Aqua Nova Infrastructure Limited (AIL), an Indian project engineering, procurement and construction (EPC) company, was awarded a ₹ 9,500 crore…

Aqua Nova Infrastructure Limited (AIL), an Indian project engineering, procurement and construction (EPC) company, was awarded a ₹ 9,500 crore contract by the Government of Tamil Nadu in April 2025 for the construction of a smart multipurpose dam integrated with AI-enabled flood management systems. To execute the project, AIL engaged: 1. Hydro Consult B.V., Netherlands for preparing a techno-economic feasibility report, environmental impact assessment, and digital twin modelling of the dam project. AIL paid USD 7 million towards consultancy fees. 2. Tech Sphere Solutions Ltd., United Kingdom for migration of its enterprise resource planning (ERP) platform from SAP to Oracle Cloud ERP and implementation of AI-based financial reporting modules. AIL paid USD 2 million towards software migration and implementation services. Simultaneously, the company's Chief Sustainability Officer's daughter, Ms. Shalini Gupta, enrolled in a 3-year Integrated Global Management Programme jointly conducted by IIM Ahmedabad and the University of Auckland, New Zealand. The course structure was as follows: First two years at IIM Ahmedabad. Final year at the University of Auckland under an exchange programme. Tuition fees: ₹ 10 lakh payable to IIM Ahmedabad. USD 200,000 payable directly to the University of Auckland. Shalini left India on 20th August 2025 for New Zealand. During the final semester, she secured employment with a multinational company in Auckland and accepted the offer before completion of the course. She visited India from 1st September 2026 to 30th September 2026 to meet her family and thereafter returned to New Zealand on 1st October 2026 to continue her employment. On the basis of above facts and by applying applicable provisions of the Foreign Exchange Act, 1999, choose the correct answer (one out of four) of the following Multiple Choice Questions given herein under: