UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today’s subject quiz on the Economy to check your progress.

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QUESTION 1

With reference to the External Commercial Borrowings (ECBs), consider the following statements:

1. These are commercial loans raised by eligible Indian entities from recognised non-resident lenders.

2. It is governed by the various respective banks.

3. ECBs are covered under the Foreign Exchange Management Act (FEMA).

How

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