LLM Group 2 Business Law Law Relating To Customs And Foreign Exchange 2019 Question Paper - Mumbai University | munotes

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SECTION I - Q.P. Code 50132. Attempt any four questions, all questions carry equal marks of 25 each, cite case laws wherever necessary (any four of seven) 100 Marks

1. 1) The Customs Act, 1962 is a "fiscal and preventive statute" simultaneously. Discuss with reference to the relevant Sections of the Act.
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2. 2) Critically analyse the law relating to 'presumption of culpable mental state', Powers of Customs Officers for search, seizure and arrest of a person under the Customs Act, 1962.
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3. 3) Discuss the Adjudication and Appellate procedures under the Customs Act, 1962. Under what circumstances and by whom the "Settlement of cases" can be considered?
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4. 4) Trace the historical background of Foreign Exchange Regulation Act (FERA) and evolution of Foreign Exchange Management Act (FEMA).
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5. 5) Outline briefly the new concepts under the Foreign Exchange Management Act (FEMA).
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6. 6) Explain the meaning and scope of the following topics under FEMA:
   • (a) Export of Goods and Services
   • (b) Adjudication, Appeals and Penalties.
   • (c) Foreign Direct Investment (FDI).
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7. 7) Write notes on any three (3) of the following:
   • (a) Cognizance and Compounding of Offences U/s. 137 of the Customs Act, 1962
   • (b) Foreign Exchange and Currency.
   • (c) Unjust enrichment.
   • (d) Foreign Trade (Development & Regulation) Act, 1992.
   • (e) Promissory estoppel.
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SECTION II - Form 77848. Answer any four questions, all questions carry equal marks of 25 each, support the answers with relevant case laws and sections (any four of seven) 100 Marks

1. 1. State and elaborate the salient features of Foreign Exchange Management Act, 1999.
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2. 2. Explain the provisions relating to offences and the penalties levied under the Customs Act, 1962.
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3. 3. Write notes on the following :
   • (a) Regulation and impact of Foreign Direct Investment in India.
   • (b) 'Person' and 'person resident in India' as defined in Foreign Exchange Management Act, 1999.
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4. 4. Explain in detail the provisions relating to adjudication process under Foreign Exchange Management Act, 1999.
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5. 5. Critically analyse the statement, "India has a Stringent Customs Law".
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6. 6. Write short notes on the following :
   • (i) Criminal Prosecution under Customs Act, 1962
   • (ii) Duties levied on import
   • (iii) Foreign Exchange
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7. 7. Write short notes on the following :
   • (i) Capital Account Transaction
   • (ii) Warehousing of Goods
   • (iii) Salient features of Foreign Trade (Development and Regulation) Act, 1992
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