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Legal & regulatory Dec24

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

Which of the following is not a key element of KYC policy

a)
Risk Management
b)
Risk Based Pricing
c)
Monitoring of transactions
d)
customer identification procedure
2.
A bank cant grant loan against its own shares as per
a)
Sec19(b)
b)
Sec21(3)
c)
Sec20(1)
d)
Sec21(b)
3.

Pawnee refers to

a)
Pledge
b)
Bailment
c)
Assignment
d)
Lease
4.
In case of collection of bills bank customer relation is
a)
Trustee-beneficiary
b)
Assignor-Assignee
c)
bailor-bailee
d)
Agent-principal
5.

General lien is defined in

a)
sec170 of India contract act 1872
b)

sec 171 of Indian contract act 1872

c)

sec 173 of Indian contract act 1872

d)

sec 71 of Indian contract act 1872

6.

Guarantee is defined under which section of Indian contract act 1872

a)
126
b)
127
c)
128
d)
130
7.

Mortgage is defined in Section 58 of

a)
indian contract act 1872
b)
limitation act 1963
c)
transfer of property act 1882
d)
NI act 1881
8.

As per which sec11 minor is incompetent to contract

a)
Indian minority act 1875
b)
transfer of property act 1872
c)
indian contract act 1872
d)
limitation act 1963
9.
The age of majority of minor when guardian is appointed by the court
a)
15
b)
18
c)
20
d)
21
10.

Who among the following can be the partner in a partnership firm ?

a)
HUF
b)
NBFC
c)
MINOR
d)
COMPANY
11.
Sec194 Q of Income tax deals with TDS on
a)
perquisite
b)
sale of goods
c)
purchase of goods
d)
cash withdrawals
12.
The legal entity identifier is how many character code
a)
18
b)
10
c)
12
d)
20
13.
All cheque issued by staff members should be mandatorily confirmed by CPPS
a)

5 lakhs & above

b)

2 lakhs & above

c)

0.50 lakhs & above

d)
above 1 lakhs
14.

What is max tenor of bank guarantee in India against counter guarantee of other banks

a)
10 years
b)
8 years
c)
5 years
d)
12 years
15.

Which securities are eligible under SARFAESI?

a)
Aircraft
b)
plant & machinery
c)
vessel
d)
agri land
16.

As per NI Act 1881 amount written in figures is..............

a)
legal amount
b)
courtesy amount
c)
customers amount
d)
payees amount
17.

Payment in due course is defined under which section of NI act

a)
sec 4
b)
Sec 8
c)
Sec 9
d)
Sec 10
18.
CRR is defined under which section of RBI act 1934
a)
Sec 42
b)
Sec 41
c)
Sec 41(1)
d)
Sec 42(1)
19.

Lok Adalat is constituted under provisions of which act

a)
DRT
b)
lok adalat act 2002
c)
legal services authorty act
d)
sarfaesi act
20.
Inchoate instrument is defined under which section of NI act
a)
Sec 21
b)
Sec 20
c)
Sec 11
d)
Sec 22
21.

Negotiation is defined under which sec of NI act

a)
Sec 13
b)
Sec 10
c)
Sec 14
d)
Sec 21
22.

A Bill of Exchange which is not expressed to be payable on demand is at maturity on which day after the day on which it is expressed to be payable

a)
2nd day
b)
3rd day
c)
5th day
d)
7th day
23.
Bank must compensate the drawer for wrong return of cheque. Same is defined under which sec of NI act
a)
Sec 31
b)
Sec 30
c)
Sec 85
d)
Sec 131
24.
Sec87 of NI act refers to
a)
protection to collecting bank
b)
protection to payee bank
c)
negotation
d)
material alteration
25.
Sec 45Z of BR act refers to
a)
return of paid instrument to customer
b)
empowers RBI to issue licenses
c)
nomination
d)
preservation of records
26.
Contract is defined under which section of contract act
a)
2
b)
2(b)
c)
2(h)
d)

2 (c)

27.

