GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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because RBI is delegated by the Government to absorb all the foreign currency in India
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because government delegates RBI to redistribute the foreign currencies in India
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because RBI maintains both gold and foreign currencies as reserves against note issues
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none of these
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Detailed explanation-1: -The RBI acts as the custodian of the country’s foreign exchange reserves, manages exchange control and acts as the agent of the government in respect of India’s membership of the IMF.
Detailed explanation-2: -Custodian-The RBI acts as the custodian of the country’s foreign exchange reserves and manages exchange control. It dominates the market as a regulator, a player and the jury. Dollar/rupee rate-The RBI Act stipulates that the Central Government orders the rate at which the RBI shall buy or sell forex to banks.
Detailed explanation-3: -RBI is the central bank of India. It has the sole authority to issue coins and notes but it does not issue coins of the following denominations: rupee 1, 20 paisa and 25 paisa.