Sunday, 23 April 2017

Banking Questions Test (MCQ)- 55


1.    Crystallization of import bills under L/C means:
a.    Bill is scrutinized whether it is as per L/C terms or not
b.    It is ensured that currency of L/C & insurance is same or not
c.     Converting bill amount into Indian rupees to decide customer’s liability
d.    All above
2.    Application for making payment towards imports into India has to be made to authorized dealers by importers in:
a.    ENC
b.    R-3
c.     Form A-1
d.    Any of the above

3.    Additional period of 15 days beyond the validity period of import license in the L/C is allowed to provide sufficient time for:
a.    Packing of goods
b.    Shipment of goods
c.     Negotiation of documents
d.    Both b & c

4.    An exporter has approached an AD Category I bank for writing off of the unrealized portion of an export bill. For agreeing to his request which of the following condition is required to be satisfied?
a.    The relevant amount has remained outstanding for one year or more
b.    The aggregate amount of write off allowed by the AD Category-I banks during a financial year does not exceed 10% of the total export proceeds realized by the concerned exporter through the concerned banks during the previous financial year.
c.     The goods exported have been auctioned or destroyed by the port/customs in the importing country
d.    Only (b) and (c)

5.    As per UCPDC 600, if the word beginning of month is written in LC with respect to date, it will mean which of the following?
a.    1st to 15th day of the month
b.    1st to 5th day of the month
c.     1st to 10th day of the month
d.    1st week of the month

6.    A letter of credit has been issued with the expiry date of LC as 31st August 2011. The last date for shipment of goods is 15th August 2011. The goods were actually shipped on 28th July 2011. Considering provisions of UCPDC 600, up to which date documents can be submitted for negotiation
a.    18th August 2011
b.    19th August 2011
c.     28th August 2011
d.    31st August 2011
7.    What is the special feature of Green Clause Letter of Credit?
a.    It is just like Bank Guarantee
b.    It is issued on strength of another LC
c.     It has a provision for finance only for procuring raw material wages etc for manufacturing goods meant for export.
d.    It has a provision for finance not only for procuring raw material, wages etc but also for storage of goods meant for export.

8.    Which of the following is a feature of Option contract?
a.    Buyer of the option has right but not an obligation towards performance of the contract.
b.    Seller of the option has right but not an obligation towards performance of the contract.
c.     Buyer of the option has right but not an obligation towards performance of the contract but seller is obliged to perform the contract.
d.    None of these

9.    If in a Letter of Credit words “about” or “approximately” is written with quantity and amount it will mean which of the following?
a.    Variation up to 5% in case of amount and up to 10% in case of quantity.
b.    Variation up to 10% in case of amount and up to 10% in case of quantity.
c.     Variation up to 10% in case of amount and up to 5% in case of quantity.
d.    Variation up to 5% in case of amount and up to 5% in case of quantity.

10. What is the rate of interest payable on NRE term deposits?
a.    Not more than LIBOR for US$ for corresponding maturity plus 100 basis points.
b.    Not more than LIBOR for concerned currency for corresponding maturity plus 100 basis points
c.     Not more than LIBOR for US$ for corresponding maturity plus 275 basis points.
d.    Not more than LIBOR for concerned currency for corresponding maturity plus 175 basis points

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