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In India, the custodian of foreign exchange reserves of the country is:
1. Union Cabinet
2. Reserve Bank of India
3. State Bank of India
4. Union Finance Ministry

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Correct Answer - Option 2 : Reserve Bank of India

The correct answer is the Reserve Bank of India.

  • The Custodian of India’s foreign exchange reserves is the Reserve Bank of India.

  • It is responsible for managing and maintaining the country’s foreign exchange reserves.
  • Foreign exchange reserves are important for external trade and promote the growth of the country.
  • The legal laws regarding the Foreign Exchange Reserves are written down in the Reserve Bank of India Act,1934.
  • India's foreign reserve is mainly formed of the US Dollar in terms of bonds and 6.6% of the forex reserve is in terms of gold.

  • Establishment- 1 April 1935.
  • Governor- Sri Shakti Kant Das
  • Head Office- Mumbai

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