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Foreign Exchange Series :: Assignment - 11



 

ASSIGNMENT – 11 (IB) 



1                    Foreign Currency Non-Resident (Bank) account can be opened in ____designated currencies

a)   1                                              b)         2
c)   3                                              d)         6

2                    Which are the new currencies permitted for opening  FCNR (B) account?

a)   USD, GBP                              b)        AUD, EURO
c)   INR, GBP                               d)         Can Dollar, AUD

3                    The following types of accounts can be opened under FCNR (B)

a)   S/B                                          b)         C/A
c)   TDR/STDR                             d)         All of above
4                    FCNR (B) account can be opened for a minimum period of _____year

a)   1                                              b)         2
c)   3                                              d)         5

5                    The maximum period for which FCNR (B) account can be opened is _____years

a)   1                                              b)         2
c)   5                                              d)         4

6                    Interest on FCNR (B) deposit for a period of _______is calculated on actual number of days without any compounding effect

a)   1 year                                      b)         2 years
c)   3 years                                     d)         5 years

7                    Interest on FCNR (B) deposit for a period of  _____is calculated for every block of 180 days and thereafter for the remaining actual number of days with compounding effect

a)   More than 1 year                     b)         More than 2 years
c)   More than 3 years                   d)         More than 5 years

8                    What is the minimum amount of USD/GBP/EURO deposit, (. designated foreign currency) under FCNR (B)?

a)   500                                          b)         1000
c)   2000                                        d)         5000

9                    Minimum amount of JPY _____currency can be accepted as deposit under FCNR (B)

a)   100000                                    b)         200000
c)   300000                                    d)         500000

10                Transactions pertaining to FCNR (B) will be reported to _____

a)   RBI                                         b)         FD Kolkatta
c)   Respective LHO                     d)         Respective ZO

11                The reporting of FCNR (B) transactions to FD Kolkatta is _____

a)   Daily                                       b)         Weekly
c)   Fortnightly                              d)         Monthly

12                Deposit under FCNR (B) which remained overdue for more than _____days, cannot be renewed from the date of maturity

a)   7                                              b)         14
c)   21                                            d)         28

13                For premature withdrawal under FCNR (B) deposit, interest is payable  ____% less than the rate applicable to the period for which the deposit remained with the bank

a)   0.5                                           b)         1.0
c)   1.5                                           d)         No penalty is to be levied

14                If deposit under FCNR (B) is withdrawn before the completion of one year from the date of deposit, what interest is payable to the depositor?

a)   1% less than contract rate       b)         2% less than contract rate
c)   No interest to be paid             d)         None of above

15                At the end of each calendar quarter, branches are reporting to FD Kolkatta through Quarterly Statement – 1, pertaining to ______

a)      Currency wise balances of FCNR (B) Deposits
b)      Transfer of FCNR (B) Interest paid balance
c)      Both (a) & (b)
d)     None of above

16                16  At the end of each calendar quarter, branches are reporting to FD Kolkatta through Quarterly Statement – 2, pertaining to ______

a)      Currency wise balances of FCNR (B) Deposits
b)      Transfer of FCNR (B) Interest paid balance
c)      Both (a) & (b)
d)     None of above

17                ADs are permitted by _____, to remit payment of dividend by Indian Companies to Non-Resident shareholders

a)   FD Kolkatta                                        b)         RBI
c)   FEMA                                                 d)         Finance Ministry

18                Indian Companies, intending to remit dividends to non-resident shareholders should apply to in Form _____

a)   A 1                                                      b)         A 2
c)   RCD 1                                                 d)         None of above

19                Remittance on account of dividend paid by Indian companies to non-resident shareholders will be reported to FD Kolkatta as _______transaction

a)   Purchase                                              b)         Sale
c)   Both (a) & (b)                                     d)         None of above

20                ADs should forward a copy of RCD 1 to _____

a)   RBI                                                     b)         FD Kolkatta
c)   Finance Ministry                                 d)         No need to send




                                         KEY TO ASSIGNMENT – 11 (IB) 


            1          d          2          d          3          c          4          a          5          c
            6          a          7          a          8          b          9          a          10        b
            11        a          12        b          13        b          14        c          15        a
            16        b          17        c          18        c          19        b          20        a

Foreign Exchange Series :: Assignment - 11 Reviewed by Manohar Veera on 8:24:00 PM Rating: 5

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