SarkariPYQ

SSC GD 2021 PYQ — Question 26

SSC GD Constable (English) - 17th November 2021 Shift 3 • General Awareness • Q26

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The statutory power for exchange control was provided to Reserve Bank of India by
the Foreign Exchange Regulation Act (FERA) of ________, which was subsequently
replaced by a more comprehensive Foreign Exchange Regulation Act, 1973.

Show answer & explanation

Correct answer: B

Explanation

The correct answer is option 2 i.e. 1947.

  • The statutory power for exchange control was provided by the Foreign Exchange Regulation Act (FERA) of 1947.
  • Subsequently, Foreign Exchange Regulation Act, 1947 was replaced by the Foreign Exchange Regulation Act, 1973 (FERA, 1973),which came into force with effect from January 1, 1974.
  • FERA, 1973 came into force, for regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the country and the proper utilization thereof in the interests of the economic development of the country.