JAIIB-AFB | CAIIB- BFM | Bank Promotion | Foreign Exchange | Theory , concept , MCQ

The foreign trade leads to foreign exchange

The foreign exchange stock include foreign currency assets, balances kept abroad, instruments payable in foreign currency and instruments drawn abroad but payable in Indian currency.

In exchange rate system, the foreign currencies are commodities having prices, which can be bought or sold to settle transactions between parties.

In India Foreign Exchange governed by FEMA 1999.

FEMA stared from 1st June 2000.

In India, Exchange control is exercised by RBI & trade control is exercised by DGFT

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