Forex operations review and Recollected today exam

Forex operations review and Recollected today exam

Usance Period
sanction of fresh/enhanced export credit limits should be made within 45
Limit for export under OPGSP
Schedule III of FEMA
Remittance exceeding USD10Mio per project consultancy service in respect of Infra Projects
commission to an agents abroad for sale of residential flats-USD25000 or 5% of inward remittance
reimbursement of pre-incorporation expenses
Donation - 1% or USD 5Mio
Pan mandatory for all LRS remittance
LRS reporting - Daily Basis
LRS not applicable to HUF,Partnership form, Trust
2 new Incoterms incorporated in 2010
export realisation period
collectin bill
rate application from transfer from NRE to FCNR
who issue SOFTEX form
fedai last meetings
advance remittances toward imports of services are permitter without any limit
question on accruals in the account should be converted into rupees into rupee on last day of succeeding
month
who can open SNRR account
How much INR can be taken outside Inida
Export of gift articles not exceeding 5 lacs
NRO account Foreign nationals should not exceed more than 6 months
Vostro account is funded through which Form1/2/3/4
when we sent MT707
Travellers proceedings to which countries not exceeding USD 300 per visit
Target of FTP2015-20 export target of $900 billion by 2019-20
Article 13 of UCP 600
Green clause credit
Commercial invoice should be signed and dated
10-12 questions on ECB,FDI,ODI
3-4 questions on FTP

 Questions asked from UCP 600, LOC, LRS, FTP 2015- 2020, ECGC, PTA, ECB, etc.

Cleard Foreign Exchange Operations Exam today..paper was little bit tricky..no numericals, no case studies..just theoretical but concept based questions..ECB,FTP,LC,LRS,ECGC,EXIM, pre & post shipment are the some areas which covers more than half of the question paper.



forex operation question 27.10.2018

fro nre to fcnr which rate apply
as per latest what is mandatory for lrs "pan"
how much invest in jv - 400%
coprporate donate what amount - 1% of forex earning or $5 m which ever is less
one from high seas sale
marine insurance policy indemnity se related
fedai rate declare which rate in month end
one is ralated to var and fbil
if forward is more than spot then what - interest on base less than counter
regarding lou and loc - ans is both are dicontinued
one is if there is no loc and lou then what is the option for importer
one forfaiting
what is requirement to be an exporter
if account is standard then in which case there is no need to report ecgc before disbursement
ek bpo se related
one is from eefc
one is for tt buying
ftp target for 2020
advane under import of services without guarntee - $ 5 lakh
condition for granting loan against nri deposit
lc amendment- mt707
one from urbdg 758
urr 722
one from demand guarantee
standby lc
one is lc term prevail against sanction ye ans h question i forget
if lc not require transport , invoice then what - option given not remember
incoter added in 2010 - dap dat
one is if in lc there is no presentation date only expiry given then what will be presentation date
for what we can not issue lc
if lc is in fob then import licence what we endorse option - cif exw fob
who issue softex forms
one is edi port - sdf
if some mistake in shippong bill then what will appraising officer do - mark and point to commisioner

~forex operation question 27.10.2018
fro nre to fcnr which rate apply

as per latest what is mandatory for lrs "pan"

how much invest in jv - 400%

coprporate donate what amount - 1% of forex earning or $5 m which ever is less

one from high seas sale

marine insurance policy indemnity se related

fedai rate declare which rate in month end

one is ralated to var and fbil

if forward is more than spot then what - interest on base less than counter

regarding lou and loc - ans is both are dicontinued

one is if there is no loc and lou then what is the option for importer

one forfaiting

what is requirement to be an exporter

if account is standard then in which case there is no need to report ecgc before disbursement

ek bpo se related

one is from eefc

one is for tt buying

ftp target for 2020

advane under import of services without guarntee - $ 5 lakh

condition for granting loan against nri deposit

lc amendment- mt707

one from urbdg 758


urr 722

one from demand guarantee

standby lc
one is lc term prevail against sanction ye ans h question i forget

if lc not require transport , invoice then what - option given not remember

incoter added in 2010 - dap dat

one is if in lc there is no presentation date only expiry given then what will be presentation date

for what we can not issue lc

if lc is in fob then import licence what we endorse option - cif exw fob

who issue softex forms
one is edi port - sdf

if some mistake in shippong bill then what will appraising officer do - mark and point to commisioner


Foreign Exchange Operations Recollected question (27/10/18)-
1. LRS scheme availble to?
2. question abt Gift/donation.
3. one abt medical treatment?
4. PAN mandatory in LRS?
5. travellers limit 3000USD per visit or per annum?
6. foreign currency not permissible to- Nepal
7. forward contract limit- USD 1 million
8. question on RFC ac.
9. direct question on PIO.
10. whi can open SNRR ac
11. question abt prohibited investment.
12. what is green clause lc.
13. question on tolerance limit in Lc.
14. question abt advising bank.
15. question abt MT707.
16. 3-4 question abt bill of lading.
17. 2 new INCOTERMS.
18. SOFTEX form.
19. export to warehouse question.
20. 5-7 indirect question abt pre and post shipment.
21. question on forfaiting.
22. question on bill of entry.
23. 2-3 question on trade credit.
24. 1 question abt nature of transaction and rate applied.
25. 1 abt ECIB(WTPC)
26. 1 question on standby credit.
27. LRS statement submission.
28. normal transit period

• 29. ECB cost ceiling.

Regards
Akshay Chauhan