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Foreign Exchange Series :: Assignment - 6


1                    A person resident in India may open with ADs an account in foreign currency to be known as ______Account

a)   NRE                                                    b)         NRO
c)   FCNR                                                 d)         EEFC

2                    Which type of credit facility can be granted against the security of balance held in EEFC Account?

a)   C/C & T/L                                           b)         L/C & B/G
c)   Both (a) & (b)                                     d)         No facility
3                    Units in Special Economic Zones are permitted to credit ___% of its foreign exchange receipt in their EEFC Account

a)   50                                                        b)         75
c)   100                                                      d)         Not permitted

4                    EEFC Account will be maintained as ______

a)      Non-interest bearing Current Account
b)      Interest bearing Current Account
c)      Non-interest bearing Saving Bank Account
d)     Interest bearing Saving Bank Account

5                    EEFC Account can be opened in how many currencies?

a)   2                                                          b)         4
c)   6                                                          d)         8

6                    In which currencies, EEFC Account can be opened?

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

7                    For opening an EEFC Account, minimum balance of USD______or its equivalent, has been prescribed

a)   1,000                                                   b)         5,000
c)   10,000                                                 d)         25,000

8                    The balance lying in EEFC Account are exempted from the purview of _______

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

9                    EEFC Account holder need prior approval of RBI for making remittance pertaining to commission to agent abroad for sale of plot in India for amount exceeding USD ________

a)   25,000                                                 b)         50,000
c)   75,000                                                 d)         1,00,000

10                EEFC Account holders are required to obtain prior approval of _____pertaining to remittance for purchase of trade marks

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

11                Pre-shipment credit in Foreign Currency (PCFC) is linked to  ____interest rates

a)   SBAR                                                 b)         MIBOR
c)   LIBOR                                                d)         Bank Rate 

12                PCFC is operative at _____branches

a)   A                                                         b)         B
c)   C 1                                                      d)         Designated

13                Designated branches have to obtain Funds Angle Clearance (FAC) from FD for all fresh disbursement of PCFC/EBR for amount exceeding USD _____and EURO ____

a)   5.00 lac and 1 lac                                b)         10.00 lac and 2 lac
c)   15.00 lac and 3 lac                              d)         20 .00 lac and 4 lac

14                PCFC is available by way of _______

a)   Term Loan                                           b)         Cash Credit
c)   Both (a) & (b)                                     d)         Overdraft

15                In case of PCFC, maximum period of credit allowed is ____days from the date of disbursement
a)   60                                                        b)         90
c)   180                                                      d)         360

16                PCFC will be adjusted at the ruling TT Selling Rate for the currency concerned, if no export takes place even within _____days

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

17                PCFC will be adjusted through the proceeds of export bills under ____

a)   EPC                                                     b)         EBR
c)   Both (a) & (b)                                     d)         None of above

18                Discounting of EBR bill has to be reported to FD on line if the amount exceeds USD ______ or its equivalent in other permissible currencies

a)   25,000                                                 b)         50,000
c)   1,00,000                                              d)         Irrespective of amount

19                Interest recovered on EBR/PCFC loan will be credited to ________

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

20                If the proceeds of export bill discounted under EBR are not realized within ____days from due date/notional due date, it will be crystallized

a)   30                                                        b)         60
c)   90                                                        d)         180



                                        KEY TO ASSIGNMENT – 6 (IB) 

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

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