medical care of parents, spouse and children but not include education expenses of such persons

expenses only in connection with foreign travel of parents, spouse and children and not others expenses

expenses in connection with foreign travel, education and medical care of parents, spouse and children

None

11.

"Director of Enforcement" means-

Director of Enforcement appointed under sub-section (1) of section 36

Director of Enforcement appointed under sub-section (1) of section 37

Director of Enforcement appointed under sub-section (1) of section 38

None

12.

"foreign security" means-

any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency but excludes securities expressed in foreign currency, where redemption or any form of return such as interest or dividends is payable in Indian currency

any security, other than in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency

any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency

None

13.

"Indian currency" means-

currency which is expressed or drawn in Indian rupees and include special bank notes and special one rupee notes issued under section 28A of the Reserve Bank of India Act, 1934

currency which is expressed or drawn in Indian rupees and include special bank notes but does not include special one rupee notes issued under section 28A of the Reserve Bank of India Act, 1934

currency which is expressed or drawn in Indian rupees but does not include special bank notes and special one rupee notes issued under section 28A of the Reserve Bank of India Act, 1934

None

14.

"person resident in India" means-

a person residing in India for less than one hundred and eighty-two days during the course of the preceding financial year

a person residing in India for more than one hundred and eighty days during the course of the preceding financial year

a person residing in India for less than one hundred and eighty-two days during the course of the preceding financial year

None

15.

"person resident in India" does not include-

a person who has gone out of India or who stays outside India for or on taking up employment outside India

a person who has gone out of India or who stays outside India for carrying on outside India a business or vocation outside India

a person who has gone out of India or who stays outside India for any other purpose as would indicate his intention to stay outside India for an uncertain period

All

16.

"repatriate to India" means-

bringing into India the realized foreign exchange and the selling of such foreign exchange to an authorized person in India in exchange for rupees

bringing into India the realized foreign exchange and the holding of realized amount in an account with an authorized person in India to the extent notified by the Reserve Bank includes use of the realized amount for discharge of a debt or liability denominated in foreign exchange

Both

None

17.

"Reserve Bank" means-

Reserve Bank of India constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934

Reserve Bank of India constituted under sub-section (1) of section 3A of the Reserve Bank of India Act, 1934

Reserve Bank of India constituted under sub-section (ii) of section 3 of the Reserve Bank of India Act, 1934

None

18.

"security" means-

shares, stocks, bonds and debentures, Government securities as defined in the Public Debt Act, 1944

savings certificates to which the Government Savings Certificates Act, 1959 (46 of 1959) applies

deposit receipts in espect of deposits of securities and units of the Unit Trust of India established under sub-section (1) of section 3 of the Unit Trust of India Act, 1963

All

19.

"Security" for the purpose of this act-

include bills of exchange or promissory notes other than Government promissory notes

does not include bills of exchange or promissory notes other than Government promissory notes

include bills of exchange or promissory notes including Government promissory notes

None

20.

"Special Director (Appeals)" means-

an officer appointed under section 17

an officer appointed under section 18

an officer appointed under section 19

None

21.

"transfer" includes-

sale, purchase, exchange, mortgage, pledge, loan or any other form of transfer of right, title, possession or lien but excludes gift.

sale, purchase, exchange, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession or lien

sale, purchase, exchange, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession except lien on such properties

None

22.

As per provision of section 3, no person shall-

deal in or transfer any foreign exchange or foreign security to any person not being an authorized person;

make any payment to or for the credit of any person resident outside India in any manner

receive otherwise through an authorized person, any payment by order or on behalf of any person resident outside India in any manner

All

23.

As per provision of section 4 no person resident in India shall-

acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated inside India

acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India

None

24.

Current account transactions are covered by-

Section 4

Section 5

Section 6

None

25.

A person resident in India may hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if-

such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India.

such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.

None

26.

A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if-

such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India

such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India

None

27.

Whether RBI may, by regulation, prohibit, restrict, or regulate establishment in India of a branch, office or other place of business by a person resident outside India, for carrying on any activity relating to such branch, office or other place of business or not?

No

Yes

Subject to approval of the Central Govt.

28.

