JAIIB - Legal : Last Minute Revision : Must Read
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01. Relaxation in KYC norms is permitted if the depositor undertakes that the balance outstanding in his account will not be more than and credits in a financial year will not exceed. Rs 50,000; Rs 100,000
02. Minimum Maturity Period for Certificate of Deposit is : 7 days
03. Why KYC guidelines have been issued by RBI under section 35 A of the Banking Regulation Act: To prevent Money Laundering -
04. If payment of Rs 20000/- is made in cash in case of FDR what is the penalty: equal to the amount paid
05. In Senior Citizen Saving Scheme account,who can be joint account holder?:Spouse
06. TDS not deposited in time. What is the interest payable?: _Bank to pay the amount with interest © 1.5% per month simple.
07. What is the special feature of Basic banking Account? Account can be opened with nil or very small amount and there are no requirement of minimum balance.
08. Current balance is Rs.6000/-. A cheque of Rs.18,000/- is presented. Branch passed the cheque by allowing TOD. After few days, fixed deposit of the same party matured and TOD was cleared by crediting the proceeds to CA. Customer disputes the transaction.Whether bank is having right in doing so? : Normally no without specific request of the party. However, if bank has a specific clause in the account opening form to allow overdraft in such cases and customer has consented to such clause, then temporary overdraft can be allowed and recover the same from the account holder even if there is no specific request from the party.
09. TDS collected to be deposited with the Income Tax Deptt within: 7th day of succeeding month during which it is collected.
10. TDS at the rate of 10% is to be deducted at source in case of individuals and HUF„ if the rent payable in a financial year exceeds : Rs.1,80,000
11. You are maintaining current account in the name of the Trust. You receive notice of death of one of the trustees. After this notice, a cheque signed by the deceased trustee is presented for payment.What should the bank do?: Cheque may be paid, if otherwise in order.
12. Quarterly statement for TDS on salary should be submitted on form 24-Q within: 15 days of the close of the quarter
13. Pensioner account can be opened jointly with? Spouse as Either of Survivor or Former or Survivor.
14. Photograph is obtained at the time of opening the a/c. What is the purpose for the same?: for identification of the prospective customer
15. Amount that can not be paid in cash in respect of term deposit by the bank as per Income Tax rules: Rs 20,000 and above.
16. Interest rate on Saving Bank is fixed by : Banks themselves w.e.f. 25.10.11
17. A, having SB a/c with you, deposited Rs.25000. A public Prosecutor sent notice to bank informing that Mr A is involved in forgery and requested not to permit withdrawal in the a/c. In between one cheque of Rs.20000 has been presented for payment. What should be done by the bank?: Pay the cheque as Public Prosecutor is not authorized to freeze the a/c.
18. There is an SB a/c in the name of A & B .They have given power of Attorney to 'C' for operation in A/C, The cheque signed by the 'C' is presented in the bank after death of 'B' : cheque will not be passed
19. Encashment of FDR with interest - payment can be made in cash if it is less than Rs 20000
20. There is a credit balance in the saving account and there is a overdraft in the current account amounting to Rs 555. Both accounts are in the same name. Bank wants to adjust credit balance of saving bank account towards payment of overdraft. As per which right, bank can do this?: Right of Set Off.
21. Maximum amount of deposit under Tax Saver fixed deposit is: Rs 150,000
22. The minimum & maximum period of certificate of deposit is : 7 days, 12 months
23. Call money deposit is part of the sector : Organised sector
24. The terms used for hiding money to avoid tax is :Money laundering
25. Which of the following forms will be used for allowing exemption to a depositor aged 61 years : Form 15H
26. Missing person treated as having expired if missing for: 7 years
27. Super senior citizen after: 80 years of age
28. DD of Rs.50000/- in cash : not allowed
29. For the purpose of KYC rules any addition & modification on which recommendation: Financial Action Task Force
30. In case of Minor what is wrong? Minor can make himself liable for his actions.In case of a Deposits account customer wants the Nomination in his account. What is mentioned on Pass book
31. In case Fixed Deposits account the rate of interest fixed by whom: Board of Directors of respective bank.
32. In an account Mr. X Gives irrevocable power of attorney to Y for 1 yr. After 4 Month, X withdraw the irrevocable power of attorney. What is action of the Bank? Bank will rely the revocable application of the Hence the cheque signed by Y returned.
33. In case of Deposit Insurance whether it mandatory or not: It is Mandatory for all banks.
34. in which type of account where TDS not deduct in fixed Deposits Account: NRE and FCNR(B) only.
35. BC work as : Bank’s Agent
36. Cash Transaction Report ( CTR) should be submitted to FIU within how much period: 15 days of the close of the month.
37. Which of these rates are periodically reviewed by RBI?: Repo rate, Bank rate, but not Savings Bank Rate.
38. Interest rate on Savings accounts: Not regulated by RBI
39. As per RBI guidelines, Demand draft of Rs 50,000 and above should be issued against : by debit to account but not against cash
40. If pan no not submitted rate of TDS will be: 20%
41. Account is treated as inoperative if there is no operation for : 24 months
42. If a customer makes nomination, the bank is required to register in its books the nomination, and should give acknowledgement to the depositor in writing. The bank should also indicate the fact of nomination on the face of passbook/deposit receipt with the legend (a) Nomination Registered (b) Nomination marked (c) Nomination done (d) Nomination acknowledged: Nomination Registered
43. Which of the following facilities are allowed to visually impaired persons who open account with bank – issue of cheque book, ATM card, internet banking: All of these
44. What is the main motive of financial inclusion – (a) to give loans to poor persons (b) to issue credit card (c) to provide banking services to distressed persons at affordable cost: Ans is C
45. Banks are required to deduct tax at source from interest payable to an individual if the interest credited or to be credited in a financial year is more than Rs 10,000. This is as per provisions of (a) Income Tax Act (b) Goods and Service Tax Act (c) Service Tax Act (d) RBI Act: Income Tax Act
46. Tax is not deducted at source in respect of which of the following income – (a) Interest on Bank deposits (b) Rent on land and building (c) Brokerage (d) Dividend paid by listed company: Dividend paid by listed company (However Dividend u/s 2(22)(e) is taxable for shareholder and thus TDS rate on such dividend is 10%)
47. Which of the following can be done by a minor?: A minor may draw, indorse, deliver and negotiate a promissory note, bill of exchange or cheque so as to bind all parties except himself.
48. What is the responsibility of an introducer in an account opened by a person with a bank – (a) he is legally liable (b) he is morally liable (c) he is bound to trace the account holder: He is morally liable.
