What is Foreign Currency Account ?

What is Foreign Currency Account ?
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Answer :

The foreign currency account is the deposit of foreign currency by the native citizens residing abroad. These accounts are conducted in foreign currency.
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_________ is an account maintained in foreign currency with an Authorised Dealer Bank. A. Exchange Earners‘Foreign Currency Account B. Exchange Eligible Foreign Currency Account C. Earners‘ Eligible Foreign Currency Account D. Earners‘ Exchange Foreign Currency Account E. Equity Exchange Foreign Currency Account

Description : _________ is an account maintained in foreign currency with an Authorised Dealer Bank. A. Exchange Earners Foreign Currency Account B. Exchange Eligible Foreign Currency Account C. Earners ... Account D. Earners Exchange Foreign Currency Account E. Equity Exchange Foreign Currency Account

Last Answer : A. Exchange Earners‟Foreign Currency Account Explanation: Exchange Earners‘ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Bank (Category – I Bank) in foreign exchange.

____is a Current Account Maintained by one Domestic Bank on behalf of other domestic bank in foreign bank in foreign currency A. BSBDA B. CA C. LORO Account D. Mirror Account E. None of the Above

Description : ____is a Current Account Maintained by one Domestic Bank on behalf of other domestic bank in foreign bank in foreign currency A. BSBDA B. CA C. LORO Account D. Mirror Account E. None of the Above

Last Answer : C. LORO Account Explanation: LORO Account is a Current Account Maintained by one Domestic Bank on behalf of other domestic bank in foreign bank in foreign currency.

Local currency account maintained by a local bank for a foreign (correspondent) bank is termed as _________ A. Nostro Account B. Vostro Account C. LORO Account D. Mirror Account E. None of the Above

Description : Local currency account maintained by a local bank for a foreign (correspondent) bank is termed as _________ A. Nostro Account B. Vostro Account C. LORO Account D. Mirror Account E. None of the Above

Last Answer : B. Vostro Account Explanation: Local currency account maintained by a local bank for a foreign (correspondent) bank is termed as Vostro Account.

Which of the following refers to an account that a bank holds in a foreign currency in another bank? A. Nostro Account B. Vostro Account C. LORO Account D. Mirror Account E. None of the Above

Description : Which of the following refers to an account that a bank holds in a foreign currency in another bank? A. Nostro Account B. Vostro Account C. LORO Account D. Mirror Account E. None of the Above

Last Answer : A. Nostro Account Explanation: Nostro account refers to an account that a bank holds in a foreign currency in another bank.

What's a good place in the USA to trade foreign currency at the face exchange rate?

Description : What's a good place in the USA to trade foreign currency at the face exchange rate?

Last Answer : You’ll probably do best at your own bank if they do exchanges.

What is the most cost effective way to exchange foreign currency?

Description : What is the most cost effective way to exchange foreign currency?

Last Answer : Counterintuitively, it is often credit card companies which offer the fairest exchange rates, but too late! You already chose cash. Try Bank Leumi. They have an international reputation for fair exchange, and you don’t have to get sheckles :)

What do you do with foreign coinage that gets mixed in with your country's currency?

Description : What do you do with foreign coinage that gets mixed in with your country's currency?

Last Answer : Currency is whatever we define it to be. It's only invalid if one party attempts to use something other than what both parties have agreed to. If the shopkeeper accepts a pint of goat's blood I ... to it, then it's my responsibility to provide currency that he does accept, or else void the sale.

What is the best month of the year to exchange U.S. Dollars for foreign currency?

Description : What is the best month of the year to exchange U.S. Dollars for foreign currency?

Last Answer : ad would know this one he works with the currency every week day but i cant answer this one sorry

A person returning from abroad can retain foreign currency up to what period? -Do You Know?

Description : A person returning from abroad can retain foreign currency up to what period? -Do You Know?

Last Answer : answer:

Where do I go to exchange foreign currency?

Description : Where do I go to exchange foreign currency?

Last Answer : The best place to convert your dollars to yen is right at the airport; they have bank offices specifically for this. Outside of the airport, the best place to do this will be any bank branch.

Foreign currency which has a tendency of quick migration is called - (1) Scarce currency (2) Soft currency (3) Gold currency (4) Hot currency

Description : Foreign currency which has a tendency of quick migration is called - (1) Scarce currency (2) Soft currency (3) Gold currency (4) Hot currency

Last Answer : (4) Hot currency Explanation: Hot money or currency is a term that is most commonly used in financial markets to refer to the now of funds (or capital) from one country to another in ... money" because they can move very quickly in and out of markets, potentially leading to market instability.

