Monday, May 11, 2015

Day 25 - Questions


Day 25 - Forex, FERA & FEMA

( Forex, FERA, FEMA )


Recommended Study links - (Go through these topics before attempting MCQs)

1.  Foreign exchange (forex) of a country is generally maintained by -
a.  commercial banks of that country
b.  central government of that country
c.  central bank of that country
d.  none of the above

2.  Forex is important because -
a.  It influences the foreign exchange rate of currency
b.  It acts as a guarantee for external debts
c.  Both (a) and (b)
d.  None of the above

3.  Which of the following is a type of forex -
a.  Foreign Currency Assets
b.  Gold reserves
c.  SDR
d.  All of the above

4.  What is the full form of SDR?
a.  Special Domination Rights
b.  Special Drawing Rights
c.  Special Determination Rights
d.  Special Detection Rights

5.  Which of the following is also known as Reserve Tranche Position (RTP)?
a.  Foreign Currency Assets
b.  Gold Reserves
c.  SDR
d.  Reserve position in IMF

6.  Which of the following is/are true regarding FERA, 1973 -
a.  Law violators were treated as criminal offenders
b.  Enforcement Directorate had the power to arrest any person of suspicion
c.  It aimed at minimizing dealings in forex and foreign securities
d.  All of the above

7.  What is the full form of FEMA?
a.  Foreign Exchange Maximization Act
b.  Foreign Exchange Management Act
c.  Foreign Exchange Minimization Act
d.  Foreign Exchange Mediation Act

8.  FEMA was introduced in -
a.  1990
b.  1989
c.  1999
d.  1991

9.  In FEMA, violation of the act is a civil offense, and is -
a.  compoundable
b.  non-compoundable
c.  both (a) and (b)
d.  none of the above

10.  What is the full form of forex?
a.  Foreign Exemption
b.  Foreign Exchange
c.  Foreign Expert
d.  Foreign Expansion




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