49. Direct Tax Code will replace which of the following – Income Tax Act, Corporate Tax Act: Income Tax Act.
50. As per KYC Guidelines, Records of transactions to be maintained for at least ten years from the dateof transaction, instead of _________from the date of cessation of transactions, and records pertaining to identification of the customer and his address to be preserved for at least ten years after the business relationship is ended: ten years
51. What type of activity can be performed by Business Correspondent - (a) processing and submission of applications to banks; (b) disbursal of small value credit, (c) recovery of principal / collection of interest (iv) collection of small value deposits: All of these
52. E TDS - 26Q (tax deduction other salaries) to be filed for the month of September, before: 15th October (Statement of TDS to be submitted within 15 days from close of quarter)
53. A Minor has extended Guarantee to a loan. It can be ratified by whom? It cannot be ratified by any one.
54. In Limited Liability Partnership account, who are not eligible for becoming partners: a) HUF b) Minor c) body corporate?: Ans: a & b
55. Insurance of deposit is done by DICGC up to: Rs 1 lac per depositor per bank.
56. What is the periodicity of review of risk classification of customers?: Every six months
57. Which is not a proof of Identity?: Ration card.
58. A customer who does not complete all KYC norms, what type of account is opened for him? No Frill account in which cannot be more than Rs.50000 and credits in the Financial Year cannot be more than Rs.100000.
59. There were three cash withdrawals of Rs 5.80 lac ,Rs 4.90 lac & 0.25 lacs from an account in a month. Which of these transactions is/are will be reported to Financial Intelligence Unit as part of CTR? Cash withdrawals of Rs 5.8 lac and Rs 4.9 lac.
60. Under Prevention of Money Laundering Act, banks are required to preserve records relating to opening the account for how much period?: 10 years from date of closure of account.
61. As per KYC Norms, banks are required to update record of customer regarding proof of address, and identity etc. of medium risk customers within how many yrs?: 2 year
62. Which of the following is not the key element of KYC policy a) Customer Acceptance Policy; b) Customer Identification Procedures; c) Monitoring of Transactions; d) Risk Management e) Customer Awareness Policy: Ans is E i.e. Customer Awareness Policy.
63. What is the distance criteria for office of Business Correspondent?: The distance between the place of business of a retail outlet/sub-agent of BC and the base branch should ordinarily not exceed 30 kms in rural, semi-urban and urban areas and 5 kms in metropolitan centers.
64. On whose recommendations, KYC norms came into force? (a) Goiporia Committee (b) Ghosh Committee (c) FATF: Ans is FATF
65. Under KYC Norms, Documents relating to opening the account like proof of address and identity and photograph should be taken again at what interval? (a) once in 5 years for low risk customer (b) once in 2 years for medium risk customers (c) once in 1 year for high risk customers (d) Both (a) and (b): Ans is (d)
66. Record of cash receipt and payment under KYC to be maintained if cash receipt or payment in a single day from one account is more than Rs 10 lakh.
67. Banks should have the responsibility of currency management entrusted to a nodal official of the rank not less than that of a General Manager and will be accountable for the obligations cast upon currency chests by the Reserve Bank.
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Mortgage - 6 Questions
FEMA Act - 4 Questions
Sarfaesi - 5 questions
RTI - 3 questions
Transfer of property act - 4 questions
Money laundering - 3 questions
DRT - 3 questions
Enforcement of security interest - 2 questions
Income Tax - 3 questions
IT act - 3 questions
Pledge - 3 questions
Consumer protection - 2 questions
Deferred payment - 4 questions
Bank guarantee - 4 questions
Memorandum of association - 3 questions
Articles of association - 3 questions
Ultra vires transaction - 1 question
Banker book evidence - 2 questions
RBI/BR Act - 3 questions
Bill of Exchange - 2 questions
Minor admitted to benefit of partnership - 2 questions
Law of limitations - 2 2 marks questions
Indemnity - 2 questions
Lok Adalat - 2-3 questions
Presiding officer - 2 questions
Letter of credit - 3 questions
Bank guarantee - 4 questions
Partnership - 4 questions
Audit reports - 3 questions
Banking ombudsman - 2 questions
Appointment of Director/additional director - 2 questions
Definition of IT Act
DRT / ombudsman/ consumer appointment
Case laws relating to collection of paying and collecting bank
Minimum qualifications to be a presiding officer of DRT
Question on Forged Cheque
NI ACT 131
Minimum and maximum number of directors in a Public Ltd Company
Which LCs are Anticipatory LC
One question related endorsement
Penalty under fema act. Fine arrest or both
Min and max fine for delay in providing information
Max duration to provide information
Conditions for being a DRAT chairman
Registration Authority and few more questions on Reconstruction Company
Primary liability to pay in LC
Actionable claim??
One resolution for how many directors
Banking use excess from reseres and surplus needs permission within??
Balance sheet should be signed by??
Fraud cash withdrawal -ombd can deal or not?
Mortgage is defined in?
Charge on insurance is defined in?
Anyone require 15000 dollar for education purpose this is capital trans , cur trans?? acrd to fema
Relation in deposit of articles
Liability of gaurantor?
Equitable mortgage
Rights of seller
Right of indemnity holder when sued
Chairman of NAT
Min amount to apply in DRT
Min qualification to be presiding officer
Question related stale cheque. Can be paid on request of payee or not
Alteration authenticated by ac holders wife. can be paid or not
Income tax notice to assessee under which sec of it act
Which income not defined under income in it act. Pension, salary, capital gain, income from house rent
Who is chairman of national consumer commission
DRT applicable to-bank comp SBI rrb or all
Supply bill is related to?
Charge on laon against FD receipt.the customer in this case is
BRA 1949 mainly deals with
Max period of limitation in case of bill of exchange and bond without due date
Bill supported by document is called?
Bill payable after certain period called?
Financial statements must by signed and authorised by whom?
Assstment year for corporate entities
Presiding officer holds office till
Information can be sought by whom under RTI act
Which is considered good as security? -FDR receipt Debentures shares...
Object clause of MOA
Articles of association related
Partner become insolvent bank should??
Partnership firm may be dissolved by
Director of bank can do his personal work along with his post ? allowed or not
In case of conversion.. protection will be given to
Sec 131 NI act
Which type of comp cant be raised with ombudsman
Peculinary amount in case of DRTMax period of registration of charge with or without fine
Vice chairman of board on fin supervision is elected by?
Minor to decide whether to be a partner within ???
Consequences of unreg partnership firm
All partner can check book of the firm
Liability in indemnity?
Arbitration is applicable in ??
