The Foreign Exchange Management Act was enacted in which year? MCQ with Answer and Explanation

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The Foreign Exchange Management Act was enacted in which year?

A. 1973

B. 1999

C. 2005

D. 1992

Answer: Option B

Solution (By JKSSB Mock Tests)

FEMA was enacted in 1999, replacing FERA.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of the digital economy, 'Zero-Price Markets' are characterised by:

A. Only traditional markets with positive prices

B. Markets in which the monetary price charged to users is zero and platforms monetise through other means such as advertising or data

C. Markets in which all goods are free without any monetisation

D. Markets without any economic activity

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Correct Answer: Option B

Explanation:
Zero-price markets are those in which consumers pay no monetary price; the platform typically monetises through advertising, data sales or complementary paid services, raising distinctive issues for competition analysis.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on construction services is:

A. 5%

B. 18% for commercial construction

C. 12%

D. 28%

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Correct Answer: Option B

Explanation:
Commercial construction services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'debit card' enables a customer to:

A. buy stocks

B. borrow money for purchases

C. spend money directly from their bank account

D. take insurance

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Correct Answer: Option C

Explanation:
A debit card allows direct spending from a customer's bank account.

This question belongs to: Economy GK Economy Set 1

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