FX-CLEAR, a forex dealing system, which was launched by Clearcorp on August 7, _____.
Show answer & explanation
Correct answer: A
Explanation
Correct Answer: Option 1 (2003)
Explanation:
The FCNR (Foreign Currency Non-Resident) Deposit Scheme was relaunched on October 7, 2003. This scheme allows non-resident Indians (NRIs) to make deposits in foreign currency with Indian banks.
Additional Facts:
FCNR accounts are held in foreign currency and provide protection against exchange rate risk.
These accounts are opened as fixed deposits in Indian banks.
Interest rates on these accounts are determined by the international market.
Possible Questions for the Upcoming Exam:
What does FCNR stand for?
(Answer: Foreign Currency Non-Resident)
Who are FCNR accounts for?
(Answer: Non-Resident Indians)
What currency are FCNR accounts held in?
(Answer: Foreign Currency)