1. NRI (Non-Resident Indian) and POI (Person of Indian Origin) can open deposit accounts in India. Which of the following statements is wrong?
1) Without the permission from the RBI, NRI and POI can open few accounts in India.
2) Both NRI and POI should open the account only with an authorized dealer in India.
3) A bank authorized to deal in foreign exchange is called authorized dealer in this context.
4) To open the account, the state government permission need where the bank head office located.
5) However Non-Resident Ordinary Rupee Account (NRO Account) can be opened in the post offices in India in the rupees denomination.
2. FEMA Act 1999 says 'A person resident outside India means a person who is not resident in India'. FEMA stands for ............
1) Foreign Exchange Management Act
2) Foreign Excel Management Act
3) Foreign Exchange Merchant Act
4) Foreign Enroll Management Act
5) None of above
3. Non-Resident Ordinary Rupee Account (NRO Account) must be .........
1) Savings account only
2) Current account only
3) Recurring Deposit account only
4) Fixed Deposit account only
5) All above type of accounts can be opened in NRO account
4. In the Non-Resident Ordinary Rupee Account (NRO Account) ............
1) American dollars can be deposited only.
2) Any foreign exchange can be deposited.
3) Both Indian and foreign exchange can be accepted.
4) Only Indian rupees accepted.
5) None of above
5. The prior approval of Reserve Bank of India essential for the opening of NRO accounts by individual/ entities of Pakistan and ..........
1) USA
2) UK
3) Nepal
4) Sri Lanka
5) Bangladesh
6. In the savings deposits accounts of NRO accounts, the rate of interest determined by .........
1) RBI
2) Government of India
3) Indian bank association
4) Banks
5) None of above
7. Whether joint accounts are allowed in NRO account?
1) No.
2) Yes, but both should be Non Resident Indians only.
3) Yes, the joint account can be held jointly with residents and / or with non-resident Indian also.
4) Yes, the joint account can be held jointly with residents and / or with non-resident Indian but one of them must have a saving account already in India.
5) None of above
8. The foreign tourist during their short visit to India can open a Non-Resident Ordinary Rupee (NRO) Account?
1) No.
2) Yes, the consent of RBI necessary.
3) Yes, but the consent of President of India necessary.
4) No, as it is against to BASEL III principles
5) Yes, but such account can be opened up to a maximum period of 6 months.
9. Whether the NRO Account be used for making local payments?
1) No.
2) Yes, but he can not spend not more than Rs.50,000 any time paying to any resident.
3) Yes, but payments to residents exceeding Rs.50,000 can be made only by means of cheques / Demand Drafts etc.
4) Yes, but payments to residents exceeding Rs.1,00,000 can be made only by means of cheques / Demand Drafts etc.
5) None of above
10. A Non-Resident Ordinary Rupee Account holder can have nomination facility?
1) Yes
2) No
3) Yes, but the account holder must be elder
4) Yes, but the foreign government consent necessary
5) None of above
11. Non-Resident (External) Rupee Account (NRE Account) must be in the form of which account?
1) Savings account only
2) Current account and Recurring Account only
3) Fixed Deposits only
4) All of above
5) None of above
12. NRE Account can be opened by the NRI and the account will be maintained ..........
1) In US Dollars and UK Pounds only
2) In Indian Rupees and US Dollars only
3) In any foreign exchange
4) In Indian Rupees only
5) None of above
13. Details of Non-Resident (External) Rupee Account (NRE Account) given. Locate the wrong option.
1) Balances held in the NRE account are repatriable.
2) Accrued interest income and the balances exempt from Income Tax.
3) Banks are free to determine the interest rates on term deposits of maturity of one year and above.
4) Loans not at all permitted in this account.
5) None of above
14. Foreign Currency (Non Resident) Account (Bank) [FCNR (B) Account] available to NRIs. Which type of account available for the account holder?
1) Term Deposit only
2) Savings deposit only
3) Joint Account and one of them must be foreigner only
5) None of above
15. Foreign Currency (Non Resident) Account (Bank) familiarly called FCNR (B) Account
are only in the form of term deposits of .......
1) 1 to 5 years
2) 2 to 6 years
3) 1 to 10 years
4) 90 days to 365 days
5) None of above
16. Which of the investment facility not available to NRI as per the present rules of RBI?
1) NRI can purchase any government dated securities / Treasury bills on repatriation basis with out any limit.
2) He can buy non-convertible debentures of a company incorporated in India.
3) He can buy Units of domestic mutual funds with out any limit.
4) He can buy perpetual debt instruments and debt capital instruments issued by banks in India.
5) All above investment facilities available to NRIs.
17. Which private bank has become the biggest employer in the private banking sector having more than 72,000 employees in the FY 2013-14?
1) TMB
2) Axis Bank
3) ICICI
4) HDFC
5) Kotak Mahindra Bank
18. Which international monetary organization signed a $107-million credit agreement for the
road linkage of India, Bangladesh and Myanmar on 28 August 2014?
