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Assertion (A) : Under FEMA, the receiver of laundered money is to be made culpable, instead of sender/distributor. (2 marks)
Reasoning (R) : FEMA differs from the earlier exchange regulation Act FERA with regard to penalties and punishment in case of violation of the Act.
(A) is correct but (R) is not correct.
(A) and (R) both are correct but (R) is not the right explanation of (A).
(A) and (R) both are correct and (R) is the right explanation of (A).
(A) and (R) both are incorrect.
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