Question : Which of the following acts was introduced to regulate Foreign Exchange in India in 1973?
Option 1: FERA
Option 2: FEMA
Option 3: FRBM
Option 4: SARFAESI
Correct Answer: FERA
Solution : The correct option is FERA.
The Foreign Exchange Regulation Act (FERA) was introduced in India in 1973. Later, it was replaced by the Foreign Exchange Management Act (FEMA) in 1999.
FERA gave the Indian government extensive powers to regulate and control foreign exchange. Under FERA, various transactions involving foreign exchange required prior approval and licences from the Reserve Bank of India (RBI).
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Question : Which of the following acts introduced separate electorates (communal representation) for Muslims?
Option 1: Act of 1892
Option 2: Act of 1909
Option 3: Reforms of 1919
Option 4: Government of India Act of 1935
Question : Which of the following does not form a part of the foreign exchange reserve of India?
Option 1: Gold
Option 2: SDRs
Option 3: Foreign currency assests
Option 4: Foreign currency and securities held by the banks and corporate bodies
Question : The System of Dyarchy was introduced in India in
Option 1: 1909
Option 2: 1935
Option 3: 1919
Option 4: 1945
Question : In which five-year plan was the process of economic reform introduced in India?
Option 1: Tenth
Option 2: Fifth
Option 3: Eighth
Option 4: Sixth
Question : The system of Budget was introduced in India during the viceroyalty of
Option 1: Canning
Option 2: Dalhousie
Option 3: Rippon
Option 4: Elgin
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