1) IDA
2) ODA
3) IBRD
4) IFC
5) ADB
19. Banks and Financial Institutions empowered to recover non-performing assets without the intervention of the court by using SARFAESI Act. SARFAESI stands for .......
1) Securities and Reconstruction of Financial Assets and Enforcement of Security Interest Act
2) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
3) Securitisation and Recovery of Financial Assets and Enforcement of Security Interest Act
4) Securitisation and Reconstruction of Financial Assets and Endorsement of Security Interest Act
5) None of above
20. SARFAESI Act was passed in ........
1) 1984
2) 1934
3) 1969
4) 2002
5) 1999
21. SARFAESI Act provides three alternative methods for recovery of non-performing assets. They are ............
1) Securitisation, asset rebuilding and enforcement of security without the intervention of the court
2) Fee to process loan, asset reconstruction and enforcement of security without the intervention of the court
3) Securitisation, asset reconstruction and enforcement of security with the intervention of the court
4) Securitisation, asset reconstruction and enforcement of security without the intervention of the court
5) None of above
22. The SARFAESI Act 2002 applicable only for NPA (Non-Performing Assets) having outstanding ............
1) Above Rs.10 Lakh only
2) Above Rs.20 Lakh only
3) Above Rs.50 Lakh only
4) Above Rs.30 Lakh only
5) Above Rs.1 Lakh only
23. NPA loan accounts where the amount is less than .............. of the principal and interest are not eligible to be dealt with under the SARFAESI Act 2002.
1) 30%
2) 25%
3) 40%
4) 20%
5) None
24. Under the SARFAESI Act 2002, NPAs should be backed by securities charged to the bank by way of ..........
1) Mortgage only
2) Hypothecation only
3) Assignment
4) All of above
5) None of above
25. As per the SARFAESI Act, if the borrower / guarantor aggrieved by the action of the Bank can file an appeal with DRT. DRT stands for ...............
1) Debt Recovery Tribunal
2) Deal Recovery Tribunal
3) Doubt Recovery Tribunal
4) Debt Recovery Tutorial
5) None
ANSWERS:
1-4, 2-1, 3-5, 4-4, 5-5, 6-4, 7-3, 8-5, 9-3, 10-1
11-4, 12-4, 13-4, 14-1, 15-1, 16-5, 17-3, 18-3, 19-2, 20-4, 21-4, 22-5, 23-4, 24-4, 25-1.
1) Without the permission from the RBI, NRI and POI can open few accounts in India.
2) Both NRI and POI should open the account only with an authorized dealer in India.
3) A bank authorized to deal in foreign exchange is called authorized dealer in this context.
4) To open the account, the state government permission need where the bank head office located.
5) However Non-Resident Ordinary Rupee Account (NRO Account) can be opened in the post offices in India in the rupees denomination.
2. FEMA Act 1999 says 'A person resident outside India means a person who is not resident in India'. FEMA stands for ............
1) Foreign Exchange Management Act
2) Foreign Excel Management Act
3) Foreign Exchange Merchant Act
4) Foreign Enroll Management Act
5) None of above
3. Non-Resident Ordinary Rupee Account (NRO Account) must be .........
1) Savings account only
2) Current account only
3) Recurring Deposit account only
4) Fixed Deposit account only
5) All above type of accounts can be opened in NRO account
4. In the Non-Resident Ordinary Rupee Account (NRO Account) ............
1) American dollars can be deposited only.
2) Any foreign exchange can be deposited.
3) Both Indian and foreign exchange can be accepted.
4) Only Indian rupees accepted.
5) None of above
5. The prior approval of Reserve Bank of India essential for the opening of NRO accounts by individual/ entities of Pakistan and ..........
1) USA
2) UK
3) Nepal
4) Sri Lanka
5) Bangladesh
6. In the savings deposits accounts of NRO accounts, the rate of interest determined by .........
1) RBI
2) Government of India
3) Indian bank association
4) Banks
5) None of above
7. Whether joint accounts are allowed in NRO account?
1) No.
2) Yes, but both should be Non Resident Indians only.
3) Yes, the joint account can be held jointly with residents and / or with non-resident Indian also.
4) Yes, the joint account can be held jointly with residents and / or with non-resident Indian but one of them must have a saving account already in India.
5) None of above
8. The foreign tourist during their short visit to India can open a Non-Resident Ordinary Rupee (NRO) Account?
1) No.
2) Yes, the consent of RBI necessary.
3) Yes, but the consent of President of India necessary.
4) No, as it is against to BASEL III principles
5) Yes, but such account can be opened up to a maximum period of 6 months.
9. Whether the NRO Account be used for making local payments?
1) No.
2) Yes, but he can not spend not more than Rs.50,000 any time paying to any resident.
