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WorksheetsEXPORT IMPORT
Total questions: 40
Worksheet time: 40mins
Name
Class
Date
1.
Who regulates exports trade in India ?
a)
RBI
b)
AD category I banks
c)
DGFT
d)
None of these
2.
UCPDC stands for?
a)
Universal Customs and Practices for Documentary Credits
b)
Uniform Customs and Practices for Documentary Credits
c)
Uniform Circular and Procedure for Documentary credits
d)
None of these
3.
What is the time limit for getting proceeds against Exports
a)
Not later than 9 months from the date of Export
b)
Not later than 12 months from the date of Export
c)
Not later than 6 months from the date of Export
d)
There is no time limit
4.
Who can open a Diamond dollar Account
a)
Firm and Companies dealing in diamond with a track record of 2 years of export and import of diamond and an average annual turn over 3 crores during the preceding 3 licensing years.
b)
Firm and Companies dealing in diamond with a track record of 3 years of export and import of diamond and an average annual turn over 2crores during the preceding 3 licensing years.
c)
Both above
d)
None of these.
5.
Which of these is not correct regarding EEFC account?
a)
It is a non interest bearing account
b)
Credit facility can be granted in this account
c)
Credit facility can not be granted in this account
d)
None of these
6.
Which statement about third party payment forExport transactions are not correct
a)
Firm irrevocable purchase order backed tripartite agreement should be in place.
b)
AD bank should be satisfied with the bonafides of the transactions and should consider the Financial Action Task Force (FATF) Statement before handling the transactions
c)
The Invoice should contain a narration that the related payment has to be made to the (named) third party. Exporter should declare this in,.Export Declaration form.
d)
None of these
7.
In cases where an advance payment is received against exports, shipment of goods has to be made within what time from the date of receipt of advance?
a)
6 months
b)
1 year
c)
2 year
d)
None
8.
Up to what period extension to realize proceeds can be grantedat a time by AD category I bank::
a)
1 year
b)
2 year
c)
6 months
d)
None
9.
Exports are governed by following guidelines
a)
Foregn Trade Policy
b)
FEMA Act 1999
c)
Foreign Exchange Management (Current Account Transfer) Rules 2000
d)
All the above
10.
EDPMS stands for :
a)
Export Data Processing Monitoring System
b)
Export Delivery Payment Management System
c)
Export Impoert Data Payment Management System
d)
Export Delivery Processing Management System
11.
An exporter may write off maximum up to
a)
5% of total exports proceeds realized during previous calendar year
b)
10% of total exports proceeds realized during previous calendar year
c)
15% of total exports proceeds realized during previous calendar year
d)
None
12.
The facility of Export collection through Online Payment Gateway Service Providers(OPGSPs )is allowed up to what amount
a)
USD 20000
b)
USD 10000
c)
USD 40000
d)
USD 50000
13.
Which is not a Permitted debits in the OPGSP export Collection account:
a)
Repatriation to exporters accounts
b)
Charge back to importers for returns and refunds
c)
Payment for overhead expenses of exporter.
d)
Payment of commission to OPGSPs
14.
India’s Trade with which ACU member country is settled outside ACU mechanism
a)
Pakistan
b)
Bangladesh
c)
Iran
d)
Shri lanka.
15.
It is obligatory on the part of the exporter to realize and repatriate the full value of goods /software / services to India within a stipulated period from the date of export. This period is
a)
6 months
b)
b) 9 months
c)
c) 12 months
d)
9 months for all exports except export to a ware house outside India
16.
Which statement regarding ACU is not correct?
a)
The Asian Monetary Unit (AMU) shall be denominated as ‘ACU Dollar’ and ‘ACU Euro’ which shall be equivalent in value to one US Dollar and one Euro, respectively.
b)
AD Category – I banks are allowed to open and maintain ACU Dollar and ACU Euro accounts with their correspondent banks in other participating countries.
c)
All eligible payments are not required to be settled by the concerned banks through these accounts.
d)
Relaxation from ACU Mechanism- Indo-Myanmar Trade - Trade transactions with Myanmar can be settled in any freely convertible currency in addition to the ACU mechanism
17.
Which is not correct regarding Export declaration form?
a)
Customs shall certify the value declared and give running serial number on the two copies of Export Declaration Form (EDF), submitted by exporter at Non- Electronic Data Interchange (EDI) port
b)
Customs shall retain the original EDF for transmission to the Reserve Bank and return the duplicate copy to the exporter.
c)
At the time of shipment of goods, exporters shall submit the duplicate copy of the EDF to Customs. After examining the goods, Customs shall certify the quantity in the form and return it to the exporter for submission to AD for negotiation or collection of export bills.
d)
Within 30 days from the date of export, exporter shall lodge the duplicate copy together with relative shipping documents and an extra copy of the invoice to the AD named in the EDF.
18.
If, after a bill has been negotiated or sent for collection, its amount is to be reduced for any reason, AD Category – I banks may approve such reduction, if satisfied about genuineness of the request, provided:
a)
The reduction does not exceed 35 per cent of invoice value:
b)
It does not relate to export of commodities subject to floor price stipulations
c)
The exporter is not on the exporters’ caution list of the Reserve Bank,
d)
The exporter is advised to surrender proportionate export incentives availed of, if any.
