Can you buy or sell foreign currency in a market, where restrictions on currency are in force?
A) No
B) No, since it against the law of those countries
C) Yes
D)Yes, subject to approval of the central bank
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In terms of Section 5 of the FEMA, persons are free to buy or sell foreign exchange for any current account transaction except for those transactions on which Central Government has imposed restrictions, vide its Notification No. G.S.R. 381(E) dated May 3, 2000 (as amended from time to time).
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