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

Questions
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]

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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]

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