BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The early growth of merchant banking in the country is assigned to the which of the following?
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Foreign Exchange Regulation Act, 1973
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Securities Contracts Act
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Income-tax Act
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FEMA
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Explanation:
Detailed explanation-1: -The Foreign Exchange Regulation Act (FERA) was legislation passed in India in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex) and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency.
Detailed explanation-2: -Q. The early growth of merchant banking in the country is assigned to the which of the following? Notes: The early growth of merchant banking in the country is assigned to Foreign Exchange Regulation Act, 1973.
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