SCF Quizzie Volume 2

when did URC 522 came into effect ?

• 01 January 1996

• 2 January 1996

• On you birthday

• When India got independence

Number of Articles Present in URC 522

• 25

• 23

• 26

• 14

Which of the following rules govern a Documentary Collection?

• URDG758

• UCP 522

• UCP 600

• ISP98

In collections there is no guarantee (promise) of payment and no guarantee that an accepted Draft will be paid on the due date.

• False

• True

A Presenting Bank sends a notice of non-acceptance to a Remitting Bank and has not received a reply from them. How many days should the Presenting Bank wait for instructions regarding the further handling of the documents before they may be returned to the Remitting Bank?

• 30 days

• 90 days

• 60 days

• 45 days

In Collection, The documents are handled within the Banking system and remain in Bank's custody until payment or acceptance is received from the Buyer.

• True

• False

Which of the following are the parties to a collection.

a. Principal

b. Issuing bank

c. Collecting bank

d. Presenting bank

e. Remitting bank

f. Advising bank

• a only

• a, c,d,e

• a,b,c,d,e,f

• a,c,d,f

If a bank elects, for any reason, not to handle a collection or any related

instructions received by it

• We have to inform Praveen sir

• We have inform the instructing  party

• We have to inform Aditi Das

• we have to inform Virat kholi

"Collection" means the handling by banks of documents as defined in sub-Article

2(b), in accordance with instructions received, in order to:

• Deliver documents against

  Biryani (Chicken)

• Deliver documents against payment

• Deliver documents

  against acceptance

• Deliver documents against Crypto currency

Types of documents in collection

• Financial documents

• License

• Commercial documents

• PassPort