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      Question

      Under Section 2 of the RBI Act, 1934, the 'Bank for

      International Settlements' is a body corporate established under the law of which country?
      A United Kingdom Correct Answer Incorrect Answer
      B United States of America Correct Answer Incorrect Answer
      C France Correct Answer Incorrect Answer
      D Switzerland Correct Answer Incorrect Answer
      E Germany Correct Answer Incorrect Answer

      Solution

      Section 2(aiii) defines the 'Bank for International Settlements' as the body corporate established with that name under the law of Switzerland in pursuance of an agreement dated the 20th January 1930, signed at The Hague. This definition was inserted by Act 51 of 1974 with effect from 13-12-1974. The Bank for International Settlements is the apex institution for central bank cooperation. Hence the correct country of establishment is Switzerland.

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