Mrinal Kaur, an Indian citizen and an acclaimed fashion entrepreneur based in Milan, has built a successful career over the past 10 years. In…

Mrinal Kaur, an Indian citizen and an acclaimed fashion entrepreneur based in Milan, has built a successful career over the past 10 years. In January 2024, she decided to extend her brand's presence to India by incorporating a company named StyleAura Private Limited (SAPL) in Delhi. Her comprehensive business plan includes: Establishing a flagship design studio in DelhiImporting premium fabrics and embellishments from ItalyLaunching a digital retail platform for luxury fashionForming strategic partnerships with renowned European fashion houses In February 2024, StyleAura Private Limited undertook the following initial transactions: Received EUR 500,000 from Mrinal's Milan-based business accountAcquired commercial property in Delhi for setting up the studioEngaged fashion experts as design consultantsOpened a foreign currency account with the Delhi branch of an international bank The company also aims to showcase its designs at global fashion events and accept advance payments from international clients via its e-commerce platform. On the basis of above facts and by applying applicable provisions of the Foreign Exchange Management Act (FEMA), 1999, and the applicable Rules therein, choose the correct answer (one out of four) of the following Multiple Choice Questions (of 2 marks each) given herein under: