Answer / lakshmi v.p

FEATURES OF FEMA.

. It will facilitate trade rather than prevent misuse of
foreign exchange.

· Definitions of capital account transaction and current
account transaction have been introduced keeping in mind the
possibility of introduction of capital account
convertibility in the near future.

· All current account transactions shall be allowed
(subject to reasonable restrictions). Reserve Bank to
classify those capital account transactions that are to be
permitted and to regulate transfer and issue of foreign
securities by a resident in/outside India as well as setting
up of branches/offices by foreign companies in India.

· All key sections relating to dealings, holding and
payments in foreign exchange and exports have been simplified.

· Liberalization in enforcement provisions reflects that
the attitude is of putting trust in the persons covered

Case study 2. After years of good performance. Happy homes apartment building was sold in 2002 for $20, 00,000 and the new owners refurnished all apartment units. In 2003 the apartment building was re-opened. Please analyse the income statement below and explain the income trends. The building has 1600units was built in 1971, and the current loan balance is $16,395,772. Period ended Statement classification (wi) 31/12/06 31/12/07 31/12/08 31/12/09 Occupancy 95% 90% 92% 95% Base rent $1,100,000 $990,000 $950,000 $990,000 Laundry vending $12,000 $11,000 $11,000 $30,000 Parking income $42,000 $40,000 $41,000 $60,000 Other income $3,000 $8,000 $21,000 $20,000 Effective gross income $1,157,000 $1,049,000 $1,023,000 $1,100,000

0 Answers   ALP, Cap Gemini, Wells Fargo,

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