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Foreign Exchange Series :: Assignment - 12

ASSIGNMENT – 12 (IB) 



1                    NRI returning to India, can open ________account in foreign currency

a)   NRE                                                    b)         NRO
c)   RFC (HCD)                                        d)         All of above

2                    Resident Foreign Currency (Home Coming Deposit) account can be opened in _______only

a)   Rupees                                                            b)         USD
c)   GBP                                                    d)         EURO

3                    The minimum deposit in USD under RFC (HCD) is  ______

a)   1000                                                    b)         2000
c)   3000                                                    d)         5000

4                    RFC (HCD) account can be opened as _____account

a)   S/B                                                      b)         C/A
c)   TDR                                                    d)         All of above


5                    RFC (HCD) account can be maintained in ______name of returning Indians

a)   Single                                                  b)         Joint (Both returning Indians)
c)   Both (a) & (b)                                     d)         None of above

6                    Advance value (In Rs.) is calculated at ______rate in case of sanctioning rupee loan against balance held in RFC (HCD) account

a)   Notional                                              b)         TT Selling
c)   TT Buying                                           d)         FCTC buying

7                    RFC (HCD) scheme replaced the earlier ______scheme

a)   NRE                                                    b)         NRO
c)   FCNR (B)                                           d)         RIFEE

8                    Depositor on attaining the status of NRI again, would be eligible to transfer the balances of RFC (HCD) account to _______account

a)   NRE                                                    b)         FCNR (B)
c)   Both (a) & (b)                                     d)         None of above


9                    Balances under RFC (HCD) are exempted from _____requirements

a)   CRR                                                    b)         SLR
c)   Both (a) & (b)                                     d)         None of above

10                Tax on interest income from RFC (HCD) is exempted till NRI remains _______

a)      Resident but not ordinarily resident
b)      NRI
c)      PIO
d)     None of above

11                A person resident in India may open an account in foreign currency under ________scheme

a)      Resident Foreign Currency (Home Coming Deposit)
b)      Resident Foreign Currency (Domestic)
c)      Either of (a) or (b)
d)     None of above
12                Accounts under RFC (Domestic) will be opened as ______

a)   S/B                                                      b)         C/A
c)   TDR                                                    d)         STDR

13                The account under RFC (Domestic) can be maintained in ______currencies only

a)   USD, GBP, EURO                             b)         USD, JPY, GBP
c)   EURO, USD, GBP                             d)         GBP, EURO, JPY

14                The minimum balance required for opening the account under RFC (Domestic) scheme in USD and EURO currencies is _______

a)   250                                                      b)         500
c)   750                                                      d)         1000

15                The minimum balance required for opening the account under RFC (Domestic) scheme in GBP currency is _______

a)   250                                                      b)         500
c)   750                                                      d)         1000

16                Under RFC (Domestic) Account, the maximum balance in the designated currencies can be upto _______

a)   100000                                                b)         200000
c)   500000                                                d)         No limit



17                The balances of all the accounts opened under RFC (Domestic) scheme will be classified in ____segment

a)   IB                                                        b)         C&I
c)   P                                                          d)         DBD

18                The transactions under RFC (Domestic) account will be at _____rate

a)   TT Selling                                            b)         Fixed Notional
c)   TT Buying                                           d)         FCTC buying

19                A small legend  “____________” is branded on the reverse of each cheque of cheque book issued to the account holder of RFC (Domestic)

a)   Name                                                   b)         Purpose
c)   Both (a) & (b)                                     d)         None of above

20                Consequent upon change of status from resident to non-resident, the balances in RFC (Domestic) account can be transferred to ______account

a)   NRO                                                   b)         NRE
c)   FCNR (B)                                           d)         Both (b) & (c)


                                     

                                       KEY TO ASSIGNMENT – 12 (IB) 


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


Foreign Exchange Series :: Assignment - 12 Reviewed by Manohar Veera on 8:26:00 PM Rating: 5

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