Decision passed by ombudsman is called
Minor can be a member in Pvt Ltd public Ltd company?
Questions on limitation act ..it's importance to banks
Questions on charge
Role of opening bank in LC
Regarding laon of limited company who will sign laon paper
Regarding loans to partnership firm
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The term Currency defined under FEMA does not include ...... (0.50 mark)
a. Letter of credit
b. Travelers cheque
c. Promissory Notes
d. Bonds and debentures
Ans - d
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Master A has been admitted to the benefit of partnership firm on 02.01.2017. Master A become Major on 02.05.2017 and he gave a public notice on 05.08.2017 about his interest to continue as a partner. Mr. A is personally liable to third parties for all the act of the firm w.e.f ...... (2 mark)
a. 02.05.2017 ( date of becoming Major)
b. 05.08.2017 (date of public notice)
c. 02.01.2017 (date of admission)
d. 05.02.2017 (date of completion of six months)
Ans - b
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In respect of third party information, which one of the following statement is correct in the context of Right of Information Act? ( 1 Mark)
a. Chief Public Information officer can disclose the information in the normal course
b. Chief Public Information officer is not allowed to disclose the information
c. Chief Public Information officer shall give a notice to the third party about the the intention to disclose
d. The third party has no recourse against the decision of the Chief Public Information officer to disclose the information
Ans - c
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In which of the following instances a banker may refuse to honor the customer's cheques?
(i) Where a post dated cheque is presented for payment prior to the date it bears
(ii) Where after debiting the cheque the balance will fall below the minimum balance required
(iii) Where the banker receives notice of customer death
(iv) Where signature on the cheque differ from the specimen signature
a. (i) and (ii) Only
b. (i) and (iii) Only
c. (ii),(iii) and (vi)Only
d. (i), (iii) and (iv)Only
Ans - d
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In civil suit to which bank is not a party, one of the parties has produced the certified copy of the books of account. One party to thes uit want to call the bank officer as a witness, to prove the contents of copy. Can it be done in the normal Course?
a. Yes, as if it is right of the party to get it re-affirmed in evidence
b. No, As the certified copy as prima facie document that is admissible as evidence
c. No, Unless the bank voluntary to do so
d. Yes, if the party obtain consent of the bank
Ans - b
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Which one of the following statements is correct in respect of the transfer of an actionable claim? (1 mark)
a. It can be done for valid consideration only by the excution of an instrument in writting signed by the transferor
b. It can be done with or without consideration in case of insurance polices
c. It can be done with or without consideration only by the execution of an instrument in writting signed by the transferer
d. It can be done with or without consideration only in case f immovable properties
Ans - c
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What is the pecuniary jurisdiction (maximum value of the goods or services and the compension claimed) of the district Forum under Consumer Protection Act, 1986? (0.50 marks)
a. Rs. 10 lac
b. Rs. 20 lac
c. Rs. 05 lac
d. Rs. 08 lac
Ans - b
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When a bill is transferred for consideration to any person so as to entitle the person to claim the amount represented by the bill, such a transfer is called ......
a. Notification
b. Negotiation
c. Endorsement
d. followed by delivery
Ans - b
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Which of the following statement is appropriate of a consumer Redressal Mechanism? (1 Mark)
a. The limitation period for filing complaint before a consumer Forum is three year from the date of cause of action
b. The limitation period for filing a complaint before a Consumer Forum is Two years from the date of action
c. If an interim order passed by the a Consumer Forum is not complied with, the property of the person who is not complying can be attached but attached property cannot sold
d. All offences under the consumer Disputes Redressal Act are not tried on summary basis
Ans - a
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Places where the mortgage by Deposit of title deeds can be created are generally notified by the ...... (1mark)
a. Registrar of companies
b. State Government
c. Registrar of Assurances
d. Competent Legal Authority
Ans - b
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Absoute possession of proprty is not given to the mortagage in case of ......
(i) Simple Mortagage
(ii) Mortagage by Deposit of title Deeds
(iii) English Mortgage
a. (i) and (ii)Only
b. (ii) and (iii)Only
c. (i) and (iii)Only
d. (i), (ii) and (iii)Only
Ans - a
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A banking company, not being a scheduled bank, is also required to furnish a return to Reserve Bank of India relating to cash reserve. This based on the provision of Sec 18(1) of the ......
a. Indian companies Act, 1956
b. Banking Regulation Act,1949
c. Reserve Bank of India Act, 1934
d. Banking companies ( Aquisition & transfer of under takings) Act
Ans - b
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For which of the following reasons, pledge is advantageous over Hypothecation? (1 Mark)
(i) The good are in the custody of the pledgee and therefore it can be easily enforced
(ii) The good are in the custody of the pledger and therefore it can be easily enforced
(iii) The pledger cannot manupulate the goods
(iv) If the goods are lost due to flood or fire, insurance cover can be availed
a. (i) and (ii) Only
b. (i),(ii) and (iii) Only
c. (i),(ii) and (vi)Only
d. (i), (iii) and (iv)Only
Ans - a
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The right to receive copies of annual accounts of the company by the member is called ......
a. Statutory right
b. Documentary right
c. Proprietary right
d. Absolute right
Ans - a
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In civil suit to which bank is not a party, one of the parties has produced the certified copy of the books of account. One party to thes uit want to call the bank officer as a witness, to prove the contents of copy. Can it be done in the normal Course?
a. Yes, as if it is right of the party to get it re-affirmed in evidence
b. No, As the certified copy as prima facie document that is admissible as evidence
c. No, Unless the bank voluntary to do so
d. Yes, if the party obtain consent of the bank
Ans - b
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The practical procedure followed for mortgage of lease hold right include ...... (2 marks)
a. Xerox copy of the lease agreement can constitute the title deeds
b. The unexpired lease period may be shorter than the period of the banks advace
c. A triparte agreement may be entered into amoung the lender bank, the lessor and the lessee(borrower)
d. The consent of lessor would not be necessary, if origional lease deed is available
Ans - c
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The rate at Which Reserve Bank of India is prepared to buy or rediscount bills of exchange other commercial paper eligible for purchase under the RBI Act is known as ......
a. Yield to Maturity
b. Prime Lendiing Rate (PLR)
c. Base Rate
d. Bank Rate
Ans - d
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The right of a transferee of a partner's interest in a firm include ...... ( 1 mark)
(i) To receive the share of profit of the transferring partner
(ii) To interfere in the conduct of the business
(iii) Entitled to a share in the Assets of the firm on dissolution of firm or cessation of the partner
(iv) Right to verify the annual accounts of the partnership firm
a. (i) and (iv) Only
b. (i) and (ii) Only
c. (ii) and (iii) Only
d. (i) and (iii) Only
Ans - b
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Which of the following statements correct regarding the Jurisdiction and power of Debt Recovery Tribunal? (1 mark)
(i) A decree passed by the civil court can be executed by the tribunal
(ii) A person heading of the office of the Appellate Tribunal can transfer any case from one Tribunal to other Tribunal within his Jurisdiction
(iii) For the matter for which Tribunals are empowered, the civil Courts have no jurisdiction
(iv) There is remedy available against the order passed by the Appellate Tribunal
a. (i) and (ii) only
b. (i), (iii) and (iv) only
c. (ii) and (iii) only
d. (i), (ii)and(iii) only
Ans - a
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Which of the following statements are appropriate? (2 mark)
(i) Capital clause of the MOA mentions about the amount of capital a company will be authorized to raise
(ii) Main objective clause and other objective clause of MOA are not interchangeable
(iii) Article of Association must be filed by unlimited companies also
(iv) The Article of Association cannot be altered by a special resolution with approval from the NCLT
a. (i) and (ii) only
b. (ii) and (iii) only
c. (i), (ii) and (iii) only
d. (i), (ii),(iii) and (iv) only
Ans - d
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Under which section of income tax donations come? - 80G of the Income Tax Act
Min and max no of member in private companies - 2 & 200
No. of members in public limited co (Min & Max) - 7 & unlimited
Banking ombudsman applicable - in whole india
Indemnity which type of liability? - Contingent.
Who can rectify the clerical or arithmetical errors in order passed by DRT? - Presiding officer
Which income doesn't come under service tax? - Interest income
Within how many days can a consumer file complaint if he is not satisfied with the service? - 30 Days
Which is the negotiating bank in case of LC? - Exportrs country bank
Relationship between bank n customer in case of pledge - pawnor-pawnee'
Debt recovery tribunal established by - Government of India under an Act of Parliament (Act 51 of 1993)
How many types of LC ? - 8
Jurisdiction of appellate tribunal - The Central Government is also empowered to decide and specify the areas within which the tribunal may exercise jurisdiction for entertaining and deciding the applications filed before it.
DRT applicable - Above 10 Lakhs
DRT is controlled by - Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI Act), 1993
RTI is not applicable to - J&K
UCPDC 600 is in respect of - Letters of credit
Pay as you earn is a...... tax - is a withholding tax on income payments to employees
20% profits should maintain with rbi - NBFC
NI act application - Whole India
Cersai time limit - within 30 days of creation of mortgage
Bills payable on demand are - paid when the payee asks for it.
Term of every member in national commission - 5 years or up to the age of seventy years, which ever is earlier
A securitization company carries out the function of - Acquisition of financial asset from the originator
Limitation period of for takng immovable property under sarfaesi? - 12 Years
Amount of TDS should be submitted before how many days? - 7th of the next month
Number of directors of private company? - 2 to 15 (Min & Max)
Casual vacancies of directors can be filled by? - the Board of Directors at a meeting of the Board
Collecting bank will get safety under NI act for what - Forged sign of endroser
Which is not consider as NI - Share
Tax dedcuted from salary has to be payed as on - Monthly basis
Limitation perod for foreclosure is - 30 Years
Llimitation perod for possession of immovable property is - 12 years
Banking regulation act 1949 - Regulates banking
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1. Limitations period of foreclosure - 30 Years
2. Section 35 of RBI act - Initial assets and liabilities
3. Section 35 of Banking Regulation Act, 1949 - Inspection
4. Minor Partner liability in firm - cannot be held personally liable
5. Payee bank protection in case of forged Instrument - Sections 10, 85 and 128 of NI Act
6. Elder Male member called as in HUF - Karta
7. Non negotiation crossing Obligation to payee bank
8. Limitation period in case of Default of loan in EM
9. Bank Negotiation stamp of cheque, presented to other bank
10. 5-6 questions frm DRT/DRAT
11. Bank Guarantee
12. Questions from NI Act
13. Limitation Act
14. Charges, Mortgage
15. Partnership Act
16. FEMA
17. Consumer Protection Act
18. Banking Ombudsman
19. Majority of the paper from Chapter A
20. Questions on minor admitted benefits
21. LC types i.e red clause and green clause
22. Public Ltd and Pvt company differs
23. No of members in pvt ltd
24. Case studies on Bank Guarantee
25. LC case study
26. Winding up decisions
27. Loan documents signed by in case of loan to HUF
28. Aggrieved by DRT decision, complaint to?
29. Aggrieved by Lok Adalath decision, complaint to?
30. Aggrieved by Banking ombudsman, complain to deputy governor within how many days
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1. Exact meaning/difference between pledge and bailment
2. Memorandum of association and articles
3. Voting rights of shareholders max limit
4. Max directors in public, private companies
5. Difference b/w indemnity, guarantee
6. Clerical error in DRT, resolved by?
7. Equitable mortgage place of registration of charge
8. In continuity guarantee, if guarantor dies?
9. When agreement to sell becomes sale?
10. Section 131 of NI act
11. Register of members of a company should be kept with?
12. Interest rate on excess of CRR?
13. Central, state, district councils
14. Statutory rights on company member ship 2marks +1mark
15. Upcountry cheque 2marks
16. Consumer protection act pecuniary jurisdiction levels
17. Consumer protection act calim limit
18. Bill of exchange limitation period
19. Claytons rule example cash credit or demand loan or bill of exchange
20. Financial gaurante definition
21. Pledge and gaurante differences
22. Equitable mortgage 2 marks question
23. Mortgage by conditional sale
24. DRT Borrower may apply 45days
25. DRT Borrower has to deposit 50% and tribunal has power to reduce 25%
26. Agreement to sell risk
27. Consideration 1qurstion
28. Official gazette published in electronic for called
29. Money laundering act 1 question
30. Right to information act 1question
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1. Actionable claims
2. FEMA current account transaction
3. FEMA another 2 question
4. Memorandum of association object clause are classified in to sub clauses
5. MOA clauses
6. Min and Max numbers in private public company
7. Partnership disslove on partner retire
8. Legal position of minor attains majority
9. Limited liability partnership 1question
10. Unpaid seller 1queation
11. Sale vs aggrement to sell 1queation
12. Consideration one question
13. Bailment and pledge question
14. Contract 1question
15. Place of source example question in tax
16. Organization of Lok adalats
17. If any clerical or arithmetical errors in recovery certificate who will change
18. Mardia case half mark
19. DRT 3 questions
20. DRAT 1queation
21. CRR on RBI int will provide or not
22. NI act collection banker case study
23. NI act paying bank case study
24. HUF half mark question
25. Bill finance question - Holder
26. Hypothecation 1 queation
27. General lien question
28. Charges 2 marks questions came like Gold coins is better than gold jewellery
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Limitation act
Different types of mortgages
Company act
Partnership
Paying banker protection
collecting bankers duties
SARFAESI Act
Information technology
Usufructary Mortgage
Absolute Possession in which mortgage
Supply Bills
Not a consequence if charge not created
Notice by AO under which section
Section for Registration of Charge
Conversion on Cheque.. Who is defaulted in such case.
