Devaluation means official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency.
Section-1: Indian-Economy Question - 22
Who described the nationalization of banks in India in 1960’s a "masterstroke of political sagacity."?
In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend "Naya Paisa".
The denominations in circulation were 1, 2, 3, 5, 10, 20, 25, 50 (naya) paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation
Section-1: Indian-Economy Question - 24
When did the first budget of the Narasimha Rao Government partially float the rupee in a context of removal of import licensing and export subsidies?
The first budget of the Narasimha Rao Government on March 1 1992partially floated the rupee in a context of removal of import licensing and export subsidies, and a general domestic and external liberalization.
Between March 1 1992 and the budget of March 1 1993, the rupee was on a dual rate which implicitly taxed exporters who had to surrender 40 percent of their foreign exchange earnings at an officially determined rate and could sell 60 percent in an open market
Section-1: Indian-Economy Question - 25
Which bank raised the reserve requirement ten times in 2007 and eleven times since the beginning of 2010?