Which of the following statement(s) is/are correct about the ‘Foreign Exchange Management Act’?
1. Under FEMA, every transaction involving a resident and a non-resident can be classified as either a capital account or a current account transaction.
2. The act was introduced as a replacement for earlier Foreign Exchange Regulation Act.
3. The 2022 rules prohibit making investments into foreign entities engaged in real estate activity, gambling in any form, and dealing with financial products linked to the Indian rupee without the approval of RBI.
Select the correct codes from below -