GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank branches which can undertake foreign exchange business directly are known as in foreign exchange.
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Foreign dealers
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Approved dealers
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Exchange branches
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Authorized dealers
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Explanation:
Detailed explanation-1: -Authorised dealers are the institutions that have the license from the RBI to sell and buy foreign currencies. Most of the authorised dealers are banks.
Detailed explanation-2: -Authorised dealer-Category I All the nationalised banks, leading non-nationalised banks as well as foreign banks are chosen as authorised dealers category I to deal in foreign exchange. They may deal in other transactions in foreign exchange such as bill of exchange, cheques, letters of credit, deposits etc.
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