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Foreign Exchange Series :: Assignment - 8



ASSIGNMENT – 8 (IB) 


1                    For import of non-capital goods, Guarantees, Letter of Undertaking (LOU) and Letter of Comfort (LOC) can be issued for a period of_____

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

2                    For import of capital goods, Guarantees, Letter of Undertaking (LOU) and Letter of Comfort (LOC) can be issued for a period of _______

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

3                    The amount of Buyer’s Credit should not exceed USD ______million per import transaction
a)   10                                            b)         20
c)   30                                            d)         50
4                    Discrepancy, if any, observed in the documents received under Import Letter of Credit, has to be advised to the negotiating bank/branch within _____banking days following the date of receipt of documents

a)   3                                              b)         5
c)   7                                              d)         10

5                    The sight bill received under Import Letter of Credit can be retired by the importer after making ______

a)   Payment                                  b)         Acceptance
c)   Both (a) & (b)                         d)         None of above

6                    Importer will be handed over the documents received with usance bill under Importer Letter of Credit after making _______

a)   Payment                                  b)         Acceptance
c)   Both (a) & (b)                         d)         None of above

7                    If the payment is not forthcoming within ____days for sight bills or on due date for usance bills under Import Letter of Credit, the liability under import bill will be crystallized in Indian Rupees

a)   10                                            b)         20
c)   30                                            d)         None of above

8                    Collection of bills are subject to various articles of _______

a)   UCPDC ICC 500                   b)         URC ICC 522
c)   N.I.Act                                                d)         None of above
9                    Forward Contract can be booked for ______transactions

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

10                While booking forward contract, it has to be ensured that due date does not fall on ______

a)   Saturday                                  b)         Sunday
c)   Public Holiday                        d)         All of above

11                Forward contract should not be booked for ______

a)   Import bills                              b)         Export bills
c)      Advance remittance                d)         All of above
against exports             

12                Forward Exchange Cover Facility can not be provided against balance lying in _______

a)   FCNRB                                   b)         NRE S/B Account
c)   NRE C/Account                     d)         Both (b) & (c)

13                The limit of Forward Contracts in case of Importer/Exporter is fixed on the basis of average of previous ______years or previous year turnover, whichever is higher

a)   2                                              b)         3
c)   4                                              d)         5

14                In case an Importer/Exporter desire higher limit than the one fixed by AD, they will have to take approval from _____

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

15                If an exporter wants to avail Forward Contract facility, his overdue bills should not exceed ___% of the turnover

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

16                A forward purchase contract can be booked if the applicant submits ______

a)      Firm contract signed by buyer and seller
b)      Communication from buyer accepting seller’s quotation and exporter’s undertaking to produce the contract within one month from the date of booking
c)      Irrevocable Letter of Credit
d)     ANY of the above


17                In case rupee equivalent of forward contract is above Rs. 10 lacs, rates will be obtained from _______

a)   Respective LHO                                 b)         Respective ZO
c)   FD Kolkatta                                        d)         None of above

18                While booking forward contract, if rupee equivalent is less than Rs. 10 lacs, ______rates will be applied

a)   Cross Currency                                   b)         Card
c)   Higher of (a) & (b)                              d)         None of above

19                Branch has to contact the customer _____days prior to the date of expiry of forward contract

a)   3                                                          b)         5
c)   7                                                          d)         10

20                Statement of outstanding Forward Contract will be sent to FD Kolkatta at _____intervals on Form _____

a)   Monthly, 106                                      b)         Quarterly, 116
c)   Half-Yearly, 126                                 d)         Yearly, 136


                                      

                                        KEY TO ASSIGNMENT – 8 (IB) 

 

1          a          2          c          3          b          4          c          5          a
6          b          7          a          8          b          9          c          10        d
11        c          12        d          13        b          14        d          15        a
16        d          17        c          18        b          19        c          20        b
Foreign Exchange Series :: Assignment - 8 Reviewed by Manohar Veera on 8:17:00 PM Rating: 5

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