FOREX
1. In LRS how much amount can be remitted for travel abroad: USD 2,50,000
2. How much amount of Foreign Currency coins be kept with us : No ceiling
3. On FCNR (B), how much amount of loan can be given : No ceiling, subject to normal margin requirements
4. How much Indian currency a person can take while travelling abroad other than Nepal and Bhutan: Ans: Rs.25,000/-
5. Crystallization of Import Bill: With in 10 days of date of receipt
6. FACTA signed with which country:USA
7. In FCNR B, how many days is considered as a year for interest calculation: Ans: 360 days
8. WHICH IS LATEST UCP- : UCP 600 (wef 01.07.2007 )
9. AMT ACCEPTED IN CASH BY AUTH DEALERS AGAINST SALE OF FOREIGN EXCH – UPTO Rs. 50,000
10.UNDER LRS AMT PERMITTED – USD 2.5 LAC
11.MAX TERM PERIOD FOR NRE DEPOSITS – 10 YRS
12.INT PAID FOR PREMATURE WITHDRAWAL OR PREMATURE EXTENSION OF NRE DEPOSITS : 1% Penalty ( upto one crore – Ref cir 108-
2015 )
13.FCNR (B) A/C HELD ONLY IN THE FORM OF – TERM DEPOSITS
14.IN EEFC A/C JOINT HOLDER CAN BE IN THE FORM OF – FORMER OR SURVIVOR with Close Relatives
15.R RETURNWHEN SUBMITTED TO RBI? : FORTNIGHTLY BASIS – 15th & Last day of the month
16.WHAT IS CONVERSION: FOREIGN CURRENCY INTO LOCAL CURRENCY ( SAY - INR )
17.RELEASE OF FOREIGN EXCHANGE NOT EXCEEDING IN 1 FINANCIALYR FOR ONE OR MORE PRIVATE VISITS (EXCEPT NEPAL N BHUTAN)?:
USD 10,000.00
18.RELEASE OF FOREIGN EXCHANGE NOT EXCEEDING FOR BUSINEES TRAVEL?: USD 25,000.00
19.CRYSTALLISATION MEANS?: CONVERTING FOREIGN LIABILITY INTO RUPEE LIABILITY ( DELINKING FOREIGN ELEMENTS FROM BILL &
CONVERTING TO INR )
20.LIMIT FOR SENDING REMITTANCES TO NEPAL BY NEFT...Rs. 50000/
21.MAXIMUM INDIAN CURRENCY THAT CAN BE TAKEN ABROAD BY RESIDENTS-Rs.25000 (export & import of INR)
22.WHAT ACCOUNTS FCNR B CAN BE OPENED AND INWHAT CURRENCIES....FREELY CONVERTIBLE CURRENCY
23.NRE DEPOSITS CAN BE OPENED FOR A MAXIMUM PERIOD OF...10 YEARS.
24.Interest Rate on FCNR(B) deposits should not exceed: Ans: LIBOR for concerned currency for corresponding maturity plus
200bps(Upto 3 year) and LIBOR +300bps (3-5 years).
25.Which of the following apex body and Regulator has asked banks to swap customer-related information so that the frauds and
defaults may be prevented in future? a)Bombay Stock Exchange (BSE) b)Indian Banks, Association (IBA) c)Securities & Exchange
Board of India (SEBI) d) Reserve Bank of India (RBI): Ans: d, (RBI)
26.Under UCPDC 600 what is maximum number of days allowed for examination of documents by issuing bank and negotiating bank?: 5
banking days each.
27.In FCNR (B) Exchange risk is borne by : Ans: Banks
28.As per Liberalised Remittance Scheme, Resident Individuals can remit upto USD 250000.00per financial year for any permitted Current
or Capital Transactions or both. Ans: $75,000
29.Unspent Foreign Exchange brought back by Resident is to be surrendered to Authorised Dealer with in ____ days: Ans: 180 days
30.FCNR(B) is opened in _____ currencies: Ans: 5 (USD,GBP,EURO,AUD,CAD)
31.Export Bills should be realized with in a period of_____ from the date of export. Ans: 9 months
32.What is the rate of Interest payable on EEFC account: Ans: No Interest. Only Current Account
33.Upto what percentage of export proceeds can be credited to EEFC account : Ans: 100%
34.An account of Foreign Correspondant Bank with a Bank in India in Indian Rupees is called as: ans: Vostro Account
35.Latest version of Exports & Imports guidelines. Ans: UCP 600
36.Import, Export rules governed by: Ans: FEMA
37.HOW MUCH REMITTANCE FOR MEDICAL TREATMENT ABROAD...UPTO USD 100000/
38.A RESIDENT CAN KEEP UPTO HOW MUCH USD WITH HIM --- USD 2000 & no limits for Coins
39.IF FOREIGN CURRENCY MORE THAN USD5000 OR F C AND TRAV CHQS MORE THAN USD 10000. : CURRENCY DECLARATION FUND IS
REQUIRED
40.Max time period of FCNR term deposit: Ans: 3 years (AUD, CAD)and 5 years (USD, GBP,Euro)
41.Why Selling rate of Foreign Currency is higher than Traveler Cheque : Ans: Holding cost of currency is high
42.What is Nostro Account: Ans: Account of an Indian Bank with Foreign Bank