Export of goods and services shall furnish to the RBI or to such other authority-

a declaration in such form and in such manner as may be specified,
containing true and correct material particulars, but excluding the amount representing the full export value

a declaration in such form and in such manner as may be specified,
containing true and correct material particulars, including the amount representing the full export value

None

29.

Whether the RBI may issue direction to the exporter to ensure realization of such money without any delay or not?

Yes

No

Subject to approval of the Central Govt.

30.

person shall take all reasonable steps to realize and repatriate to India such foreign exchange within such period and in such manner as may be specified by the Reserve Bank

where any amount of foreign exchange is due or has accrued to any person resident in India

where any amount of foreign exchange is due or has accrued to any person resident outside India

None

31.

The Reserve Bank may, on an application made to it in this behalf, authorize any person to be known as authorized person to deal in-

foreign exchange or in foreign securities, as an authorized dealer

foreign exchange or in foreign securities, as an authorized dealer, money changer

foreign exchange or in foreign securities, as an authorized dealer, money changer or
off-shore banking unit or in any other manner

None

32.

RBI may revoke authorization of such grants when RBI is satisfied that -

it is in public interest so to do

the authorized person has failed to comply with the condition subject to which the authorization was granted

has contravened
any of the provisions of the Act or any rule, regulation, notification, direction or order made there under

All of them

33.

Whether an authorized person shall engage in any transaction involving any foreign exchange or foreign security which is not in conformity with the terms of his authorization under this section

No

Yes

Subject to the prior approval of RBI

None

34.

Before undertaking any transaction in foreign exchange on behalf of any person, authorized person may require from the concerned person to-

make such declaration and to give such information as prescribed by the central Govt. in this regards

make such declaration and to give such information as will reasonably satisfy him that the transaction will not involve and is not designed for the purpose of any contravention or evasion of the provisions of this Act or of any rule,
regulation, notification, direction or order made thereunder

None

35.

The authorized person shall refuse in writing to undertake the transaction with such a person in case he/she -

give all such information as demanded by the RBI

refuses to comply with any such requirement or make only unsatisfactory compliance therewith

None

36.	Authorized person will report the matter to the Reserve Bank if-	he has reason to believe that any such contravention or evasion is contemplated by the person	he refuses to comply with any such requirement or make only unsatisfactory compliance therewith	give all such information as demanded by the RBI	None
37.	Any person, other than an authorized person, who has acquired or purchased foreign exchange for any purpose mentioned in the declaration to authorized person shall be deemed to have committed contravention of the provisions of the Act-	Where he does not use it for same purpose	Where he does not surrender it to authorized person within the specified period	uses the foreign exchange so acquired or purchased for any other purpose for which purchase or acquisition or foreign exchange is not permissible	All
38.	RBI may give direction to the authorized person in regard to-	making of payment relating to foreign exchange or foreign security	doing or desist from doing any act relating to foreign exchange or foreign security	Both	None
39.	The Reserve Bank may give any direction under section 11 to the authorized persons-	For the purpose to ensure furnishing of all such information as was demanded from him under this act.	for the purpose of securing compliance with the provisions of this Act and of any rules, regulations, notifications or directions made thereunder	Both	None
40.	Where any authorized person contravenes any direction/ fails to file any return the Reserve Bank may, after giving reasonable opportunity of being heard, impose-	a penalty which may extend to ten thousand rupees & in the case of continuing contravention with an additional penalty which may extend to two thousand rupees for every day during which such contravention continues	a penalty which may extend to twenty thousand rupees & in the case of continuing contravention with an additional penalty which may extend to two thousand rupees for every day during which such contravention continues	a penalty which may extend to ten lakhs rupees only	None
41.	Inspection by the RBI under section 12 may be done for the purpose of-	verifying the correctness of any statement, information or particulars furnished to the Reserve Bank	obtaining any information or particulars which such authorised person has failed to furnish on being called upon to do so	securing compliance with the provisions of this Act or of any rules, regulations, directions or orders made thereunder	All