3) Yes, but payments to residents exceeding Rs.50,000 can be made only by means of cheques / Demand Drafts etc.
4) Yes, but payments to residents exceeding Rs.1,00,000 can be made only by means of cheques / Demand Drafts etc.
5) None of above
10. A Non-Resident Ordinary Rupee Account holder can have nomination facility?
1) Yes
2) No
3) Yes, but the account holder must be elder
4) Yes, but the foreign government consent necessary
5) None of above
11. Non-Resident (External) Rupee Account (NRE Account) must be in the form of which account?
1) Savings account only
2) Current account and Recurring Account only
3) Fixed Deposits only
4) All of above
5) None of above
12. NRE Account can be opened by the NRI and the account will be maintained ..........
1) In US Dollars and UK Pounds only
2) In Indian Rupees and US Dollars only
3) In any foreign exchange
4) In Indian Rupees only
5) None of above
13. Details of Non-Resident (External) Rupee Account (NRE Account) given. Locate the wrong option.
1) Balances held in the NRE account are repatriable.
2) Accrued interest income and the balances exempt from Income Tax.
3) Banks are free to determine the interest rates on term deposits of maturity of one year and above.
4) Loans not at all permitted in this account.
5) None of above
14. Foreign Currency (Non Resident) Account (Bank) [FCNR (B) Account] available to NRIs. Which type of account available for the account holder?
1) Term Deposit only
2) Savings deposit only
3) Joint Account and one of them must be foreigner only
5) None of above
15. Foreign Currency (Non Resident) Account (Bank) familiarly called FCNR (B) Account
are only in the form of term deposits of .......
1) 1 to 5 years
2) 2 to 6 years
3) 1 to 10 years
4) 90 days to 365 days
5) None of above
16. Which of the investment facility not available to NRI as per the present rules of RBI?
1) NRI can purchase any government dated securities / Treasury bills on repatriation basis with out any limit.
2) He can buy non-convertible debentures of a company incorporated in India.
3) He can buy Units of domestic mutual funds with out any limit.
4) He can buy perpetual debt instruments and debt capital instruments issued by banks in India.
5) All above investment facilities available to NRIs.
17. Which private bank has become the biggest employer in the private banking sector having more than 72,000 employees in the FY 2013-14?
1) TMB
2) Axis Bank
3) ICICI
4) HDFC
5) Kotak Mahindra Bank
18. Which international monetary organization signed a $107-million credit agreement for the
road linkage of India, Bangladesh and Myanmar on 28 August 2014?
1) IDA
2) ODA
3) IBRD
4) IFC
5) ADB
19. Banks and Financial Institutions empowered to recover non-performing assets without the intervention of the court by using SARFAESI Act. SARFAESI stands for .......
1) Securities and Reconstruction of Financial Assets and Enforcement of Security Interest Act
2) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
3) Securitisation and Recovery of Financial Assets and Enforcement of Security Interest Act
4) Securitisation and Reconstruction of Financial Assets and Endorsement of Security Interest Act
5) None of above
20. SARFAESI Act was passed in ........
1) 1984
2) 1934
3) 1969
4) 2002
5) 1999
21. SARFAESI Act provides three alternative methods for recovery of non-performing assets. They are ............
1) Securitisation, asset rebuilding and enforcement of security without the intervention of the court
2) Fee to process loan, asset reconstruction and enforcement of security without the intervention of the court
3) Securitisation, asset reconstruction and enforcement of security with the intervention of the court
4) Securitisation, asset reconstruction and enforcement of security without the intervention of the court
5) None of above
22. The SARFAESI Act 2002 applicable only for NPA (Non-Performing Assets) having outstanding ............
1) Above Rs.10 Lakh only
2) Above Rs.20 Lakh only
3) Above Rs.50 Lakh only
4) Above Rs.30 Lakh only
5) Above Rs.1 Lakh only
23. NPA loan accounts where the amount is less than .............. of the principal and interest are not eligible to be dealt with under the SARFAESI Act 2002.
1) 30%
2) 25%
3) 40%
4) 20%
5) None
24. Under the SARFAESI Act 2002, NPAs should be backed by securities charged to the bank by way of ..........
1) Mortgage only
2) Hypothecation only
3) Assignment
4) All of above
5) None of above
25. As per the SARFAESI Act, if the borrower / guarantor aggrieved by the action of the Bank can file an appeal with DRT. DRT stands for ...............
1) Debt Recovery Tribunal
2) Deal Recovery Tribunal
3) Doubt Recovery Tribunal
4) Debt Recovery Tutorial
5) None
ANSWERS:
1-4, 2-1, 3-5, 4-4, 5-5, 6-4, 7-3, 8-5, 9-3, 10-1
11-4, 12-4, 13-4, 14-1, 15-1, 16-5, 17-3, 18-3, 19-2, 20-4, 21-4, 22-5, 23-4, 24-4, 25-1.