Paying n Collecting Bank Ques
The Consumer Protection Act,1986 applies to ...... All goods and services/ Goods for resale/ Goods for commercial purposes
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1. Members of public and private company - Public - Min-7, Max-No Restriction. Private - Min-2, Max-200
2. No. Of directors in public and private company - Public - 3 to 15, Private - 2 to 15
3. Interest payable by RBI on CRR - 0 %
4. Pledge hypothetican
5. What is equitabe mortgage
6. NI Act
7. RTI
8. Questions based on limitation period
9. Diff b/w partenership and company
10. Questions on mortgage and cheque
11. Heads of object of memorandum of association
12. Related equitable mortgage
13. BR act
14. Partnership accounts
15. Person appeal to drt after receiving reply from sc with in period of
16. payment and settlement system regulated by
17. About mortgage types 4 questions
18. FEMA deals with transactions of
19. Bailment & pleadge
20. Equitable morgatge
21. Lc
22. Deferred payment guarantee
23. Limitation
24. In how many days TDS file to gov
25. For cancel of lease or rent how many month notice?
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1. Clatons rule
2. Minimum directors-3&2
3 Around 8 qtns from mortgage. like english, equitable, act for mortgage etc.
4. 4 qtns from MOA & AOA of company
5. Doctine of constructive
6. Diff. partnership and company
7. Indemnity-loss of fdr
8. Hypothication
9. Ddiff. pledge and lien
10. Consumer complaint act-complainant
11. Credit card award-1 lakh
12. Common seal
13. Green letter of credit
14. Negotiating bank
15. Surity is -secondary
16. Deffered guaranty
17. DRAT head post
18. Chq alteration not visible to naked eyes bank not liable
19. SARFAESI Act appeal to drt in how many days 45
20. LC credit related question credit allow something like that ans green lc
21. BO related complain how many days to dispose by BO.
22. RTI how many days to required by the PIO to settle the information.
23. Not registerd partnership firm related question can sue or not.
24. Min No of director in public and private
25. Arbitrage
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1. Section 131
2. Actionable claim
3. Which one is NI
4. Equitable mortgage
5. Mortgage deed is necessary foe which mortgage
6. Which LC is called anticipatory credit
7. Members and directors of pvt and public company (2questions)
8. Which is not a company classified under liability category
9. With what memo a cheque should be returned if collected by one bank and presented by other bank
10. When a partnership will dissolve
11. Demand notice period under SARFAESI-ACT
12. DRT is applicable for : SBI, nationalised, RRB, all
13. DRT
14. Bank Guarantees
15. Many questions on mortgages
16. Income tax act
17. Preference shares
18. LC
19. Bill of exchange
20. Agreement
21. Hypothecation
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1. As per section 26 of the Negotiable Instruments Act, a Minor can draw, endorse, accept a negotiable instrument but he can not : bind himself
2. A has granted Irrevocable Power of Attorney in favour of B for one year. After 3 months, A revokes the Power of Attorney. A cheque signed by B is presented for payment_ What will you do? The cheque will not be paid because POA can be withdrawn before maturity and once it is revoked, no cheque signed by agent can be debited to account of Principal
3. What is the Doctrine of Ultra Vires in the context of a limited company?: Any act by the directors beyond the object of the company is considered ultra vires the company and company is not bound by such act.
4. A minor who was admitted to the benefits of partnership has become major. Within how much period, he has to decide to remain partner in the firm or not?: within 6 months of attaining majority or 6 months of knowing that he is the partner in the firm whichever is later.
5. If on a cheque words "Account Payee" is written between two parallel lines or with the name of a bank, then: the cheque can not be endorsed.
6. Which type of crossing is required to be done if the drawer wants that in case of endorsement, the title of transferee of the cheque should not be better than the title of the transferor: Not Negotiable Crossing
7. In the case of dishonour of a cheque due to insufficient funds, for enforcing rights under section 138 of the Negotiable Instruments Act 1881, the holder should send a notice to the drawer within: 30 days from the date of receipt of notice regarding dishonour of the instrument.
8. The Limitation period for filing case in case of dishonour of cheque due to insufficient funds is: 1 month from the date of cause of action.
9. Objectives for which a company has been formed are given in: Memorandum of Association
10. Full form of BCBS is Basel Committee on Banking Supervision.
11. Direct Impact of increase in CRR is : Controlling Liquidity
12. Banks can not issue Demand Draft payable to Bearer as per provisions of : Section 31 of the RBI Act
13. Grace Period is allowed in the case of : Usance Bills and Usance Promissory Notes
14. Indian Banks are required tomaintainminimumCapital AdequacyRatio of : 9%
15. In the case of individuals and HUF, tax will be deducted at source if the interest on term deposit in a financial year is : more than Rs 10,000
16. If Power of Attorney is executed outside India it should be stamped within:90 days of its first arrival in India
17. For its implementation, the complainant should accept the award given by Ombudsman within: 30 days of the receipt of the copy of the award.
18. When proceeds of cheque are given before clearance of the cheque the banker will be called: Holder for Value
19. In the case ofWrongful dishonour of cheque, towhomthe bank is liable?:Drawer
20. If date on a cheque is prior to the date of its presentation, it is called: Ante Dated cheque
21. What isminor's liability in HUF Account:Minor is not liable
22. When does the right of nominee starts in respect of a deposit account?: After death of all depositors
23. For injectingmoney in themarket which type of transaction is undertaken?: (a) Repo (b) ReverseRepo
24. RBI controlsmoney supply through: change in CRR
25. Loan given to a director can be waived: after ermission of RBI.
26. Under the Ombudsmen scheme, the Bank has to reply to the objection of the complainant within: one month
27. A post dated cheque is passed in the account of a customer. But another cheque which was in order was dishonoured due to insufficient funds. What is the liability of the Banker?: Bank is liable to the drawer for paying post dated cheque as bank is not justified in paying post dated cheque. The bank will be liable to drawer for damages on account of wrongful dishonour of cheque.
28. Which type of preferential shares are treated as part of Tier I capital of the Bank?: Perpetual Non Cumulative Preference Shares.
29. As per RBI guidelines, all banks are required classify business in various business segments with effect from 31-03-2008. The segments are: (a) Treasury (b)Corporate /Whole sale Banking, (c)Retail Banking, (d)Other Banking Business. The geographical segments are 'domestic' and 'international'.
30. Customer of your bank asks for cash payment of crossed DD. What would you do? Generally payment only through bank account. However, bank can pay after duly satisfying the genuineness of the draft and payee but bank will continue to be liable to true owner if recipient is not true owner.
31. A cheque is presented for payment in which the amount in words and figures is different. Bank should pay which amount?: amount written in words will be paid.
32. Whether a Private Limited company can be a partner with Public Limited company to forma Partnership?Yes
33. In the context of Nomination, which is correct statement?:Signatures of nominee not required on nomination form. Nominee's name should be mentioned on FDR if agreed by the customer.
34. A bearer cheque of Rs.7,000/- was presented. The cashier informed that the cheque can not be passed as the balance is less by Rs.700/-. The tenderer credited the amount of shortfall and the cheque was paid. Customer disputed the transaction. Whether bank is liable?: Yes. For disclosing balance to third party, bank is liable to account holder.
35. When an order passed by Banking Ombudsman is accepted by the complainant, the same should be complied within: 1 month from the date of receipt of acceptance from the complainant.
36. Penalty for delay is per day if information is not furnished within prescribed time under Right to Information Act: Rs. 250 per day with maximum being Rs. 25,000/
37. A crossed DD was paid by cash. What risk is there for the Bank: Bank will be liable to true owner of the DD if payment made to a person other than true owner (Section 129 of N I Act).
38. A cheque is written in English and Regional Language. Whether it can be paid?: Yes. A cheque written in different language can be paid if otherwise in order.
39. Who cannot become a partner in a firm as per Supreme court judgment HUF
40. Introducers liability / responsibility in case of an account holder defrauding Bank is : To assist the Bank in locating the a/c holder - does not have legal liability
41. Nomination -Minor can be a nominee.
42. Inoperative accounts: 2 Years&above not operated.
43. RTI Act - party seeking information need not disclose the reasons for which the information sought for.
44. Counterfeit notes returned after police verification, the same has to be preserved for 3 years subject to half yearly verification.
45. Validity period of cheque reduced to 3months from1.4.12 as per : RBI Guidelines under sec 35A of B R Act
46. Crossed cheque payment across the counter to the authorized Officer of collecting Bank - can be made and there are no violation as per NI Act. 255.
47. The consequence of non registration of Partnership - firm cannot sue others for its dues.
48. Banks are required to implement the award of Ombudsman unless a decision is taken to appeal against the same within one month from the date of receipt of acceptance of the award by the complainant.
49. Account holder A & B want to substitute their name with the name of their sons C & D in the account. What should the bank do?: Substitution of all names is not allowed. At least one of the original account holder should be retained in the account.
50. When only image of cheque is sent to the paying bank while sending cheque for collection instead of sending the physical cheque, the process is called: Cheque Truncation
51. A Cheque partly written in English &partly in regional language is presented for-payment What should the bank do?:May be paid, if otherwise in order and the language other than.English is the regional language of the area where the cheque is presented.
52. An authority has been granted in an account You have received information about the death of the Principal. Today, you receive a cheque signed by the agent which is dated prior to the death of the Principal.What should the bank do? : Cheque can not be paid as authority of agent comes to end with the death of the Principal.
53. You are maintaining current account in the name of the Trust.You receive notice of death of one of the trustees. After this notice, a cheque signed by the deceased trustee is presented for payment.What should the bank do?: Cheque may be paid, if otherwise in order.
54. As per Consumer Protection Act, the period for filing appeal to State Commission against decision of the District Forum is: maximum 30 days
55. Who can not be full fledged partner:Minor
56. Can Karta of HUF appoint Agent or delegate the powers to other co-parcener: Yes, he can do so.
57. Money deposited after receiving order may be attached in the case of: attachment order
58. Original & duplicate draft presented simultaneously for payment: Duplicate should be paid & original should be returned.
59. Company has registered office at Delhi, factory at Kolkata & loan taken at Mumbai. For creating equitable mortgage title deeds can be deposited at: any notified city.
60. Reasons for avoiding advance to Un-Registered Partnership Firm: Firm can not sue against Any one for recovery of its debts but anyone can sue against the firm.
61. What is the effect of 'Not Negotiable Crossing'?: Transferee does not get better title than the transferor.
62. Payment of cheque can be stopped by: only Drawer of the cheque
63. Account payee crossing defined in:-Not defined anywhere
64. What is the current rate of interest paid on CRR?:NIL
65. How can be the transferability of Bill of exchange can be restricted? Bymaking restrictive endorsement
66. If on a Bill-of Exchange, two parallel lines are drawn and not negotiable is written between the lines,what kind of the crossing will be there: Provisions relating to crossing are not applicable to Bill of Exchange.
67. Within priority sector,what is the allocation to weaker section?: 25%
68. Maximum time with in which reply must be given under Right to information act? 30 days
69. What is the status of Nominee? Trustee of Legal heirs
70. Safe deposit vault is governed by provisions of: Transfer of Property act
71. A cheque signed by agent has been presented after his death for payment. What should the bank do?: The cheque will be paid if otherwise in order.
72. Purpose of star series notes: To replace defectively printed notes
73. Customer-bank relationship in locker account: Lessee-Lessor
74. Uptowhat amount District forumcan be approached under Consumer ProtectionAct?: Rs.20 Lacs
75. Appeal against the award of Ombudsman can be made by the bank within: 30 days of receiving the acceptance from the complainant.
76. Cheque issued by director of a company and presented after his death will be: Passed if in order
77. What would be the action of central bank in recession?: create liquidity by decreasing CRR and lower the repo rate.
78. Ante dated cheque like cheque dated 15.12.07 is presented for payment on 1.1.08 whereas_____ the account was opened on 20.12.07 : Cheque should be passed
79. If amount in words and figures differ on a cheque and amount written in words is higher than the amount written in figures, then as per sec.18 of NI Act, which amount should be paid?: amount written in words
80. Nomination facility is not available in the case of : Trust A/c.
81. customer service Committee meeting held on :Monthly basis
82. A person wants to open a joint account with his wife in such a way that the account can be operated by him only during his lifetime and she should be able to operate the account only after his death. The account has to be opened with the instructions: 'Former or survivor
83. For wrong ful dishonour of the cheque the bank is liable to: the drawer of the cheque
84. Banks print cheque books having similar particulars. The format of cheque is prescribed by which Act : Not defined in any Act. It is as per practice. CTS 2010 advised by RBI
85. Which crossing takes away the feature of assumption of defective free title available to the transferee : Not negotiable crossing
86. Who is appointed to tackle public complaints against the public authorities : Ombudsman
87. The facility of nomination is not available to Trust account because it is account : Non-individual (facility of nomination is available only in the case of individual(s).
