NEW SYLLABUS 427

: 1 :
Roll No. .....................................

Time allowed : 3 hours Maximum marks : 100

Total number of questions : 6 Total number of printed pages : 6

NOTE : Answer ALL Questions.

PART–I

1. (a) In what way the Reserve Bank of India manages foreign exchange reserves as the

custodian of the country’s foreign exchange reserves, under the provisions of the Reserve

Bank of India Act, 1934 ?

(b) State the pre-requisites for compounding process in respect of contravention committed,

under the Foreign Exchange Management (FEMA) Act, 1999.

(c) Enumerate the persons who are prohibited from accepting foreign contributions under

the Foreign Contribution (Regulation) Act, 2010.

(d) Upto what limit an authorised dealer may release foreign exchange for business trip

and medical treatment abroad, under Liberalised Remittance Scheme.

(5 marks each)

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: 2 :

Attempt all parts of either Q. No. 2 or Q. No. 2A

2. (a) Discuss the market operations used by the Reserve Bank of India for operationalising

the monetary policy.

(b) Which types of complaints and trade disputes may be raised against the exporters
to maintain a good image of the country in abroad to promote export ?

(c) When and to whom an appeal may be preferred against the order of adjudication

of confiscation, under the Foreign Contribution (Regulation) Act, 2010 ?

(d) Enumerate the situations in which the drawal of foreign exchange is prohibited under

the Foreign Exchange Management (Current Account Transactions) Rules, 2000.

features of the Special Economic Zones Act, 2005.

(4 marks each)

OR (Alternate question to Q. No. 2)

2A. (i) What are the permissible sources for the funding of Overseas Direct Investment ?

(4 marks)

(ii) Describe the remittances by persons other than the individuals which require prior

approval of the Reserve Bank of India.

(4 marks)

(iii) State the penalties, which may be imposed on a person, who contravenes the foreign

direct investment regulations.

(4 marks)

1/2021/EBCL/NS Contd. ........

(iv) What is an Offshore Banking Unit ? Explain the procedure for setting up and operation
of Offshore Banking Unit.
(4 marks)
(v) What are the circumstances under which the Reserve Bank of India may cancel a
certificate of registration granted to a non-banking financial company under the Reserve
Bank of India Act, 1934 ?
(4 marks)

PART–II
3. (a) Explain the concept of Cartel with reference to the Competition Act, 2002.
(b) State the composition to constitute the Competition Commission of India, under the
Competition Act, 2002.
(c) Why competition in the market is essential ? Explain.
(d) What do you understand by Vertical Agreements under the Competition Act, 2002 ?
State various types of Vertical Agreements mentioned in the Competition Act, 2002.
(e) What are the factors to be taken into consideration by the Competition Commission
of India, for determining whether an agreement has appreciable adverse effect on
competition ?
(3 marks each)
4. (a) On what matters the Competition Commission of India may direct for the division
of an enterprise, enjoying dominant position to ensure that such enterprise or group
does not abuse its dominant position.
(b) Describe the penalties which may be imposed for non-furnishing of information and
for making false statement on combination under the Competition Act, 2002.
(5 marks each)
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: 4 :

PART–III

5. (a) Rishi (the insured) purchased two life insurance policies with premium payable quarterly

from ABC Insurance Company (the insurer). When the fifth premium became due,

the agent of insurer met the insured and took a bearer cheque towards the premium

payable by the insured in respect of the policies. The agent encashed the cheque

immediately, but the amount of premimum was not deposited by the agent for another

four months. In the meanwhile, the insured met with a fatal accident and died. The

claim of widow of the insured was repudiated by the insurer on the ground that

the policies had lapsed on account of non-payment of the premium. Whether the

claim of the widow may be recovered from the insurer ? Decide.

(b) A contract for the sale of land has been entered into between Vishal and Akash.

Akash, the transferee, has paid the price entering into possession and is willing to

carry out his contractual obligations. As registration has not been effected Vishal, the

transferor, seeks to evict Akash from the land. Whether Vishal can do so ? Give

reasons in support of your answer.

(c) Which information should be preserved by the banks under Prevention of Money

Laundering Act, 2002 ?

(d) Which commodities have been declared as essential commodities under the Essential

Commodities Act, 1955 ?

(e) Distinguish between English mortgage and Mortgage by conditional sale.

(4 marks each)

1/2021/EBCL/NS Contd. ........

Attempt all parts of either Q. No. 6 or Q. No. 6A

6. (a) Ms. Rubina was operated in General Hospital Nagpur, which was under control of

the Government of Maharashtra, free of charge for family planning i.e. tubectomy.

Subsequently, she gave birth to a female child. She filed a complaint against the State

of Maharashtra and the doctor, who performed the operation, claiming ` 2 lakh for

negligence in performing the operation. Rubina sought the relief of ` 2 lakh under

the Consumer Protection Act, 1986, stating that the negligence of the doctor and

the State of Maharashtra, being the controller of the hospital may be treated as deficiency

in the service. Decide, whether Rubina will succeed ?

(b) A puts M as apprentice to B, and gives a guarantee to B for his fidelity. B promises

on his part that he will, at least once a month, see M make up the cash. B omits

to see this done as promised and M embezzles. State whether A is liable to B

under the Indian Contract Act, 1872 ?

(c) Explain the obligations which have been imposed upon the banks to remain cautious

under the Prevention of Money Laundering Act, 2002.

(d) In what manner and to whom the service of notice will be served under the Benami

Transactions (Prohibition) Act, 1988 ?

(e) Explain the objects and reasons for which the Real Estate (Regulation and Development)

Act, 2016 has been enacted.

(3 marks each)

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: 6 :

OR (Alternate question to Q. No. 6)

6A. (i) A hot water bottle was bought by Shreya, who could not be expected to have special
skill knowledge with regard to hot water bottles, from a chemist, who sold such
articles stating that the bottle will not stand boiling water but was intended to hold
hot water. While being used by Shreya, the bottle bursted and injured her. Whether
seller is responsible for damages ? Give reasons in support of your answer.
(ii) Which project do not require registration under the Real Estate (Regulation and
Development) Act, 2016 ?
(iii) What are the effects of non-registration of a firm under the Partnership Act,
1932 ?
(iv) When perpetual injunction may be granted under the Specific Relief Act, 1963 ?
(v) Explain the provisions regarding penalty for counterfeiting of seal specified under the
Legal Metrology Act, 2009.
(3 marks each)

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1/2021/EBCL/NS Contd. ........