The CGRA is the unrealized gain/loss in the value of gold and foreign exchange RBI holds based on movements in their value which is not considered in the income account but taken as a balance-sheet item. What is the full form of CGRA?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Currency and Gold Revaluation Amount
B	Currency and Gold Registration Account
C	Current and Gold Revaluation Account
D	Currency and Gold Revaluation Account

Explanation:

Detailed explanation-1: -Other Liabilities: Other liabilities of the Reserve Bank’ include internal reserves and provisions of the Reserve Bank such as Currency and Gold Revaluation Account (CGRA), Exchange Equalisation Account (EEA), Contingency Reserve and Asset Development Reserve.

Detailed explanation-2: -You can remit in foreign currency for an RBI-approved purpose. You can buy FOREX up to USD 25, 000 only. If you bring FOREX beyond a specified limit to India, you must declare it. You may keep a maximum of USD 2, 000 (or equivalent) in cash notes or Traveller’s Cheques.

Detailed explanation-3: -The Reserve Bank is empowered to compound any contravention as defined under section 13 of FEMA, 1999 except the contravention under section 3(a) 1 ibid, for a specified sum after offering an opportunity of personal hearing to the contravener.

Detailed explanation-4: -The Reserve Bank’s exchange rate policy focusses on ensuring orderly conditions in the foreign exchange market. For the purpose, it closely monitors the developments in the financial markets at home and abroad. When necessary, it intervenes in the market by buying or selling foreign currencies.

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