The outcome of 'devaluation of currency' is - (1) increased export and improvement in balance of payment (2) increased export and foreign reserve deficiency (3) increased import and improvement in balance of payment (4) increased export and import

Description : The outcome of 'devaluation of currency' is - (1) increased export and improvement in balance of payment (2) increased export and foreign reserve deficiency (3) increased import and improvement in balance of payment (4) increased export and import

Last Answer : (1) increased export and improvement in balance of payment Explanation: Devaluation is a reduction in the exchange value of a country's monetary unit in terms of gold, silver, or foreign ... home country's export sales and discourages expenditures on imports, thus improving its balance of payments.

Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of________ A. Six months B. Three months C. One year D. 15 days E. None of the Above

Description : Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of________ A. Six months B. Three months C. One year D. 15 days E. None of the Above

Last Answer : C. One year Explanation: The deposits should be accepted under the Foreign Currency Non-Resident(FCNR) Scheme for the following maturity periods: One year and above but less than two years Two years ... above but less than four years Four years and above but less than five years Five years only

By which rate is the domestic current rate of currency converted into foreign currency? A. Bank Rate B. CRR C. Stock Exchange Rate D. Repo Rate E. Exchange Rate

Description : By which rate is the domestic current rate of currency converted into foreign currency? A. Bank Rate B. CRR C. Stock Exchange Rate D. Repo Rate E. Exchange Rate

Last Answer : E. Exchange Rate Explanation: An exchange rate aka a (foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country‘s currency in terms of another currency.

What is the full form of FCCB? A. Foreign Currency convertible Bond B. Foreign Currency credit Bond C. Financial Consortium and Credit Bureau D. Future Credit and Currency Bureau E. None of the Above

Description : What is the full form of FCCB? A. Foreign Currency convertible Bond B. Foreign Currency credit Bond C. Financial Consortium and Credit Bureau D. Future Credit and Currency Bureau E. None of the Above

Last Answer : A. Foreign Currency convertible Bond Explanation: Foreign currency convertible bonds (FCCBs) are a special category of bonds. FCCBs are issued in currencies different from the issuing company‘s domestic currency. A convertible bond is a mix between a debt and equity instrument.

Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of _______ A. 15 days B. 3 months C. 6 months D. 1 year E. 7 days

Description : Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of _______ A. 15 days B. 3 months C. 6 months D. 1 year E. 7 days

Last Answer : D. 1 year Explanation: Term Deposit with maturity of minimum 1 year & maximum 5 years can be opened under Foreign Currency Non-Resident(FCNR) scheme.

In International Banking terms,”Appreciation” of Rupee means ________ A. Excess of exports over imports B. Purchasing power of rupee has come down C. Availability of less foreign currency vis-a-vis rupee D. Excess of imports over exports E. Availability of more foreign currency vis-a-vis rupee

Description : In International Banking terms,”Appreciation” of Rupee means ________ A. Excess of exports over imports B. Purchasing power of rupee has come down C. Availability of less foreign currency vis-a-vis rupee D. Excess of imports over exports E. Availability of more foreign currency vis-a-vis rupee

Last Answer : C. Availability of less foreign currency vis-a-vis rupee Explanation: Currency Appreciation refers to increase in the value of domestic currency in terms of foreign currency. The domestic currency becomes more valuable and less of it is required to buy the foreign currency.

A foreign currency denominated bond issued by foreign company in Singapore is known as ______ A. Yankee bond B. Bulldog bond C. Uridashi bond D. Husao bond E. Lion City bond

Description : A foreign currency denominated bond issued by foreign company in Singapore is known as ______ A. Yankee bond B. Bulldog bond C. Uridashi bond D. Husao bond E. Lion City bond

Last Answer : E. Lion City bond Explanation: Lion City bond foreign currency denominated bond issued by foreign company in Singapore.

A money order returned from a foreign country of payment as not payable a) The sender will paid the value of the money order as actually paid in Indian currency at the time of issue without the commission originally collected. b) The sender will be paid the value of the MO+ commission. c) The sender will be paid half the value of the MO without the MO commission d) The sender will be paid the value of the MO and half commission

Description : A money order returned from a foreign country of payment as not payable a) The sender will paid the value of the money order as actually paid in Indian currency at the time of issue without the ... MO without the MO commission d) The sender will be paid the value of the MO and half commission

Last Answer : a) The sender will paid the value of the money order as actually paid in Indian currency at the time of issue without the commission originally collected

Which one is not the form of FDI A. Purchase of existing assets in foreign currency.B. New Investment in Property, planet and equipment. C. Making investment is the mutual funds D. Transfer of many type of asset

Description : Which one is not the form of FDI A. Purchase of existing assets in foreign currency.B. New Investment in Property, planet and equipment. C. Making investment is the mutual funds D. Transfer of many type of asset

Last Answer : Purchase of existing assets in foreign currency.

