Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate and Economic Laws Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email State 1. What is the primary objective of the Competition Act, 2002? Promote monopolies Prevent practices having adverse effect on competition Increase foreign investments Regulate partnerships None 2. The Competition Commission of India (CCI) was established under which section of the Competition Act? Section 1 Section 3 Section 7 Section 11 None 3. Which of the following agreements are considered void under the Competition Act? Agreements in restraint of trade Anti-competitive agreements Agreements promoting monopolies All of the above None 4. Which section of the Competition Act deals with the abuse of dominant position? Section 3 Section 4 Section 5 Section 6 None 5. What is the penalty for entering into anti-competitive agreements? 5% of turnover Up to 10% of turnove Imprisonment for 1 year Fine of INR 1 crore None 6. What is the tenure of the Chairperson of the CCI? 2 years 3 years 6 years 5 years None 7. Which of the following is NOT a function of the CCI? Eliminate practices having adverse effects on competition Promote and sustain competition Impose tariffs on exports Protect consumer interests None 8. Combination regulations under the Competition Act refer to? Anti-competitive agreements Mergers, amalgamations, and acquisitions Price-fixing agreements Cartelization None 9. Which of the following is exempted from the Competition Act? Agreements between firms Activities by the government in the public interest Monopolistic practices None of the above None 10. Cartels are addressed under which section of the Competition Act? Section 3 Section 5 Section 7 Section 9 None 11. What does FEMA stand for? Financial Exchange Management Act Foreign Exchange Management Act Foreign Equity Management Act Federal Exchange Management Act None 12. Which is the governing body under FEMA? Reserve Bank of India (RBI) SEBI Ministry of Finance Competition Commission of India None 13. FEMA replaced which Act? SEBI Act Foreign Exchange Regulation Act (FERA) Companies Act Banking Regulation Act None 14. Under FEMA, which of the following is considered a foreign exchange? Foreign currency Bank drafts Traveler’s cheques All of the above None 15. Which section of FEMA deals with capital account transactions? Section 2 Section 3 Section 6 Section 10 None 16. Who regulates External Commercial Borrowings (ECB) under FEMA? SEBI Ministry of Commerce RBI CCI None 17. What is the penalty for contravening FEMA regulations? INR 1 crore 300% of the amount involved Twice the sum involved 10% of turnover None 18. Under FEMA, individuals can freely remit up to how much under the Liberalized Remittance Scheme (LRS)? USD 100,000 per year USD 250,000 per year USD 500,000 per year USD 1,000,000 per year None 19. Which of the following is NOT a capital account transaction? Investments abroad Export and import of goods Borrowings from non-residents Sale of property abroad None 20. Which Act governs foreign direct investment (FDI) in India? Competition Act, 2002 FEMA, 1999 SEBI Act Companies Act, 2013 None 21. Which type of agreements is prohibited under Section 3 of the Competition Act? Pro-competitive agreements Agreements promoting innovationabove Horizontal and vertical agreements causing adverse effects None of the above None 22. Dominant position refers to a position of strength that enables an enterprise to: Operate without competition Influence competitors All of the above All of the above None 23. Under the Competition Act, 2002, which sector is excluded from the ambit of the Act? Banking Defense Railways None of the above None 24. Which section of the Competition Act relates to combinations? Section 4 Section 5 Section 6 Section 7 None 25. The penalty for failure to comply with the orders of the CCI may extend to: INR 1 crore INR 10 crore NR 50 lakh INR 25 crore None 26. Who appoints the Chairperson of the Competition Commission of India? President of India Chief Justice of India Central Government Parliament None 27. Section 6 of the Competition Act deals with: Regulation of combinations Penalties for anti-competitive behavior Consumer protection Powers of the CCI None 28. Which of the following is considered abuse of dominant position? Imposing unfair conditions Denial of market access Predatory pricing All of the above None 29. The Competition Appellate Tribunal (COMPAT) was replaced by which authority? National Company Law Tribunal (NCLT) Competition Commission of India Supreme Court of India National Consumer Disputes Redressal Commission None 30. Which act led to the establishment of the CCI? Companies Act, 1956 Monopolies and Restrictive Trade Practices Act Competition Act, 2002 Consumer Protection Act, 1986 None 31. The objective of FEMA is to facilitate: Liberalization of capital movements Regulation of export and import External trade and payments Control over economic crimes None 32. FEMA regulates which of the following transactions? Capital account transactions Current account transactions Both a and b None of the above None 33. Which section of FEMA deals with contravention and penalties? Section 13 Section 15 Section 19 Section 21 None 34. Under FEMA, the term "authorized person" includes Banks Money changers Financial institutions authorized by RBI All of the above None 35. Who has the power to compound offenses under FEMA? Competition Commission of India Enforcement Directorate Reserve Bank of India Central Government None 36. Foreign Exchange transactions that do not require prior approval from RBI are called: Capital account transactions Current account transactions Automatic transactions Liberalized transactions None 37. Which entity enforces FEMA regulations? SEBI RBI Enforcement Directorate Ministry of Finance None 38. Which is NOT covered under FEMA? External commercial borrowings Insider trading Foreign direct investment Import and export of currency None 39. FEMA permits outward remittances for: Education Medical treatment Foreign investments All of the above None 40. Which schedule of FEMA specifies permissible current account transactions? Schedule I Schedule II Schedule III All of the above None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. 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