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Foreign Exchange Series :: Assignment - 5



1                    ADs handling shipping documents have been permitted by RBI to allow reduction in export value not exceeding ___% of invoice value

a)   5                                              b)         10
c)   15                                            d)         20

2                    The exporter seeking reduction in invoice value, will submit an application on form ______

a)   RDX                                       b)         A 1
c)   A 2                                          d)         A 3

3                    The exporters who are in the business for more than 3 years and their export outstandings do not exceed 5 % of the average annual export realization during preceding 3 calendar years, can be allowed reduction in invoice value upto ___%

a)   5                                              b)         10
c)   15                                            d)         No limit

4                    If an exporter wants reduction in invoice value for an amount exceeding 10% of invoice value, he will have to submit the application to AD who in turn will forward it to ____

a)   FICCI                                     b)         RBI
c)   Finance Ministry                     d)         Commerce Ministry

5                    ADs are authorized to allow remittance of agency commission (on submission of application by the exporter) if declared normally in ____

a)   Export Bill                              b)         GR
c)   Bills of Exchange                    d)         All of above

6                    ADs can allow remittance of agency commission even if it is not declared on GR provided it is mentioned in ______

a)   Export Bill                              b)         Bills of Exchange
c)      A valid agreement between
Exporter & beneficiary           d)         All of above

7                    Full amount of a export bill will be shown as ____transaction and remittance of agency commission as ____transaction, in R-Return

a)   Purchase, Sale                         b)         Sale, Purchase
c)   Purchase, Purchase                  d)         Sale, Sale

8                    While remitting agency commission, in addition to application _______will be obtained from the exporter?

a)   A 1                                          b)         A 2
c)   Both (a) & (b)                         d)         None of above

9                    In case of pre payment of usance export bills, reduction in invoice values can be authorized by ADs to the extent of _____

a)   5%                                           b)         10%
c)      Proportionate interest              d)         No limit
on unexpired period
of usance

10                If an exporter is unable to realize his export bill within the stipulated time despite his best efforts, ADs can allow for _____         

a)   Filing a suit                             b)         Write off of bill
c)   Both (a) & (b)                         d)         None of above

11                Before allowing write-off of unrealized bills, ADs will ensure that amount of such bills does not exceed ____% of the total export proceeds realized during the previous calendar year

a)   10                                            b)         15
c)   20                                            d)         25

12                The amount of the bill proposed to be written off must have remained outstanding for _____year of more

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

13                The details of written off bills will be sent to RBI at ______intervals

a)   Monthly                                  b)         Quarterly
c)   Half-yearly                              d)         Yearly

14                At the end of December each year, a statement will be sent to RBI for written off bills during the year on Form _______

a)   XOS                                        b)         R-Return
c)   EBW                                       d)         BEF

15                An export house will be classified as _______Export House if export turnover is Rs. 15 crore over three years

a)   One Star                                  b)         Two Star
c)   Three Star                                d)         Four Star

16                For getting a 2 Star Export House status, the export turnover over 3 years should be Rs. _____crore

a)   50                                            b)         100
c)   200                                          d)         300

17                If an export house has achieved export turnover over three years to the tune of Rs. 500 crore, it will be classified as ______Export House

a)   Two Star                                 b)         Three Star
c)   Four Star                                 d)         Five Star
18                For getting a Four Star Export House status, an export house has to make export turnover for Rs. ____crore over 3 years

a)   500                                          b)         1000
c)   1500                                        d)         2000

19                An export house has made export turnover to the tune of Rs. 5000 crore over 3 years, it will be classified as _____Export House

a)   Three Star                                b)         Four Star
c)   Five Star                                  d)         Star Plus

20                The units in Special Economic Zone (SEZ) are permitted to credit ____% of its foreign exchange receipts in their FC (SEZ) Account

a)   25                                            b)         50
c)   75                                            d)         100

                                           KEY TO ASSIGNMENT – 5 (IB) 

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

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