RBI was granted statutory powers to control foreign exchange through the Foreign Exchange Regulation Act (FERA) in which year?
RBI was granted statutory powers to control foreign exchange through the Foreign Exchange Regulation Act (FERA) in which year?
आर. बी. आई. (RBI) को, विदेशी मुद्रा विनियमन अधिनियम (FERA) _____________द्वारा मुद्रा विनिमय नियंत्रण हेतु वैधानिक शाक्तियां प्रदान की गई थीं।
Detailed Solution & Logic
Correct Answer:
1947
Explanation:
The Foreign Exchange Regulation Act (FERA), 1947 was introduced in India. Under this Act, the Reserve Bank of India (RBI) was given statutory powers to regulate and control foreign exchange transactions. Later, FERA was amended and replaced by FERA, 1973, and eventually by FEMA (Foreign Exchange Management Act) in 1999.
So, the correct answer is 1947.
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