Assertion (A): Reserve Bank of India is an important regulatory and administrative authority to execute FEMA provisions.
Reason (R): Being monetary authority and custodian of foreign exchange, Reserve Bank of India enjoys requisite expertise of FEMA administration.
In the context of the above two statements, which one of the following option is correct?

A. Both (A) and (R) are correct and (R) is the right explanation of (A)

B. Both (A) and (R) are correct, but (R) is not the right explanation of (A)

C. Both (A) and (R) are incorrect

D. (A) is correct and (R) is not correct

Answer: Option A