Arrange the following events in chronological order (1) Foreign Exchange Management Act (2) Bank Regulation Act (3) Factoring Regulation Act (4) Payment and settlement systems Act
(2), (1), (4), (3)
The Banking Regulation Act was enacted in 1949 to regulate banking companies in India.
The Foreign Exchange Management Act (FEMA) was passed in 1999, replacing FERA, and came into force in 2000.
The Payment and Settlement Systems Act was enacted in 2007, giving the RBI powers to regulate payment systems, and the Factoring Regulation Act followed in 2011.
Order: Banking Regulation Act (1949) → FEMA (1999) → Payment and Settlement Systems Act (2007) → Factoring Regulation Act (2011), that is, (2), (1), (4), (3).
Hence, (2), (1), (4), (3).
Similar Questions
Match the following :
(a) The R.B.I. was nationalised 1. 1973 (b) Foreign Exchange Management Act (FEMA) 2. 1935 (c) Foreign Exchange Regulation Act (FERA) 3. 1949 (d) The R.B.I was established in the year 4. 1999
Important Questions from Money and Banking
Which one of the following is likely to be the most inflationary in its effects?
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Consider the following statements :
The effect of devaluation of a currency is that it necessarily
1. improves the competitiveness of the domestic exports in the foreign markets
2. increase the foreign value of domestic currency
3. improves the trade balance
Which of the above statements is/are correct?
Indian Government Bond Yields are influenced by which of the following?
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below.
With reference to “Urban Cooperative Banks" in India, consider the following statements :
1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966
Which of the statements given above is/are correct?
