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. 1999

B. 1973

C. 1992

D. 2005

Answer: Option A

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

The 'circular flow of income' in a three-sector economy includes:

A. government and foreign sector only

B. households, firms and government

C. firms and government only

D. households, firms and foreign sector

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Correct Answer: Option B

Explanation:
A three-sector economy includes households, firms and government.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Tea Board of India' is headquartered in:

A. Chennai

B. Delhi

C. Kolkata

D. Mumbai

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Correct Answer: Option C

Explanation:
The Tea Board of India is headquartered in Kolkata.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on branded cereals is:

A. 18%

B. 0%

C. 12%

D. 5%

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Correct Answer: Option D

Explanation:
Branded cereals attract 5% GST, while unbranded are exempt.

This question belongs to: Economy GK Economy Set 1

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