Current Affairs · Banking Regulations
Consider the following statements regarding the Reserve Bank of India's (RBI) liberalized guidelines under the Foreign Exchange Management Act (FEMA) for facilitating trade remittances related to aircraft or shipping vessel imports: 1. Authorized Dealer (AD) Category-I banks are permitted to allow advance remittances for such specialized capital asset imports up to specified thresholds under streamlined regulatory mandates. 2. These operational provisions are formally governed and structured under relevant statutory clauses of FEMA, 1999. Which of the statements given above is/are correct?
- 1Neither 1 nor 2
- 2Both 1 and 2✓
- 3Only 2
- 4Only 1
Correct answer
Both 1 and 2
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