Which of the following constitutes Foreign Direct Investment? A. A speculator trying to make a profit by buying company shares on a foreign stock exchange. B. A UK energy company buying territory abroad where it expects to find oil reserves. C. A tourist purchasing foreign currency to spend on a holiday abroad. D. A company signing an agreement with a wholesaler to distribute its products in foreign markets.

Description : Which of the following constitutes Foreign Direct Investment? A. A speculator trying to make a profit by buying company shares on a foreign stock exchange. B. A UK energy company buying territory ... D. A company signing an agreement with a wholesaler to distribute its products in foreign markets.

Last Answer : A tourist purchasing foreign currency to spend on a holiday abroad.

The ratio of foreign rates to domestic rates measured in the 'same' currency is known as:a) Real exchange rateb) Nominal exchange ratec) Superfluous exchange rated) None of the above

Description : The ratio of foreign rates to domestic rates measured in the 'same' currency is known as: a) Real exchange rate b) Nominal exchange rate c) Superfluous exchange rate d) None of the above

Last Answer : a) Real exchange rate

Foreign exchange risk can be reduced by using _____. A. forward contracts B. futures contracts C. currency options D. currency denomination E. all of the above

Description : Foreign exchange risk can be reduced by using _____. A. forward contracts B. futures contracts C. currency options D. currency denomination E. all of the above

Last Answer : E. all of the above

The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Last Answer : Closing

The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the __________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the __________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Last Answer : Closing

Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above

Description : Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above

Last Answer : b) Transaction

A foreign currency transaction arises when an enterprise buys or sells goods or services whose price is denominated in the reporting currency.

Description : A foreign currency transaction arises when an enterprise buys or sells goods or services whose price is denominated in the reporting currency.

Last Answer : FALSE

Foreign Currency is a currency other than the Indian rupee.

Description : Foreign Currency is a currency other than the Indian rupee.

Last Answer : FALSE

A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the recording.

Description : A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the recording.

Last Answer : FALSE

ICDS-3 is applicable for a) Construction contract b) Foreign currency c) Inventory d) Revenue Recognition

Description : ICDS-3 is applicable for a) Construction contract b) Foreign currency c) Inventory d) Revenue Recognition

Last Answer : a) Construction contract

Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Description : Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Last Answer : c. actual rate effective on date

Devaluation of currency can correct a Balance of Payments deficit because___ A. It lowers price of exports in foreign currency and rises price of imports in home currency B. It raises price of exports in foreign currency and lowers price of imports in home currency C. It raises price of exports and imports in foreign currency D. It lowers price of exports and imports in home currency

Description : Devaluation of currency can correct a Balance of Payments deficit because___ A. It lowers price of exports in foreign currency and rises price of imports in home currency B. It raises price of ... and imports in foreign currency D. It lowers price of exports and imports in home currency

Last Answer : A. It lowers price of exports in foreign currency and rises price of imports in home currency

1. What was the main stipulation of Government of India Act, 1935 ? 2. Which compound is known as white vitriol? 3. A person returning from abroad can retain foreign currency up to what period? 4. Which environment leads to the occurrence of acid rain? 5. Which sites of Harappan are not in India?

Description : 1. What was the main stipulation of Government of India Act, 1935 ? 2. Which compound is known as white vitriol? 3. A person returning from abroad can retain foreign currency up to what period? ... Gupta ruler was a poet and a musician and was adorned with the title of Kaviraja or King of poets?

