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Foreign Exchange Series :: Assignment - 9



ASSIGNMENT – 9 (IB) 


  1. Before booking a forward sale contract, it should be ensured that the importer submits ________

a)            A firm order/Import Elcee/Import Collection bill
b)            Invoice
c)            Bills of Exchange
d)           Any one of above

  1. In case of import bill, the delivery period should not be more than _____days from the date of shipmen

a)         60                                            b)         90
c)         180                                          d)         360

  1. ADs should ensure while booking a forward sale contract that ________

a)                  Import items are freely importable under current foreign trade policy
b)                  Suitable limit for forward contract is sanctioned to the importer
c)                  Both (a) & (b)
d)                 None of above

  1. Early delivery in case of forward contract is allowed if customer agrees to make good any loss to the bank on account of difference in______rates

a)         Card                                        b)         Swap
c)         Special                                     d)         Fine

  1. A forward contract can be cancelled ________

                  a)         Prior to the expiry date           b)         On expiry date
                  c)         Either of (a) or (b)                   d)         None of above

  1. In the absence of any instructions from the customer, outstanding forward contracts shall automatically be cancelled on _____day from the due date

a)         7th                                            b)         10th
c)         15th                                          d)         30th

  1. In case of any profit arising out of the cancellation of forward contract, it will be passed on to the customers, if request for cancellation is _________

a)                  Received prior to expiry
b)                  Received within 15 days after the expiry date
c)                  Either of (a) & (b)
d)                 None of above
  1. A forward sale contract will be cancelled on ________rate

a)         TT Buying                               b)         TT Selling
c)         Bill Buying                              d)         Bill Selling

  1. A forward purchase contract will be cancelled on _____rate

a)         TT Buying                               b)         TT Selling
c)         Bill Buying                              d)         Bill Selling

  1. Part Cancellation of forward contract ______

a)                  Can be done
b)                  Cannot be done
c)                  Can be done if a request from the customer is received
d)                 None of above

  1. While canceling a forward contract for Rs. 10 lac and above, the matter should be reported to FD Kolkatta through telephone on______

a)         Same day                                b)         Next day
c)         3rd day                                     d)         7th day

  1. In case 15th day from the due date of a forward contract falls on Saturday or Public Holiday, the contract will be cancelled on _________

a)         Preceding working day           b)         Succeeding working day
c)         Either of (a) & (b)                   d)         None of above

  1. In case of Cross Currency Forward Contracts (CCFC), how many exchange risks are covered?

a)         1                                              b)         2
c)         3                                              d)         4

  1. Which type of exchange risks are covered under Cross Currency Forward Contracts (CCFC)?

a)                  Misc. Foreign Currency (MFC) against USD
b)                  USD against rupee
c)                  Both (a) & (b)
d)                 None of above

  1. Cross Currency Forward Contracts (CCFC) can be booked for a minimum amount of USD ________

a)         1,00,000                                  b)         2,00,000
c)         5,00,000                                  d)         10,00,000


  1. In case of Cross Currency Forward Contracts (CCFC), minimum delivery amount should be equivalent to Rs. ______lac

a)         5                                              b)         10
c)         15                                            d)         25

  1. Issuance of foreign guarantees is governed by _______

a)         URDG ICC 458                     b)         UCPDC ICC 500
c)         URC ICC 522                         d)         All of above

  1. ADs may furnish _________in favour of overseas buyers on account of Indian exporters without prior reference to RBI, where they are otherwise satisfied with the transactions

a)                  Bid Bonds                               b)         Performance bonds
c)         Guarantees                              d)         All of above

       19.Foreign Guarantees shall be issued only on behalf of own customer against  ---  

            a)        Suitable guarantee limit           b)         Suitable cash margin
c)         Either of (a) or (b)                   d)         None of above

20. A statement containing details of all outstanding BG/Bid Bonds will be submitted to the controlling authority on ______basis

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

 

                                         KEY TO ASSIGNMENT – 9 (IB) 


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


Foreign Exchange Series :: Assignment - 9 Reviewed by Manohar Veera on 8:18:00 PM Rating: 5

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