MCQ for CA Final LAW - PART 2 - ECONOMIC LAW - Chapter 3 FOREIGN CONTRIBUTION REGULATION ACT, 2010

Sample Multiple Choice Questions (MCQ's) for CA Final - Paper 4 - Corporate and Economic Laws - PART 2 - ECONOMIC LAW - Chapter 3: FOREIGN CONTRIBUTION REGULATION ACT, 2010 - For Practice relevant for May/Nov 23 Examinations

 

Q:1 No ________ shall deliver any currency which has been accepted from any foreign source, to any person if he knows or has reasonable cause to believe that such other person is likely to deliver such currency to any political party.          

 

  1. Person resident in India
  2. Citizen of India resident outside India
  3. Both (a) and (b)
  4. Citizen of a foreign country resident outside India

Answer: 3

Q:2 A candidate for election may receive foreign contribution from any foreign source in the ordinary course of business transacted in India by such foreign source ________.  

 

  1. Only after obtaining permission of the Central Government
  2. Without obtaining any permission of the Central Government
  3. If the amount of such foreign contribution is upto Rs. 1 lakh
  4. None of these

Answer: 2

Q:3 A Member of any Legislature can accept foreign contribution from a relative ________.

 

  1. Upto Rs. 25,000
  2. Upto Rs. 1 lakh
  3. Without any limit
  4. Upto such amount as is permitted by the Central Government

Answer: 3

Q:4 Mr. Amit, an office-bearer of a political party, receives foreign contribution amounting to Rs. 9 lakh during the financial year 2017-2018 from one of his relatives. Mr. Amit is required to inform such receipt to the Central Government within ____________ from the date of receipt of such foreign contribution.   

 

  1. 7 days
  2. 15 days
  3. 30 days
  4. None of these

Answer: 3

Q:5 "Statement (1): Any person or organisation, other than a person or organisation referred to in section 3. can accept foreign contribution from a relative subject to the condition that if such amount exceeds Rs. 1 lakh equivalent thereto in a financial year, such person or organisation shall inform the Central Government within 30 days from the date of receipt of such contribution.

Statement (2): Where any person or organisation, other than a person or organisation referred to in section 3, accepts foreign contribution from a relative, such person or organisation is not required to inform the Central Government irrespective of the amount of foreign contribution received by it.

 

  1. Only Statement (1) is correct
  2. Only Statement (2) is correct
  3. Both the Statements are correct
  4. None of the Statements is correct

Answer: 2

Q:6 Any person referred to in section 3 can accept foreign contribution from a relative subject to the condition that if such amount exceeds _________ or equivalent thereto in a financial year, such person shall inform the Central Government regarding the details of the foreign contribution received by him, in electronic form in ______ within 30 days from the date of receipt of such contribution.     

 

  1. 25,000; Form FC-1
  2. 1 lakh; Form FC-1
  3. 25,000; Form FC-2
  4. 1 lakh; Form FC-2

Answer: 2

Q:7 Government servant is authorised to receive foreign contribution by way of a gift or presentation made to him as a member of any Indian delegation __________.             

 

  1. Upto Rs. 25,000
  2. Upto Rs. 1 lakh
  3. Upto Rs. 10 lakh
  4. In accordance with the rules made by the Central Government

Answer: 4

CA Final - Paper 4 - Corporate and Economic Laws - PART 2 -  Economic Law - Chapter 4   

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