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Question
Foreign Exchange Reserves of India are kept in the custody of which of the following?
Foreign Exchange Reserves of India are kept in the custody of which of the following?
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Solution
The correct option is B Reserve Bank of India
Foreign Exchange Reserves (also called Forex Reserves) are assets held by Central Banks and monetary authorities, in different reserve currencies, mostly the United States' dollar, and to a lesser extent the euro. In India the RBI acts as the custodian of foreign exchange reserves.
The legal provisions governing management of foreign exchange reserves are laid down in the Reserve Bank of India Act, 1934.
Foreign Exchange Reserves (also called Forex Reserves) are assets held by Central Banks and monetary authorities, in different reserve currencies, mostly the United States' dollar, and to a lesser extent the euro. In India the RBI acts as the custodian of foreign exchange reserves.
The legal provisions governing management of foreign exchange reserves are laid down in the Reserve Bank of India Act, 1934.
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