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Capital Account

The commissio...

Question

The commission charged by the bank for any foreign exchange transaction from the buyers or the sellers of foreign currency is fixed by ____________.

A

Authorized deaers

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B

Money changer

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C

RBI

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D

FEDAI

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E

Ministry of External Affairs

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Solution

The correct option is D FEDAI
The authorized dealers have to operate within the rules, regulations and guidelines issued by the Foreign Exchange Dealers Association Of India (FEDAI) from time to time.The commission changed by the bank who is the authorized dealer for any transaction for the buyers and sellers of foreign currency is fixed by FEDAI.

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