42.	It shall be the duty of every authorized person, and where such person is a company or a firm, every director, partner or other officer of such company to-	Produce only such books, accounts and other documents which in his custody or power but not require to furnish any statement or information relating to the affairs	Produce such books, accounts and other documents which in his custody or power and to furnish any statement or information relating to the affairs as may be called upon from him.	None
43.	A person shall 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 If such 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	contravenes any condition subject to which an authorization s issued by the Reserve Bank	In any circumstances	None
44.	Any Adjudicating Authority may direct that-	any currency, security or any other money or property in respect of which the contravention has taken place shall be confiscated to the Central Government	Foreign exchange holdings, if any, of the persons committing the contraventions or any part thereof, shall be brought back into India or shall be retained outside India in accordance with the directions made in this behalf	Both	None
45.	Any contravention under section 13 may, on an application made by the person committing such contravention, be compounded within-	one hundred and sixty days from the date of receipt of application	one hundred and eighty two days from the date of receipt of application	one hundred and eighty days from the date of receipt of application	None

46.	Any contravention under section 13 may be compounded by-	The appellate Tribunal	The Director of Enforcement or such other officers of the Directorate of Enforcement and officers of the Reserve Bank that RBI may specify in this behalf.	Presiding Officer of the Board	None
47.	Where a contravention has been compounded under sub-section (1)	no proceeding or further proceeding, as the case may be, shall be initiated or continued, as the case may be in respect of the contravention so compounded.	Proceeding shall be initiated or continued in respect of the contravention so compounded.	None
48.	For the purpose of adjudication under section 13, the Central Government may, by an order published in the Official Gazette, appoint	only officers of the C.G. as it may think fit, as the Adjudicating Authorities for holding an inquiry in the manner prescribed after giving the person alleged a reasonable opportunity of being heard for the purpose of imposing any penalty	as many officers of the C.G. as it may think fit, as the Adjudicating Authorities for holding an inquiry in the manner prescribed after giving the person alleged a reasonable opportunity of being heard for the purpose of imposing any penalty	as many officers of the RBI as it may think fit, as the Adjudicating Authorities for holding an inquiry in the manner prescribed after giving the person alleged a reasonable opportunity of being heard for the purpose of imposing any penalty	None
49.	Adjudicating Authority shall direct the said person to furnish a bond or guarantee for such amount an subject to such conditions as it may deem fit where it is of opinion that -	said person is likely to abscond	is likely to evade in any manner, the payment of penalty, if levied	None
50.	Adjudicating Authority shall hold an enquiry under sub-section (1)-	When a complaint is made by the member of the Board	When a complaint in writing made by any officer authorized by a general or special order by the Central Government	When a complaint is made by the presiding officer of the board

51.	For presenting his case before the Adjudicating Authority said person may -	Appear either in person or take the assistance of a legal practitioner or a chartered accountant of his choice	He has to appear in person	Take only the assistance of legal practitioner	None
52.	Every Adjudicating Authority shall have the same powers of a civil court-	which are conferred on the Appellate Tribunal under sub-section (2) of section 27	which are conferred on the Appellate Tribunal under sub-section (2) of section 28	which are conferred on the Appellate Tribunal under sub-section (2) of section 29	None
53.	all proceedings before Adjudicating Authority shall be deemed to be-	judicial proceedings within the meaning of sections 193 and 228 of the Indian Penal Code	judicial proceedings within the meaning of sections 195 and 229 of the Indian Penal Code	judicial proceedings within the meaning of sections 194 of Indian Penal Code	None
54.	Every Adjudicating Authority be made to dispose of the complaint finally-	within three months from the date of receipt of the complaint	within six months from the date of receipt of the complaint	within one year from the date of receipt of the complaint	None
55.	Adjudicating Authority shall record periodically the reasons in writing-	where the complaint cannot be disposed of within the said period	where the complaint has been disposed of within the said period	where the complaint is pending	None
56.	The Central Government shall, by notification, appoint one or more Special Directors (Appeals) to hear appeals against-	the orders of the Adjudicating Authorities	the orders of the any civil court	the orders of Board	None
57.	The Central Government and shall also specify in the said notification-	the terms and conditions of services	the matter and places in relation to which the Special Director (Appeals) may exercise jurisdiction	None
58.	Any person aggrieved, may prefer an appeal to the Special Director (Appeals), by an order made by the Adjudicating Authority-,	being an Assistant Director of Enforcement or a Deputy Director of Enforcement	being an Director of Enforcement	None
59.	Every appeal under sub-section (1) shall be filed within-	forty-five days from the date on which the copy of the order made by the Adjudicating Authority is received by the aggrieved person	sixty days from the date on which the copy of the order made by the Adjudicating Authority is received by the aggrieved person	ninety days from the date on which the copy of the order made by the Adjudicating Authority is received by the aggrieved person	None

