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WorksheetsNI act / BR act Legal Aspects Quiz
Total questions: 15
Worksheet time: 8mins
Which of the following is not a main function of the Reserve Bank of India?
Issuance of currency
Banker to bank
Banker to Govt
Controlling share market
Which section of the RBI Act gives the sole right to issue currency notes?
Section 28
Section 22
Section 45
Section 17
What does a promissory note contain according to the Negotiable Instruments Act, 1881?
Order to pay a certain sum of money
Cheque payable on demand
Bill of exchange
Unconditional undertaking to pay a certain sum of money
What is meant by scheduled Bank?
The Bank under BR Act 1949
A Bank included in 2nd schedule of RBI Act
The bank under Banking Company Act,1956
All commercial banks operating in India
What is the maximum punishment under section 138 of NI Act?
2 Year imprisonment.
2 Year imprisonment or twice the amount of cheque.
2 Year imprisonment or twice the amount of cheque or both.
Twice the amount of cheque.
In case of usance bills how many days grace period is allowed under sec 22 of NI Act.
2 days
3 days
1 days
4 days
A Bill of Exchange is defined u/s _____ of NI Act.
Section 5
Section 6
Section 7
Section 13
Validity period of cheque is defined in _______.
RBI Act,1934
SARFAESI Act
BR ACT,1949
NI Act,1881
Under which section of RBI Act, RBI has sole sight to issue bank notes.
20
21
22
23
Under which Act & Section RBI can give direction and do inspection of banks
RBI Act, Section 35
BR Act, Section 35
RBI Act, Section 35A
BR Act, Section 35A
The annual return of unclaimed deposit u/s 26 of BR Act should be submitted to RBI within the following days after close of the calendar year?
15 Days
25 Days
30 Days
45 Days
What is the highest denomination bank note that RBI can issue as per provision of RBI Act?
500
1000
2000
10000
Protection to paying bank in case of material alteration:
NI Act u/s 98
NI Act u/s 89
NI Act u/s 198
NI Act u/s 133
Inchoate instrument is defined in ______ .
Section 18 of NI act 1881
Section 22 of NI act 1881
Section 20 of NI act 1881
Section 24 of NI act 1881
Authorised officer in terms of SARFEASI ACT can be _____.
Scale V & above
Scale VI & above
Scale IV & above
Any person authorized by bank to initiate action
