India has 4th largest Foreign exchange reserves

India has 4^th largest Foreign exchange reserves

Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India has 4th largest Foreign exchange reserves”

As per the Ministry of Finance, India has recorded currently the fourth largest foreign exchange reserves in the world. India’s forex reserve placed up at USD 640.4 billion.

The details of the holders of P-Notes/ offshore derivative instruments (ODIs) as well as benefiting owners of holders of ODIs which described in terms of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, are accounted to SEBI on a monthly basis by ODI issuing foreign portfolio investors (FPIs).

What is foreign exchange reserve?

The cash, other assets and gold held or reserved by Country’s central bank to maintain liquidity and strength in financial markets, to pay balance payments of country and its dominance to the foreign exchange rate is known as foreign exchange reserves. It is very important for any country to trade and stand on its ability with the others countries in the world.

With some regulation offshore derivative instruments with issuing FPIs are expected to maintain with them at all times the KYC documents considering ODI subscribers and make them available to SEBI on demand.

The total excise duty is recorded at about Rs.16.7 lakh crore including cesses collected from petroleum products in the last seven financial years (2014-15 to 2020-21).

The total central excise duty on unbranded petrol was Rs 9.2 per liter in 2013-14 while that on unbranded diesel was Rs 3.46 per liter. At present, the total central excise duty on unbranded petrol is Rs 27.9 per liter and that on unbranded diesel is Rs 21.80 per liter.

The excise duty rates on petrol and diesel have been graduated to get resources for infrastructure and other developmental items of expenditure holding back in view the predominant fiscal situation.

Question & Answer:

Q1. Which position has been attained by India in term of its foreign exchange reserves?

Ans. Fourth

Q2. How much the foreign exchange reserves (forex reserves) standing at?

Ans. USD 640.4 billion

Q3. Who is the union minister of state for Finance?

Ans. Shri Pankaj Chaudhary