Central govt vide rule 10 of companies(miscellaneous rules 2014) has prescribed how many partners

a)
50
b)
100
c)
75
d)
7
28.

Bankers book is defined under which section of banker book evidence act

a)
Sec 2(3)
b)
Sec3(2)
c)
Sec 1(2)
d)
Sec 2(1)
29.

Capital and liability are defined under which documents of company

a)
Article of association
b)
MOA
c)
resolution
d)
charter of company
30.

Min number of directors of Pvt ltd company

a)
2
b)
3
c)
no limit
d)
1
31.
CRIP refers to
a)
corporate insolvency recovery procedure
b)
corporate insolvency resolution procedure
c)
corporate insolvency resolution process
d)
corporate insolvency recovery process
32.
Min threshold for initiation of CIRP is defined under Sec
a)
Sec 6
b)
Sec 4
c)
Sec 5
d)

Sec 2c

33.

Pecuniary jurisdiction for state commission under COPRA act is..............

a)
50 lac to 2 Cr
b)
more than 50 lac to 2 cr
c)
50 lac to less than 2 cr
d)
more than 2 cr
34.

Garnishee order is issued under order ____of the code of civil procedure code 1908

a)

46

b)

32

c)

21

d)
12
35.
In case of purchase of DD bank is
a)
creditor
b)
debtor
c)
agent
d)
trustee
36.

under AML act soaping/scrubbing refers to..........

a)
layering
b)
integration
c)
placement
d)
smurfing
37.

Cross border wire transfer report is report for value

a)
exceeding Rs.10.00 Lacs
b)
Rs.5.00 to Rs.10.00 Lacs
c)
exceeding Rs.5.00 Lacs
d)
more than Rs.5.00 Lacs fornightly
38.
What is Shell bank
a)
It does not have physical presence
b)
It is group of Banks
c)
it is Banking subsidiary
d)
It is foreign Bank
39.
RBI directed Banks on 23.04.15 to include in all their forms
a)
address of the Bank
b)
IFSC code
c)
TAN and GST no
d)
third gender
40.

For which of the following the acceptance of the drawee of the instrument is required

a)
DP Note
b)
Demand BOE
c)
usance BOE
d)
draft
41.
D is having saving A/c and he wishes to appoint another person V to operate the account in his absence
a)
D can give POA in favor of V
b)
A letter of authority in favor of V
c)
Either 1 or 2
d)
None
42.

Open market operations (OMO) one of the measures taken by RBI in order to control credit expansion in the economy means

a)
auction of SGB
b)
insurance of bonds
c)
investment in Banks scheme
d)
sale or purchase of Govt securities
43.

Banks disclose information about their borrower to RBI under

a)

directives of RBI as Bankers Bank

b)
Sec45 c of RBI
c)
sec 45 of BR act
d)

As per specified sections mentioned in constitutional amendments

44.
Bank notes are exempted from payment of stamp duty as per which of the following
a)
Sec12 indian stamp act 1899
b)
sec23 BR act
c)
Sec5 NI act
d)
Sec29 RBI act
45.

Cheque has already been negotiated by A to B & B to C. How many times more it can be negotiated

a)
max 5 times
b)
max 3 times
c)
no limit
d)
max 2 times
46.

Which of the following cheque can be endorsed

a)
account payee cheques
b)
bearer cheques
c)
cheque payable to the order
d)
cheque with restrictive endorsement
47.

A company is juristic person created by law having which succession

a)
perpetual
b)
continuous
c)
principal
d)
regulatory
48.

A company must have which seal distinct from its members

a)
clear
b)
common
c)
approved
d)
distinct
49.
Governor of RBI is appointed by
a)
Board of RBI
b)
RBI in cosultation with finance department
c)
finance ministry
d)
central govt
50.

As per sec17 of BR act every banking company incorporated in India is required to create a reserve fund and to transfer to it at least____% of net profit before declaring any dividend.

a)

25%

b)

20%

c)

10%

d)

The above guideline is scraped by RBI recently

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