88. The true owner of a cheque has been deprived of his right by collection of the cheque for a different person. This is called Conversion
89. As per recent RBI/Govt. guidelines, pensioners can open account jointly with: spouse, to be operated as either or survivor or former or survivor.
90. While paying a bearer cheque, signatures are obtained on the back side of the cheque. Why ? : As evidence of payment
91. Whether Minor can nominate ? no. On his behalf nomination will be done by a person legally competent to act on his behalf.
92. Cheque is dated before date of its presentation is called: Antedated cheque
93. An endorsement inwhich endorser excludes his liability is called : sans recourse
94. When a company is financed against the security of hypothecation ormortgage of its movable property, the company is required to file particulars of charge with: Registrar of Companies
95. Who is called as Holder as per N I Act?: Who is entitled to possession of the instrument in his own name (actual possession is not necessary).
96. If a cheque is dishonoured due to insufficient funds, then as per section 138 of N I Act, court may award imprisonment up to: 2years
97. On the face of a cheque, the name of a bank is written without two parallel lines. This will amount to : special crossing
98. A/c payee crossing is defined in : it is not defined in any Act. It is as per practice
99. Nomination facility for deposit accounts is available under: 45ZA&45 ZB of the BR act
100. Maximum amount of deposit which a bank may ask while allowing locker facility to a customer: Advance rent for 3 years and locker breaking charges
101. Asolicitor has account in his name and in the name of his client.Garnishee order is received in the name of the solicitor.Whether the samewill be applicable in the name of client also: No because two accounts are not in the same right and same capacity.
102. Which of the following is not amaterial alteration? Changing bearer to order
103. A bill issued without consideration is called: Accomodation Bill
104. There is a joint account in the name ofA&B.Acheque is drawn byAbut the alteration in the amount is authenticated by B.Whether bank can pay the cheque: Yes provided the operation is either or survivor.
105. The term used for conversion or transfer of property derived from a criminal offense for the purpose of concealing, or disguising, the illicit origin of the property is called: Money laundering
106. In which of the following situations bank will not be a holder in due course?: When bank credits the account of the customer after receipt of funds on account of cheque sent for collection
107. The rate at which RBI rediscounts the usance bills of banks is called: Bank Rate
108. In the case of IPO, the company is required to allot shares ormake refund within: 30 days of the closure of the issue in case of fixed price public issues; 15 days in case of book built issues and 15 days in case of right issues
112. Bank can charge collection charges of not more than for_outstation cheques of Rs.10000 to Rs1 lac in saving bank:Rs.100
113. Which of the following cheques can not be paid by the bank? : A cheque on which signatures of drawer have been forged irrespective of the cleverness in forgery and though these appear to be same as that of the drawer.
114. FIU stands for : Financial Intelligence Unit (India)
115. Two cheques have been presented to you as paying banker.One is dated prior to opening the account and other is dated prior to issue of cheque book.What will you do as paying banker?: Both cheq
116. KYC and FIU in India are associated with: preventing money laundering
117. Articles of Association mentions: directors' powers
118. Garnishee order is not applicable on: (a)cash received after two hours of receipt of Garnishee order (b) amount received for safe custody (c) undrawn balances in cash credit accounts
119. A person having locker has expired. The nominee comes. A sealed cover is found. What will you do ? : It will be delivered to him as part of locker contents without opening the packet.
120. A bill was presented on 10.5.2005 and accepted on 12.5.2005. The bill was due for payment on 29.07.2005 and was returned. The last date for filing suit in this case is : 29.07.2008
121. A listed bank has to prepare and publish balance sheet on quarterly basis as per: SEBI guidelines
122. There are certain instruments defined as negotiable instruments under lawand certain instruments used as negotiable instruments as per practice.Which of the following is not a negotiable instrument as perNI Act: Dividend warrant
123. On repayment of_debt of a company, satisfaction of charge shbuld be filedwith ROCwithin: 30 days
124. A Trust Deed is silent about loans by the trust. The trustee approaches for a loan. Under these circumstances what should the bank do?: No loan can be raised
125. Which of the following un/under-stamped document can not be revalidated by paying penalty: None of these as all documents can be revalidated. (However, as per question Demand Promisory note cannot be revalidated).
126. A person of 65 years of age can not nominate which of the following persons: Trust
127. The aggregate limit for capital market exposure of a Bank is: 40 0/0 of net worth at the end of previous year
128. A minor approaches for a loan. Which type of loan can be given to him: loan can not be sanctioned other than for necessities.
129. Which of the following does not match in banker/customer relation : Locker facility - Bailee/Bailor
130. Committee on Procedures and Performance Audit of Public Services (CPPAPS) was headed by: S.S. Tarapore
131. Customer service code has been mentioned in : Banking Codes and Standards Board of India.
132. Cheque received in clearing signed by whom will not be passed out of the following: signed by a person who has ' been declared insolvent.
133. Whether a customer can approach Ombudsman without first approaching the Bank : Approaching the bank first is a pre-condition.
134. In case a forged note is detected in the cash tendered at bank counter, what should the bank do?: The Note should be impounded and not returned to the tenderer.
135. If a guardian is appointed by court, minor will become major at the age of: 21 years
136. A Cheque with forged signatures is presented for payment and is paid. Bank will be liable to:Customer (Drawer of the cheque)
137. Protection is available to the collecting banker in case of : Crossed cheques
138. Which is not a General Crossing: Name of a bank written between two parallel lines
139. If time is not mentioned on a Bill of Exchange, it will be payable: on demand
140. In an account of Club with you, cheque has been been presented for payment signed by the secretary who has died. What should the bank do?: It will be paid if it not dated subsequent to date of death.
141. Garnishee order is applicable for: credit balance in OD and not for cheque sent for collection.
142. Bank Guarantees are issued as per provisions of : Indian Contract Act
143. cheque truncation means: converting physical cheque to electronic image and stopping physical flow of a paper cheque. 660_ Foreign currency paid to taxi driver, shop keeper, can be accepted by:Authorised persons.
