Foreign Exchange Management - Questions & Answers for Competitive Exams | GkSeries

37. Foreign Exchange Management Act Passed int he year

• [A] 1995
• [B] 1997
• [C] 1999
• [D] 2001

Answer: Option [C]

38. Euro was launched on

• [A] 1999
• [B] 2000
• [C] 2002
• [D] 2004

Answer: Option [A]

39. In a _________ transaction the quoting bank parts with foreign currency and acquires home currency

• [A] sale
• [B] purchase
• [C] spot
• [A] none of the above

Answer: Option [B]

40. The rate applied when payment of demand draft drawn on the bank where bank's nostro account is already credited

• [A] TT selling rate
• [B] Bill selling rate
• [C] Bill buying rate
• [D] TT buying Rate

Answer: Option [A]

41. The rate applied when payment of telegraphic transfers drawn on the bank where bank's nostro account is already credited

• [A] TT selling rate
• [B] Bill selling rate
• [C] Bill buying rate
• [D] TT buying Rate

Answer: Option [D]

42. The rate applied when a foreign bills is purchased

• [A] TT buying Rate
• [B] TT selling rate
• [C] Bill selling rate
• [D] Bill buying rate

Answer: Option [D]

43. The rate applied when a foreign bills is purchased

• [A] TT buying Rate
• [B] TT selling rate
• [C] Bill selling rate
• [D] Bill buying rate

Answer: Option [D]

44. Exchange margin enters into the bills selling rate

• [A] one time only
• [B] twice
• [C] three times
• [D] none of the above

Answer: Option [B]

45. In India exchange rates for foreign currencies other than US dollar are calculated as

• [A] TT buying rate
• [B] Cross rates
• [C] TT sellling rate
• [D] Bill sellling rate

Answer: Option [B]

46. FEDAI was established in

• [A] 1956
• [B] 1957
• [C] 1958
• [D] 1960

Answer: Option [C]

47. FEDAI has its headquarters at

• [A] Delhi
• [B] Mumbai
• [C] Kolkatta
• [D] Guwahati

Answer: Option [B]

48. In a pure form fixed exchange rate system the exchange rate for currency is determined by the _________

• [A] Demand forces
• [B] Supply forces
• [C] Government
• [D] none of the above

Answer: Option [C]