FERA And FEMA MCQs Questions With Answers

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on FERA and FEMA for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

1.What is the full form of FEMA?

1. Foreign Exchange Management Act
2. Foreign Exchange Management Agency
3. Foreign Emergency Managing agent
4. Foreign Exchange Management Agency

2.FEMA was introduced in which of the following year?

1. 1990
2. 1989
3. 1999
4. 1991

 

3.What is full form of Forex?

1. Foreign Exemption
2. Foreign Exchange
3. Foreign Expert
4. Foreign Expansion

 

4.What is the full form of FERA?

1. Foreign Exchange Regulation Act
2. Foreign Exchange Regulation Agency
3. Foreign Exchange Repulsive Agent
4. Foreign Expert Regulation Act

 

5.Forex is generally maintained by which of the following?

1. Commercial bank of that country
2. Central Bank of that country
3. Central government of that country
4. None of the above

 

6.FEMA was implemented by replacing FERA in which year?

1. 31.01.2002
2. 01.06.2000
3. 31.01.2000
4. 01.01.2003

 

7.All the offences under the FEMA are considered as which of the following type?

1. Civil Offence
2. Criminal Offence
3. Both Civil and Criminal Offence
4. None of the above

 

8.FEMA head office is situated in which of the following city?

1. Hyderabad
2. Lucknow
3. Bangalore
4. New Delhi

 

9.Which of the following is not the feature of FEMA?

1. There is a simplification of Foreign Exchange Transactions.
2. There was a discharge provisions of criminal proceedings in case of default cases.
3. It came into force on 01.01.2004.
4. None of the Above

 

10.Which of the following correctly define India’s Foreign Exchange rate system?

1. Fixed
2. Free float
3. Managed float
4. Fixed target of band

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