144. A bank cannot acquire either as owner or as pledgee shares in a company more than:- As per Section 19 of the Banking Regulation Act 1949, no bank can hold more than 30% of the paid up capital of a company or 30% of its own paid up capital and reserves, whichever is less, whether it is a pledgee, absolute owner or
145. For formation of a company, Registrar of Companies will issue : certificate of incorporation
146. Co is in liquidation, funds are at the disposal of : Liquidator
147. Guardian appointed by will of the father is called: testamentary guardian
148. Which of the following documents does not constitute document of title to goods:Airway bill
149. DD can be revalidated within: any time (practice may differ In different banks)
150. Which crossing is a Special Crossing : Name of Bank is written in the cheque with or without parallel lines
151. Supervision of banks is done by RBI under which act: RBI Act / BR Act / Jilani Committee Report / NI Act: Banking RegulationAct
152. A minor is aged 15 years, who is illiterate. Which type of self operated a/c can be opened -SB/ RD /FD none
153. Which of the following can open SB a/c? State Electricity Board/ Indian Bank Association/Municipal corporation: Indian Bank Association.
154. In a Flying club, the Secretary&Treasurer are authorized to sign.ACheque is presented for payment across the counter. In between it has been informed that Secretary has died,what youwill do? :Will be paid, if otherwise inorder
155. Revival of limitation for recovery of a time barred loan is possible by: obtaining fresh promise to pay under provisions of Indian Contract Act. As per Supreme court decision,HUF cannot be a partner because:HUF is not a natural or legal person
156. As per Prevention of Money laundering Act, preservation of records relating to closed accounts upto: 5 yr from date of closure of account.
157. Banks can provide information about the customer to another Bank: General in nature, without any responsibility
158. Board of Directors want to borrow money in excess of paid up capital and reserves of the company: can be done through a resolution passed by shareholders in the general meeting
159. Other than a Bill of exchange or promissory note, the document which was executed abroad is required to be stamped on its arrival in India within: 3 months of its arrival
160. Administrator is appointed in case of: to realize assets and pay off liabilities of a person who has died without writing a will.
161. Under Ombudsman scheme, which type of case not entertained?: advocate representing the customer
162. Which of the following is not a valid cheque for payment by the bank-l)different ink & handwriting 2) cheque with prior date 3) cheque with impossible date 4) Mutilated cheque:- Mutilated cheque
163. The liability of the drawer of bills of exchange is prime till it is not accepted by the drawee after that prime liability becomes of Drawee.
164. Whether Pvt Ltd. Co. can be partnerwith Partnership Firm: Yes
165. Counterfeit note received at the counterwhat to be done?: Impound the currency note.
166. No noting on currency note, directions issued byRBI under section 35Aof BR Act.
167. Cross cheque can be paid at counter if presented by other bank.
168. Payments of a forged draft.Who will lodge FIR paying or collecting bank: Paying Bank.
169. Borrowing powers of board of directors are contained in: Articles of Association
170. Locker can be broken open after notice to the hirer if the same is not operated for:more than three years for mediur-n risk category or one year for a higher risk category, and the locker-hirer does not respond nor operates the locker.
171. If a complainant is not satisfied with the award or his complaint is rejected by the Banking ombudsmen, he can prefer an appeal to DeputyGovernor, RBIwithin: 30 days of the of the date of receipt of communication regarding award or rejection of the complaint.
172. In case ofwrongful dishonour of cheque, bank is liable to: account holder only
173. Who can seek information under.Right to InformationAct:Any citizen of India can ask for information
174. The Garnishee Order is applicable on the account of a customer when the relationship between banker customer is: Debtor & Creditor.
175. A private limited company with Registered office at Bangalore has raised loan from a branch located at Mumbai. For creating equitable mortgage, title deeds can be deposited at: Mumbai, Kolkatta, Chennal or any other notified place.
176. A cheque is presented for payment in which amount in figures is mentioned as Rs 10,000 where as the amount inwords is mentioned as Rs Ten lakh only. In terms of section 18 of the NI Act,what should the bank do?: The amount written in words should be paid.
177. When a letter is signed by the borrower and based on that letter bank delivers the document of title to goods to the borrower, such letter is called as: Trust Receipt
178. How much charges are charged in addition to normal collection charges and out of pocket expenses for providing instant credit facility for outstation cheques:Nil
179. A limited company has registered office at Chennai whereas loan has been raised from bank branch at Mumbai. The charge will be registered with the ROC at: Chennai
180. A partnership firm conducting business other than the banking business has more than 20 members as partners. Whether this is allowed?: Such association is called illegal association as per Companies Act
181. Under Prevention of Money Laundering Act, banks are required to send cash transaction report in respect of cash deposit or withdrawal of more than Rs 10 lakh in a month from one account within: 15 days from the close of the month.
182. Who is primarily liable on Bill of exchange which has been accepted?: Acceptor (Drawee) of the Bill.
183. A cheque crossed specially to a bank is presented by the same bank to paying bank for cash payment. What should the paying bank do? Bank can make cash payment.
184. Who can make nomination in the deposit account of a minor?: Guardian on behalf of the minor.
185. Who can be a nominee?: Only an individual
186. If a depositor dies, payment to nominee or legal heirs should be made within: 15 days of completion of formalities.
187. What is the relationship between bank and customer if he has left certain goods with the bank by mistake: Bank is trustee and Customer is beneficiary
188. Appeal against the award of the Banking Ombudsman can be made to Deputy Governor, RBI within days of the receipt of copy of award from the Ombudsman: 30 days
189. A cheque was dishonoured despite sufficient balance in the account. The bank will be liable to:Drawer of the cheque and not to the payee.
190. Maximum amount of fine under section 138 of N I Act for dishonour of cheque due to insufficient funds is: twice the amount of cheque.
191. Bearer uncrossed cheque can be paid to whom: To the bearer
192. On, other than a negotiable instrument, what is the time period for payment of stamp duty, if the ocument is executed outside India : 3 months
193. May I help you counter is to be provided by bank branches other than : Small branches
194. In case of a jointly operated joint account, the nominee can obtain payment, when : none of the account holder is alive
195. A bank branch receives a counterfeit note of Rs.500, which customer wants back. What the bank should do : Impound the currency note, but No credit of full amount to customer.(No credit to customer’s account is to be given for counterfeit notes) Master Circular DCM(FNVD)G - 4/16.01.05/2017-18 dated July 20, 2017
196. When rate of interest is expressed by adjusting the impact of inflation, this is called : Real rate of Interest
197. Banks can ask for deposit of advance rent on hiring a locker for a period up to : 3 years
198. The crossing on a cheque is required to be can celled.Who can do so: Drawer
