Which of the following are the features of FEMA?

A. Central government can regulate payments to and from a person situated outside the country.

B. Holding of immovable property outside India is restricted.

C. RBI can restrict transactions from the capital account even if it is done by an authorized person.

D. All foreign financial transactions are to be done through an authorized FEMA person.

E. FEMA applies to Indian citizens living abroad.

Choose the correct answer from the options given below:

Correct option is D

Central government regulates foreign transactions (A): Ensuring control over foreign trade.
RBI has powers to restrict capital account transactions (C): Even authorized transactions can be regulated.
Foreign financial transactions must be done through an authorized FEMA person (D): Banks and financial institutions must comply.
Holding of immovable property outside India (B) is not completely restricted under FEMA.
FEMA applies to transactions, not necessarily to Indian citizens abroad (E is incorrect).