A
Neither 1 nor 2
B
2 only
C
1 only
D
Both 1 and 2
Correct answer: (b) 2 only
Explanation
Statement 1 is incorrect because, unlike the erstwhile FERA, FEMA classifies violations as civil offenses. Statement 2 is correct as the Reserve Bank of India exempted personal service foreign exchange transactions from mandatory reporting under FEMA rules.
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