1. In LRS how much amount can be remitted for travel abroad: USD 2,50,000
2. How much amount of Foreign Currency coins be kept with us : No ceiling
3. On FCNR (B), how much amount of loan can be given : No ceiling, subject to normal margin requirements
4. How much Indian currency a person can take while travelling abroad other than Nepal and Bhutan: Ans: Rs.25,000/-
5. Crystallization of Import Bill: With in 10 days of date of receipt
6. FACTA signed with which country:USA
7. In FCNR B, how many days is considered as a year for interest calculation: Ans: 360 days
8. WHICH IS LATEST UCP- : UCP 600 (wef 01.07.2007 )
9. AMT ACCEPTED IN CASH BY AUTH DEALERS AGAINST SALE OF FOREIGN EXCH – UPTO Rs. 50,000
10.UNDER LRS AMT PERMITTED – USD 2.5 LAC
11.MAX TERM PERIOD FOR NRE DEPOSITS – 10 YRS
12.INT PAID FOR PREMATURE WITHDRAWAL OR PREMATURE EXTENSION OF NRE DEPOSITS : 1% Penalty ( upto one crore – Ref cir 108-
2015 )
13.FCNR (B) A/C HELD ONLY IN THE FORM OF – TERM DEPOSITS
14.IN EEFC A/C JOINT HOLDER CAN BE IN THE FORM OF – FORMER OR SURVIVOR with Close Relatives
15.R RETURNWHEN SUBMITTED TO RBI? : FORTNIGHTLY BASIS – 15th & Last day of the month
16.WHAT IS CONVERSION: FOREIGN CURRENCY INTO LOCAL CURRENCY ( SAY - INR )
17.RELEASE OF FOREIGN EXCHANGE NOT EXCEEDING IN 1 FINANCIALYR FOR ONE OR MORE PRIVATE VISITS (EXCEPT NEPAL N BHUTAN)?:
USD 10,000.00
18.RELEASE OF FOREIGN EXCHANGE NOT EXCEEDING FOR BUSINEES TRAVEL?: USD 25,000.00
19.CRYSTALLISATION MEANS?: CONVERTING FOREIGN LIABILITY INTO RUPEE LIABILITY ( DELINKING FOREIGN ELEMENTS FROM BILL &
CONVERTING TO INR )
20.LIMIT FOR SENDING REMITTANCES TO NEPAL BY NEFT...Rs. 50000/
21.MAXIMUM INDIAN CURRENCY THAT CAN BE TAKEN ABROAD BY RESIDENTS-Rs.25000 (export & import of INR)
22.WHAT ACCOUNTS FCNR B CAN BE OPENED AND INWHAT CURRENCIES....FREELY CONVERTIBLE CURRENCY
23.NRE DEPOSITS CAN BE OPENED FOR A MAXIMUM PERIOD OF...10 YEARS.
24.Interest Rate on FCNR(B) deposits should not exceed: Ans: LIBOR for concerned currency for corresponding maturity plus
200bps(Upto 3 year) and LIBOR +300bps (3-5 years).
25.Which of the following apex body and Regulator has asked banks to swap customer-related information so that the frauds and
defaults may be prevented in future? a)Bombay Stock Exchange (BSE) b)Indian Banks, Association (IBA) c)Securities & Exchange
Board of India (SEBI) d) Reserve Bank of India (RBI): Ans: d, (RBI)
26.Under UCPDC 600 what is maximum number of days allowed for examination of documents by issuing bank and negotiating bank?: 5
banking days each.
27.In FCNR (B) Exchange risk is borne by : Ans: Banks
28.As per Liberalised Remittance Scheme, Resident Individuals can remit upto USD 250000.00per financial year for any permitted Current
or Capital Transactions or both. Ans: $75,000
29.Unspent Foreign Exchange brought back by Resident is to be surrendered to Authorised Dealer with in ____ days: Ans: 180 days
30.FCNR(B) is opened in _____ currencies: Ans: 5 (USD,GBP,EURO,AUD,CAD)
31.Export Bills should be realized with in a period of_____ from the date of export. Ans: 9 months
32.What is the rate of Interest payable on EEFC account: Ans: No Interest. Only Current Account
33.Upto what percentage of export proceeds can be credited to EEFC account : Ans: 100%
34.An account of Foreign Correspondant Bank with a Bank in India in Indian Rupees is called as: ans: Vostro Account
35.Latest version of Exports & Imports guidelines. Ans: UCP 600
36.Import, Export rules governed by: Ans: FEMA
37.HOW MUCH REMITTANCE FOR MEDICAL TREATMENT ABROAD...UPTO USD 100000/
38.A RESIDENT CAN KEEP UPTO HOW MUCH USD WITH HIM --- USD 2000 & no limits for Coins
39.IF FOREIGN CURRENCY MORE THAN USD5000 OR F C AND TRAV CHQS MORE THAN USD 10000. : CURRENCY DECLARATION FUND IS
REQUIRED
40.Max time period of FCNR term deposit: Ans: 3 years (AUD, CAD)and 5 years (USD, GBP,Euro)
41.Why Selling rate of Foreign Currency is higher than Traveler Cheque : Ans: Holding cost of currency is high
42.What is Nostro Account: Ans: Account of an Indian Bank with Foreign Bank
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