Question

The legal provisions governing the management of foreign exchange reserves are laid down in the Reserve Bank of India Act, ______. 
1. 1934
2. 1923
3. 1947
4. 1971

Answer 1

Correct Answer - Option 1 : 1934

The correct answer is 1934.

• The Reserve Bank of India Act, 1934 provides the overarching legal framework for the deployment of reserves in different foreign currency assets and gold within the broad parameters of currencies, instruments, issuers, and counterparties. 
• The guiding objectives of foreign exchange reserve management in India are similar to those of many central banks in the world. 
• The essential legal framework for reserve management is provided in sub-sections 17 (6A), 17(12), 17(12A), 17(13), and 33 (6) of the above Act.

• Governor of RBI - Shaktikanta Das
• Deputy Governor of RBI - Rajeshwar Rao, M.K. Jain, and Michael Patra.
• Sub Offices of RBI - 11
• Headquarters of RBI -  Mumbai.