India's forex reserves hit record $785.71 billion

1. Question 1Answer D

   India's reserves hit a record $785.71 billion, overtaking Russia for which global rank?

   • ASecond
   • BThird
   • CFifth
   • DCorrect answer: Fourth

   Core Trigger: India's forex reserves rose $44.9 billion to a record $785.71 billion in the week ended 4 September 2026, overtaking Russia for fourth place (reports).From Book 1 RATNA, topic 187, point 1

2. Question 2Answer C

   Inflows into which deposits helped the jump in India's reserves?

   • AResident foreign currency accounts
   • BNPS Tier-II accounts
   • CCorrect answer: FCNR(B) deposits
   • DSovereign gold bonds

   Driver: FCNR(B) deposit inflows – Foreign Currency Non-Resident (Bank) accounts – helped the jump.From Book 1 RATNA, topic 187, point 2

3. Question 3Answer D

   Who is RBI Governor, in office since December 2024?

   • AShaktikanta Das
   • BMichael Patra
   • CUrjit Patel
   • DCorrect answer: Sanjay Malhotra

   Current Head: Sanjay Malhotra is Governor of the Reserve Bank of India, in office since December 2024.From Book 1 RATNA, topic 187, point 3

4. Question 4Answer D

   Besides foreign currency assets, gold and SDRs, reserves include which IMF-linked item?

   • AExtended Fund Facility
   • BStand-by arrangement
   • CCredit tranche loans
   • DCorrect answer: Reserve tranche position

   Components: Reserves comprise foreign currency assets, gold, Special Drawing Rights and the reserve tranche position with the IMF.From Book 1 RATNA, topic 187, point 4

5. Question 5Answer B

   Reserves stood at what level in the week ended 18 September 2026?

   • A$778.40 billion
   • BCorrect answer: $765.90 billion
   • C$749.25 billion
   • D$792.10 billion

   Later Data: Reserves later fell $14.88 billion to $765.90 billion in the week ended 18 September 2026.From Book 1 RATNA, topic 187, point 5

6. Question 6Answer D

   Which institution manages India's reserves and reports them weekly?

   • ASEBI
   • BECGC
   • CNITI Aayog
   • DCorrect answer: RBI

   Stakeholders: The RBI manages the reserves and reports them weekly; overseas Indians' deposits fed the FCNR(B) inflows.From Book 1 RATNA, topic 187, point 6

7. Question 7Answer B

   Where is the RBI's central office?

   • ANew Delhi
   • BCorrect answer: Mumbai
   • CKolkata
   • DChennai

   Headquarters: The RBI's central office is in Mumbai, India.From Book 1 RATNA, topic 187, point 8

8. Question 8Answer C

   On what date was the RBI nationalised?

   • A1 April 1949
   • B15 August 1947
   • CCorrect answer: 1 January 1949
   • D26 January 1950

   Founded: The RBI began on 1 April 1935 under the RBI Act, 1934, and was nationalised on 1 January 1949.From Book 1 RATNA, topic 187, point 9

9. Question 9Answer D

   The Foreign Exchange Management Act, 1999 replaced which earlier law?

   • ACOFEPOSA 1974
   • BCustoms Act 1962
   • CBanking Regulation Act 1949
   • DCorrect answer: FERA 1973

   Landmark: The Foreign Exchange Management Act, 1999 replaced FERA 1973, shifting policy from control to management of foreign exchange.From Book 1 RATNA, topic 187, point 10

10. Question 10Answer A

    Consider: 1. Entry 36 of the Union List covers currency and foreign exchange. 2. Entry 36 also covers the Reserve Bank of India. Which is/are correct?

    • ACorrect answer: Only 1
    • BOnly 2
    • CBoth 1 and 2
    • DNeither

    Articles: Entry 36 of the Union List covers currency and foreign exchange; Entry 38 covers the Reserve Bank of India.From Book 1 RATNA, topic 187, point 11

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