60.	Special Director (Appeals) may entertain an appeal after the expiry of the said period -	if he is satisfied that there was sufficient cause for not filing it within that period	if he was out of India during such period	None
61.	The Special Director (Appeals) shall have the same powers of a civil court which are conferred-	on the Appellate Tribunal under sub-section (2) of section 18	on the Appellate Tribunal under sub-section (2) of section 20	on the Appellate Tribunal under sub-section (2) of section 28	None
62.	all proceedings before Special Director (Appeals) shall be deemed to be judicial proceedings	within the meaning of sections 195and 228 of the Indian Penal Code	within the meaning of sections 194 of the Indian Penal Code	within the meaning of sections 193 and 228 of the Indian Penal Code	None
63.	The Central Government shall, by notification, establish an appellate Tribunal to hear appeals against the orders of-	the Adjudicating Authorities and the Special Director (Appeals)	the Adjudicating Authorities only	the Special Director (Appeals) only	None
64.	An appeal may be preferred to the Appellate Tribunal against an order made by an Adjudicating Authority or the Special Director (Appeals) by-	any person aggrieved by an order	Central Government	By anyone	None
65.	any person appealing against the order of the Adjudicating Authority or the Special Director (Appeals) levying any penalty, shall while filing the appeal shall-	deposit the amount of such penalty with such authority as may be notified by the Central Government	deposit the amount of such penalty with such authority as may be notified by Special Director(Appeals)	Deposit the amount of Rs.50,000.	None
66.	Appellate Tribunal may dispense the provision of deposit of money when the Appellate Tribunal is of the opinion that -	such penalty would cause undue hardship to such person	Unable to deposit this sum	None
67.	Every appeal under sub-section (1) shall be filed within-	a period of forty-five days from the date on which a copy of the order made by the Adjudicating Authority or the Special Director (Appeals) is received by the aggrieved person or by the Central Government	a period of sixty days from the date on which a copy of the order made by the Adjudicating Authority or the Special Director (Appeals) is received by the aggrieved person or by the Central Government	a period of ninety days from the date on which a copy of the order made by the Adjudicating Authority or the Special Director (Appeals) is received by the aggrieved person or by the Central Government	None
68.	Appellate Tribunal may entertain an appeal after the expiry of the said period-	if it is satisfied that there was sufficient cause for not filing it within that period	If it is satisfied that due to some personal problem he was not able to attend him	None
69.	The Appellate Tribunal shall consist of-	a Chairperson and two number of Members as the Central Government may deem fit	a Chairperson and three number of Members as the Central Government may deem fit.	a Chairperson and such number of Members as the Central Government may deem fit.	None
70.	the jurisdiction of the Appellate Tribunal may be exercised-	Appellate Tribunal	by Benches thereof	Special Director(Appeals)	None
71.	The Benches of the Appellate Tribunal shall ordinarily sit at-	New Delhi and at such other places as the Central Government may, in consultation with the Chairperson, notify	At Mumabi	At the place as may be specified by the Central Govt.	None
72.	Case or matter may be transferred by the Chairperson/member to the Bench if-	Such case or matter is very serious in opinion of such chairperson/ member	The case or matter is of such a nature that it ought to be heard by a Bench consisting of two Members	None
73.	A person shall not be qualified for appointment as the Chairperson or a Member unless he-	in the case of Chairperson/ Member, is or has been, or is qualified to be, a Judge of a High Court/ District Judge respectively
74.	A person shall not be qualified for appointment as a Special Director (Appeals) unless he-	has been a member of the Indian Legal Service and has held a post in Grade I of that Service	has been a member of the Indian Revenue Service and has held a post equivalent to a Joint Secretary to the Government of India	Any of both	None
75.	The Chairperson and every other Member shall hold office-	for a term of three years from the date on which he enters upon his office	for a term of four years from the date on which he enters upon his office	for a term of five years from the date on which he enters upon his office	None
76.	No Chairperson or other Member shall hold office as such after he has attained	in the case of the Chairperson/any other members the age of sixty-two years/ sixty- five years respectively	in the case of the Chairperson/any other members the age of sixty-five years/ sixty-two years respectively	in the case of the Chairperson/any other members the age of sixty- years/ sixty-two years respectively	None
