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Question
Q. Consider the following statements:
Which of the statements given above is/are correct?
Q. Consider the following statements:
Which of the statements given above is/are correct?Open in App
Solution
The correct option is A
1 only
Explanation:
Statement 1 is correct: Currency Convertibility is the ease with which a country's currency can be converted into gold or another currency through global exchanges. It indicates the extent to which the regulations allow inflow and outflow of capital to and from the country.
Statement 2 is incorrect: India's rupee is a partially convertible currency—rupees can be exchanged at market rates in certain cases, but approval is required for larger amounts.
1 only
Explanation:
Statement 1 is correct: Currency Convertibility is the ease with which a country's currency can be converted into gold or another currency through global exchanges. It indicates the extent to which the regulations allow inflow and outflow of capital to and from the country.
Statement 2 is incorrect: India's rupee is a partially convertible currency—rupees can be exchanged at market rates in certain cases, but approval is required for larger amounts.
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