19.
Balances in Nostro accounts opened by AD I category banks for collection of proceeds of transactions done through OPGSPs should be should be repatriated within:
a)
10 days
b)
15 days
c)
7 days
d)
2 days.
20.
one diamond exporter can have maximum ……….Diamond dollar accounts
a)
2
b)
3
c)
4
d)
5
21.
Who regulates import trade in India ?
a)
RBI
b)
AD category I banks
c)
DGFT.
d)
None of these
22.
What is the time limit for completing remittance against imports
a)
Not later than 9 months from the date of shipment
b)
Not later than 12 months from the date of shipment
c)
Not later than 6 months from the date of shipment
d)
There is no time limit
23.
Import of which item does not attract time limit for effecting remittance
a)
aServices
b)
Books
c)
Gold
d)
Petroleum products
24.
Up to what period interest on usance bills or overdue payments of imports can be paid :
a)
1 year from the date of shipment
b)
2 year from the date of shipment
c)
3 years from the date of shipment
d)
None
25.
In respect of imports on delivery against acceptance basis, how much time from the date of remittance can be allowed to an importer to submit evidence of import:
a)
6 months
b)
3 months
c)
1 month
d)
2 month.
26.
IDPMS stands for :
a)
Import Data Processing Management System
b)
Import Delivery Payment Management System
c)
Import Data Payment Management System
d)
Import Delivery Processing Management System
27.
In case of Import of Platinum/Palladium/Polished diamonds etc, the maximum period allowed under clean suppliers/Buyers credit
a)
90 days
b)
180 days
c)
270 days
d)
360 days
28.
The entire Merchanting Trade transactions should be completed within an overall period of:
a)
9 months
b)
12 months
c)
6 months
d)
3 months
29.
The facility of Payment through Online Payment Gateway Service Providers(OPGSPs)is allowed up to what amount:
a)
USD 1000
b)
USD 2000
c)
USD 4000
d)
USD 5000.
30.
Which of the following condition should be met for a trade to be treated as “Merchanting Trade”:
a)
The state of goods should undergo transformation
b)
Goods acquired should not enter the Domestic Tariff Area
c)
Both the legs of a Merchanting Trade should not be routed through the same AD Bank.
d)
None of these
31.
Which is not a Permitted debits in the OPGSP Import Collection account
a)
Payment to overseas exporters in permitted foreign currency
b)
Payment to Indian importers for returns and refunds
c)
Bank Charges.
d)
Overhead charges of OPGSPs
32.
Facility of transit trade whereby goods are imported from third countries through India under the cover of Customs Transit Declarations is available to:
a)
Nepal
b)
Bhutan
c)
Bangladesh
d)
both a) and b)
33.
Which of the following cannot be accepted as proof of import?
a)
Custom Assessment Certificate
b)
Postal Appraisal Form
c)
Exchange Contril Copy of the Ex-Bond Bill of Entry
d)
Acknowledgement of payment from the buyer.
34.
Head Offices / International Banking Divisions of AD Category - I banks are required to submit the half yearly and monthly statements relating to ‘Import of Gold’ under XBRL system
a)
by the 10th of the following month/half year
b)
by the 15th of the following month/half year
c)
by the 7th of the following month/half year
d)
by the 30th of the following month/half year
35.
While granting extension of time for settlement of imports, which of the following need not be insured:
a)
The import transaction covered by invoice is not under investigation
b)
In case of extension beyond one year from the date of remittance, total outstanding of the importer does not exceed USD one million or 10% of the average import remittances during the preceding two financial years, whichever is lower.
c)
In case of extension beyond one year from the date of remittance, total outstanding of the importer does not exceed USD one million or 15% of the average import remittances during the preceding two financial years, whichever is lower.
d)
None of these.
36.
Up to what amount, advance remittance for Import of Aircrafts/Helicopters and other Aviation Related Purchases can be made without bank guarantee
a)
USD 10 mio
b)
USD 20 mio
c)
USD 50 mio
d)
USD 40 mio
37.
Deferred payment arrangements (including suppliers and Buyers credit) up to how much time are considered as trade credits:
a)
1 Year
b)
3 Year
c)
5 Year
d)
None of these
38.
When a AD Category I bank receives document directly from overseas supplier, up to which amount it is not mandatory to obtain a report on overseas supplier from overseas banker or a reputed credit agency:
a)
USD 100000
b)
USD 200000
c)
USD 300000
d)
USD 500000
39.
Which is Permitted credits in the OPGSP import collection account.:
a)
Collection from Indian importers for Online Purchases from overseas exporters
b)
Charge back from the overseas exporters
c)
Both a) and b)
d)
None
40.
Banks should disclose the full particulars of all the ______ issued by them during the year,
a)
Letter of credit
b)
Bank Guarantees
c)
Commercial papers
d)
Letters of Comfort (LoCs)
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