FOREX :
1. Under liberalized remittances by resident individuals upto ............................ for any permitted current or capital account transaction or a combination of both.
a) $ 150000 per financial year
b) $ 250000 per financial year
c) $ 150000 per calendar year
d) $ 250000 per calendar year
2. Capital account transaction refers to transaction which …………………………of a person resident in India.
a) alters the asset outside India
b) alters the asset within India
c) alters the liability outside India
d) alters the liability within India
3. Current account transactions means………………….
a) Transactions other than capital account
b) Transactions done through current account
c) Transactions done through saving account
d) Transactions done for business purpose
4. Release of foreign exchange above ……………… requires RBI permission in current account transactions.
a) $ 150000 b.$ 250000 c.$ 300000 d.$ 500000
5. For private visit to any country (except Nepal and Bhutan), any resident individual can obtain foreign exchange upto ……………………. In a financial year
a)150000 b)200000 c)250000 d)No such restriction,( any amount as per need)
6. For private visit to any country (except Nepal and Bhutan), any resident individual can obtain foreign exchange upto $ 250000 In a financial year but the number of trip should not be more than…………….
a) 5 b)10 c)12 for each month d)No such restrictions
7. For private visit to Nepal and Bhutan any resident individual can obtain foreign exchange upto ……………. In a financial year
a)$ 150000 b.$ 250000 c.$ 300000
d) No foreign currency could be released
8. Any resident individual may remit upto ………………….. in one Financial Year as gift to a person residing outside India
a)$ 250000 b.$ 200000 c.$ 150000 d.None of the above
9. A person going abroad for employment may draw foreing exchange upto ………………….. in one Financial Year
a)$ 100000 b.$ 150000 c.$ 250000 d.None of the above
10. Any resident individual may remit upto ………………….. in one Financial Year as donation to an organization outside India
a)$ 100000 b.$ 250000 c.$ 300000 d.None of the above
11. A person wanting to emigrate can draw foreign exchange upto
a)$ 100000 b.$ 250000 c.$ 300000
d).Amt prescribe by the country of emigration
12. A resident individual can remit upto …………………… per financial year towards maintenance of close relatives.
a.$100000 b.$200000 c.$250000 d.None of the above
13. Relative for business purpose aur official purpose has been defined in
a) Indian contract act
b) Indian Family dispute settlement act
c) Indian company act
d) Indian evidence act
14. For business trip to any foreign country, resident individuals can avail foreign exchange upto …………. during financial year.
a)$ 100000 b.$ 250000 c.$ 300000 d.None of the above
15. For medical treatment, Authorised dealer may release foreing exchange upto an amount of …........... per Financial Year without insisting on any estimate from a hospital/doctor.
a) $ 100000 b.$ 250000 c. $ 300000 d.none of the above
16. Who overseas the foreign exchange Market in India?
a) RBI
b) Ministry of Finance, Govt of India
c) Ministry of External Affairs, Govt of India
d) FEDAI
17. FEMA 1999 was enacted to replace FERA 1973. FEMA came into effect from
a) 1st April 1999 b) 1st October 1999
c) 1st June 2000 d) 1st October 2000
18. Prevention of Money Laundering Act 2000 came into effect from
a) 1st April 2005 b) 1st July 2005
c) 1st April 2006 d) 1st July 2006
19. FII are allowed to invest in all equity securities traded in the primary and second-ary market. the total investment by all the FII put together should not exceed ….............. of the issued and paid up capital of a company which can be raised up to the level of the prescribed sectorial cap.
a) 10% b)24% c)51% d)49%
20. Any Indian entity can make investment in an overseas joint venture or in a wholly owned subsidiary upto ….......... of its net worth?
a) 100% b) 200% c) 300% d) 400%
21. Foreign Inward Remittance Certificate (FIRC) is not required for any of the remit-tances to India if they involve relatives of NRI. However, For business purpose, one need FIRC for getting Tax concessions.
a) True
b) False
c) Can’t Say
d) FIRC is required for all the purpose
22. As per Income tax provision, a person will be treated as non-resident, if he/she stays outside India for
a) Less than 182 days in the preceding financial year
b) More than 182 days in the preceding financial year
c) Less than 182 days in the preceding calendar year
d) More than 182 days in the preceding calendar year
23. Foreign exchange is to be surrendered to AD within……………… from the date of receipt
a) 60 days b)90 days c)120 days d)180 days
24. Foreign exchange due or accrued as remuneration for services rendered whether in or outside India or in settlement of any lawful obligation or an income on asset held outside India or as inheritance settlement of gift is to be surrendered to AD with-in……………… from the date of receipt
a) 60 days b)120 days c)90 days d)180 days
25. AD can issue FIRC on security stationary only in respect of which of the following cases
a) Advance payment for exports
b) Receipt of export proceeds by an AD other than the one who handles EDF
c) Inward remittance covering FDI/FII
d) All of the above
Answers
1-b
2-a
3-a
4-b
5-c
6-d
7-d
8a
9-c
10-c
11-b
12-c
13-c
14-b
15-b
16-A
17-c
18-b
19-b
20-d
21-true
22-b
23-d
24-d
25-d
1. Under liberalized remittances by resident individuals upto ............................ for any permitted current or capital account transaction or a combination of both.
