Saturday, 22 April 2017

Banking Questions Test (MCQ)- 54


1.    If a LC contains conditions without stating documents to be presented in compliance therewith, banks will:
a.    Have to seek clarification from opening bank

b.    Disregard the conditions as not stated
c.     Obtain documents in their discretion which appear to satisfy these conditions
d.    Either a or c

2.    Which of the following features apply to a transferable LC
a.    Transferable L/C is one which is expressly written to be “Transferable”
b.    Transferable L/C  can be transferred only once
c.     Transferable L/C  can be transferred to more than one parties
d.    All above

3.    Red & Green Clause L/C fall in the category of :
a.    Revolving credit
b.    Anticipatory credit
c.     Revocable credit
d.    Transferable credit

4.    A L/C is opened in USD. The insurance document can be in:
a.    USD if not otherwise stipulated in the L/C
b.    In any free convertible currency
c.     In Indian Rupees only
d.    In USD only

5.    Under article 34 of UCPDC, min. amount for which insurance document must indicate the insurance cover would be:
a.    110% of CIF value
b.    110% of FOB value
c.     100% of FOB value
d.    110% of the amount for which payment is requested or 110% of gross amt of invoice

6.    The exporter is required to submit the customs approved declaration form along with the shipping documents to authorized dealers within a period of:
a.    7 days of shipment
b.    15 days of shipment
c.     21 days of shipment
d.    30 days in all

7.    Ads are required to submit details of export bills negotiated along with the reference no of respective GR/SDF Forms. This statement is known as:
a.    XOS
b.    ENC
c.     BEF
d.    REC

8.    In respect of shipments made to Indian owned warehouses abroad established with permission of RBI,export proceeds should be realized within:
a.    6 months
b.    9 months
c.     12 months
d.    15 months

9.    Import license issued for 6 months on 03.03.2012 will expire on:
a.    02.09.2012
b.    03.09.2012
c.     30.09.2012
d.    31.08.2012

10. A person desires to export import business, he should have:
a.    Export code issued by RBI
b.    Importer/Exporter code issued by DGFT
c.     Code issued by FEDAI

d.    Code issued by AD

Answer-
1
2
3
4
5
6
7
8
9
10
b
d
B
a
d
c
b
d
c
b

If anyone of you are facing any problem in any question, you could just ask in the comment box. We will try to help you according to your problem. 

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