77.	The Chairperson or a Member who has applied to the CG for the resignation shall continue to hold the office until-	the expiry of three months from the date of receipt of such notice	person duly appointed as his successor enters upon his office	until the expiry of term of office, whichever is the earliest	All
78.	The Chairperson or a Member shall be removed from his office by an order-	by the Central Government on the ground of proved misbehavior or incapacity after an inquiry made after informing the concerned person about the charged and after giving him a reasonable opportunity of being heard.	by the special Director(Appellate) on the ground of proved misbehavior or incapacity after an inquiry made after informing the concerned person about the charged and after giving him a reasonable opportunity of being heard.	by Appellate Authority on the ground of proved misbehavior or incapacity after an inquiry made after informing the concerned person about the charged and after giving him a reasonable opportunity of being heard.	None
79.	When the Chairperson is unable to discharge his functions owing to absence, illness or any other cause-	Any Member shall discharge the functions of the Chairperson until the date on which the Chairperson resumes his duties.	Any senior Member shall discharge the functions of the Chairperson until the date on which the Chairperson resumes his duties.	Senior most Member shall discharge the functions of the Chairperson until the date on which the Chairperson resumes his duties.	None
80.	In the event of the occurrence of any vacancy in the office of the Chairperson by reason of his death, resignation or otherwise	the senior-most Member shall act as the Chairperson until the date on which a new Chairperson appointed in accordance with the provisions of this Act to fill such vacancy, enters upon his office.	Any senior Member shall discharge the functions of the Chairperson until the date on which the Chairperson resumes his duties.	Any Member shall discharge the functions of the Chairperson until the date on which the Chairperson resumes his duties.	None
81.	The officers and employees of the Appellate Tribunal and office of the Special Director (Appeals) shall discharge their functions under-	the instruction of RBI	The instruction of central Govt.	the general superintendence of the Chairperson and the Special Director (Appeals), as the case may be	None
82.	the Central Government may by notification, suspend or relax to such extent either indefinitely or for such period as may be notified, the operation of all or any of the provisions of this Act if the CG is satisfied that	circumstances have arisen rendering it necessary that any permission granted or restriction imposed by this Act should cease to be granted or imposed	if it considers necessary or expedient so to do in public interest	Any one of them	None
83.	The Central Government shall establish a Directorate of Enforcement with -	a Director and two other officers or class of officers as it thinks fit, who shall be called officers of Enforcement, for the purposes of this Act	a Director and three officers or class of officers as it thinks fit, who shall be called officers of Enforcement, for the purposes of this Act	a Director and such other officers or class of officers as it thinks fit, who shall be called officers of Enforcement, for the purposes of this Act	None

84.	The Chairperson, Members and other officers and employees of the Appellate Tribunal, the Special Director (Appeals) and the Adjudicating Authority shall be deemed-	to be public servants within the meaning of section 12 of the Indian Penal Code	to be public servants within the meaning of section 21 of the Indian Penal Code	to be public servants within the meaning of section 31 of the Indian Penal Code	None
85.	Any person aggrieved by any decision or order of the Appellate Tribunal may file an appeal to the High Court within-	Forty five 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:	sixty 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:	ninety 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:	None
86.	Where a person committing a contravention of any of the provisions of this Act or of any rule, direction or order made thereunder is a company-	every person who, at the time the contravention was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly	every person who, at the time the contravention was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company but not the company, shall be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly	None
87.	Any right, obligation, liability, proceeding or appeal arising in relation to the provisions of section 13 shall not abate by reason of-	death of the person liable under that section	insolvency of the person liable under that section	Anyone of these	None