Question
Under the proviso to Section 40 of the RBI Act, 1934, no
person is entitled to demand to buy or sell foreign exchange of a value less than what amount?Solution
Section 40 obliges the Bank to sell to or buy from any authorised person, who makes a demand at its offices in Bombay, Calcutta, Delhi or Madras or determined branches, foreign exchange at rates and on conditions determined by the Central Government, having regard to its obligations to the International Monetary Fund. The proviso states that no person shall be entitled to demand to buy or sell foreign exchange of a value less than two lakhs of rupees. The correct threshold is two lakhs of rupees.
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