Last Answer : Answer : 1. Complete independence guaranteed 2. ZnSO4 . 7H2 O 3. 90 days 4. Sulphur dioxide5. Mohenjodaro and Harappa 6. 2014-2024 7. Parthenocarpy 8. Government of India Act, 1858 9. 40% 10 ... Smith 14. 1948 15. Chandragupta Maurya 16. Auxins 17. President 18. Sulphur 19. Jupiter 20. Samudragupta

Foreign currency which has a tendency of quick migration is called (1) Scarce currency (2) Soft currency (3) Gold currency (4) Hot currency

Description : Foreign currency which has a tendency of quick migration is called (1) Scarce currency (2) Soft currency (3) Gold currency (4) Hot currency

Last Answer : Hot currency

The outcome of ‘devaluation of currency’ is (1) increased export and improvement in balance of payment (2) increased export and foreign reserve deficiency (3) increased import and improvement in balance of payment (4) increased export and import

Description : The outcome of ‘devaluation of currency’ is (1) increased export and improvement in balance of payment (2) increased export and foreign reserve deficiency (3) increased import and improvement in balance of payment (4) increased export and import 

Last Answer :  increased export and improvement in balance of payment

How do I accept foreign funds into my Paypal account, and then what?

Description : How do I accept foreign funds into my Paypal account, and then what?

Last Answer : paypal is really easy all the payer needs is your email address. Then you go into paypal and have the money deposited into your bank account. I am assuming you have a paypal account? If not, it’s easy to set up.

How much money can be transferred from foreign account to a US bank account?

Description : How much money can be transferred from foreign account to a US bank account?

Last Answer : You can transfer any amount you like from one account to theother - you're only limited to physically carrying cash throughcustoms. It's the same in most countries - electronic transferscreate a ' ... its source.Carrying large amounts of cash without proof of its origin - willget you interrogated !

What is the full form of FATCA? A. Forex Account Tax Compliance Act B. Foreign Account Tax Compliance Act C. Forex Account Total Compliance Act D. Foreign Account Total Compliance Act

Description : What is the full form of FATCA? A. Forex Account Tax Compliance Act B. Foreign Account Tax Compliance Act C. Forex Account Total Compliance Act D. Foreign Account Total Compliance Act

Last Answer : B. Foreign Account Tax Compliance Act Explanation: The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the requirement for United States persons including ... on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN).

Which of the following percentage of foreign exchange earnings can be credited to the EEFC account? A. 80% B. 90% C. 75% D. 95% E. 100%

Description : Which of the following percentage of foreign exchange earnings can be credited to the EEFC account? A. 80% B. 90% C. 75% D. 95% E. 100%

Last Answer : E. 100% Explanation: under EEFC account, a facility provided to the foreign exchange earners, including exporters, to credit 100 per cent of their foreign exchange earnings to the account. ... have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs.

Which of the following relatively small misstatements most likely could have a material effect on an entity’s financial statements? a. A piece of obsolete office equipment that was not retired. b. An illegal payment to a foreign official that was not recorded. c. A petty cash fund disbursement that was not properly authorized. d. An uncollectible account receivable that was not written off.

Description : Which of the following relatively small misstatements most likely could have a material effect on an entity's financial statements? a. A piece of obsolete office equipment that was not retired. ... that was not properly authorized. d. An uncollectible account receivable that was not written off.

Last Answer : An illegal payment to a foreign official that was not recorded.

A country’s Current Account: A. Balance equals the change in its net foreign wealth. B. Balance equals the change in its foreign wealth. C. Surplus equals the change in its foreign wealth. D. Deficit equals the change in its foreign wealth. E. None of the above.

Description : A country’s Current Account: A. Balance equals the change in its net foreign wealth. B. Balance equals the change in its foreign wealth. C. Surplus equals the change in its foreign wealth. D. Deficit equals the change in its foreign wealth. E. None of the above.

Last Answer : A. Balance equals the change in its net foreign wealth.

Which of the following transactions is included in the current account balance of the Balance of payments statement? (a) Foreign direct investments. ; (b) Portfolio investments.; (c) External commercial borrowings. ; (d) Dividends earned on portfolio investments

Description : Which of the following transactions is included in the current account balance of the Balance of payments statement? (a) Foreign direct investments. ; (b) Portfolio investments.; (c) External commercial borrowings. ; (d) Dividends earned on portfolio investments

Last Answer : (d) Dividends earned on portfolio investments

In the BoP statement, current account includes (i) Marchandize, invisible items (ii) Government loans from abroad (iii) Foreign direct investment. (a) (i) only ; (b) Both (i) and (ii) above ; (c) Both (i) and (iii) above ; (d) Both (ii) and (iii) above

Description : In the BoP statement, current account includes (i) Marchandize, invisible items (ii) Government loans from abroad (iii) Foreign direct investment. (a) (i) only ; (b) Both (i) and (ii) above ; (c) Both (i) and (iii) above ; (d) Both (ii) and (iii) above

Last Answer : (a) (i) only ;