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Foreign Exchange Series :: Set - 3

Test - 3

1                    Under FEMA, a person cannot export until he possess:

a)   RBI Licence                            b)         Licence from FICCI
c)   Importer/Exporter Code         d)         None of above

2                    The exporter has to give an undertaking to realize the proceeds within ________from the date of shipment

a)   3 months                                 b)         6 months
c)   9 months                                 d)         1 year
3                          In which form, exporter has to declare the exports?

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

4                    The exporters are exempted to declare if their exports do not exceed USD ____or its equivalent

a)   10000                                      b)         15000
c)   20000                                      d)         25000

5                    GR passed by customs contains ____digits running serial no

a)   4                                              b)         6
c)   8                                              d)         10

6                    The exporter has to submit the duplicate copy of GR along with necessary documents to ADs within _____days from the date of shipment

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

7                    After negotiation of the documents, AD is required to report the transaction to RBI in the form ____

a)   FD 124                                    b)         ENC
c)   A 2                                          d)         A 4

8                    After realization of relative bill, AD will send the duplicate copy of GR duly verified to

a)   RBI                                         b)         Respective LHO
c)   Respective ZO                                    d)         Kept for verification by auditors

9                    If the bills exceeding USD 25000 remain outstanding for more than the stipulated period, these should be reported to RBI at half-yearly intervals through ______

a)   R Return                                 b)         XOS statement
c)   BEF statement                                    d)         None of above

10                If the export bill is not realized within 30 days from the expiry of transit period or 30 days from the expiry of due date, it should be crystallized at _______rate

a)   Bill Buying                              b)         Spot TT Selling
c)   Bill Selling                              d)         T.C.Selling

11                If 30th day is either a holiday or Saturday, the overdue export bill will be crystallized on the __________day

a)   preceding                                b)         succeeding
c)   preceding working day           d)         succeeding working day

12                XOS statement will be sent to RBI as on ____________________

a)   31st Dec & 30th June                b)         31st March & 30th Sep
c)   31st Dec                                   d)         30th June

13                ADs can approve proposals for export of goods on consignment basis for realization of export proceeds upto ______ days from the date of shipment

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

14                Manufacturer exporters/Merchant exporters/traders of certain products having export contracts of Rs. 100 crore and above in one year, may realize their export proceeds within _____days from the date of shipment

a)   60                                            b)         90
c)   180                                          d)         360
15                If the exporter is unable to get his bill realized within 6 months from the date of shipment, he must seek extension of time from:

a)   RBI                                         b)         Finance Ministry
c)   FICCI                                     d)         None of above

16                RBI has authorized ADs to extend the time if exports have not been realized within 6 months, provided:

a)      Value not exceeding USD 100000
b)      Extension is for 3 months at a time
c)      ADs are satisfied about the reasons
d)     All of above

17                The ceiling of USD 100000 in case of powers vested with ADs for extension of time for overdue export bills will not apply, if the exporter has filed a suit against importer abroad.  In such case, extension may be granted for ____months at a time

a)   6                                              b)         9
c)   12                                            d)         None of above

18                Before considering the extension of time of overdue export bill beyond 1 year from the date of shipment, ADs should ensure that total outstanding export of exporter should not exceed ____% of the average of export realizations during the preceding ____financial years

a)   5, 1                                          b)         10, 2
c)   10, 3                                        d)         10, 5

19                For getting extension of time for overdue export bill, the exporter has to apply in _______form

a)   A 1                                          b)         A 2
c)   ETX                                        d)         All of above

20                After granting the necessary extension for realization of overdue export bill, it will be entered by ADs in ______________

a)   R return                                   b)         BEF statement
c)   XOS statement                       d)         All of above



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

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