a) $ 150000 per financial year
b) $ 250000 per financial year
c) $ 150000 per calendar year
d) $ 250000 per calendar year
2. Capital account transaction refers to transaction which …………………………of a person resident in India.
a) alters the asset outside India
b) alters the asset within India
c) alters the liability outside India
d) alters the liability within India
3. Current account transactions means………………….
a) Transactions other than capital account
b) Transactions done through current account
c) Transactions done through saving account
d) Transactions done for business purpose
4. Release of foreign exchange above ……………… requires RBI permission in current account transactions.
a) $ 150000 b.$ 250000 c.$ 300000 d.$ 500000
5. For private visit to any country (except Nepal and Bhutan), any resident individual can obtain foreign exchange upto ……………………. In a financial year
a)150000 b)200000 c)250000 d)No such restriction,( any amount as per need)
6. For private visit to any country (except Nepal and Bhutan), any resident individual can obtain foreign exchange upto $ 250000 In a financial year but the number of trip should not be more than…………….
a) 5 b)10 c)12 for each month d)No such restrictions
7. For private visit to Nepal and Bhutan any resident individual can obtain foreign exchange upto ……………. In a financial year
a)$ 150000 b.$ 250000 c.$ 300000
d) No foreign currency could be released
8. Any resident individual may remit upto ………………….. in one Financial Year as gift to a person residing outside India
a)$ 250000 b.$ 200000 c.$ 150000 d.None of the above
9. A person going abroad for employment may draw foreing exchange upto ………………….. in one Financial Year
a)$ 100000 b.$ 150000 c.$ 250000 d.None of the above
10. Any resident individual may remit upto ………………….. in one Financial Year as donation to an organization outside India
a)$ 100000 b.$ 250000 c.$ 300000 d.None of the above
11. A person wanting to emigrate can draw foreign exchange upto
a)$ 100000 b.$ 250000 c.$ 300000
d).Amt prescribe by the country of emigration
12. A resident individual can remit upto …………………… per financial year towards maintenance of close relatives.
a.$100000 b.$200000 c.$250000 d.None of the above
13. Relative for business purpose aur official purpose has been defined in
a) Indian contract act
b) Indian Family dispute settlement act
c) Indian company act
d) Indian evidence act
14. For business trip to any foreign country, resident individuals can avail foreign exchange upto …………. during financial year.
a)$ 100000 b.$ 250000 c.$ 300000 d.None of the above
15. For medical treatment, Authorised dealer may release foreing exchange upto an amount of …........... per Financial Year without insisting on any estimate from a hospital/doctor.
a) $ 100000 b.$ 250000 c. $ 300000 d.none of the above
16. Who overseas the foreign exchange Market in India?
a) RBI
b) Ministry of Finance, Govt of India
c) Ministry of External Affairs, Govt of India
d) FEDAI
17. FEMA 1999 was enacted to replace FERA 1973. FEMA came into effect from
a) 1st April 1999 b) 1st October 1999
c) 1st June 2000 d) 1st October 2000
18. Prevention of Money Laundering Act 2000 came into effect from
a) 1st April 2005 b) 1st July 2005
c) 1st April 2006 d) 1st July 2006
19. FII are allowed to invest in all equity securities traded in the primary and second-ary market. the total investment by all the FII put together should not exceed ….............. of the issued and paid up capital of a company which can be raised up to the level of the prescribed sectorial cap.
a) 10% b)24% c)51% d)49%
20. Any Indian entity can make investment in an overseas joint venture or in a wholly owned subsidiary upto ….......... of its net worth?
a) 100% b) 200% c) 300% d) 400%
21. Foreign Inward Remittance Certificate (FIRC) is not required for any of the remit-tances to India if they involve relatives of NRI. However, For business purpose, one need FIRC for getting Tax concessions.
a) True
b) False
c) Can’t Say
d) FIRC is required for all the purpose
22. As per Income tax provision, a person will be treated as non-resident, if he/she stays outside India for
a) Less than 182 days in the preceding financial year
b) More than 182 days in the preceding financial year
c) Less than 182 days in the preceding calendar year
d) More than 182 days in the preceding calendar year
23. Foreign exchange is to be surrendered to AD within……………… from the date of receipt
a) 60 days b)90 days c)120 days d)180 days
24. Foreign exchange due or accrued as remuneration for services rendered whether in or outside India or in settlement of any lawful obligation or an income on asset held outside India or as inheritance settlement of gift is to be surrendered to AD with-in……………… from the date of receipt
a) 60 days b)120 days c)90 days d)180 days
25. AD can issue FIRC on security stationary only in respect of which of the following cases
a) Advance payment for exports
b) Receipt of export proceeds by an AD other than the one who handles EDF
c) Inward remittance covering FDI/FII
d) All of the above
Answers
1-b
2-a
3-a
4-b
5-c
6-d
7-d
8a
9-c
10-c
11-b
12-c
13-c
14-b
15-b
16-A
17-c
18-b
19-b
20-d
21-true
22-b
23-d
24-d
25-d
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