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The Reserve Bank of India was constituted under the Reserve Bank of India Act, 1934 and commenced operations on a specific date. On which date did the Reserve Bank of India begin operations?
Answer & Solution
Correct answer: A.
1. The Reserve Bank was constituted by the Reserve Bank of India Act, 1934.
2. It commenced operations on 1 April 1935.
3. The Act was passed in 1934 but commencement was the following year.
4. Independence and the Constitution's commencement are unrelated to RBI's start date.
_Source: ICSI CS Executive Paper 7 (Economic, Business and Commercial Laws) — Lesson 1: Reserve Bank of India Act, 1934, pp. 8-21._
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