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IIBF's Certificate Course in Foreign Exchange - Mock Test 01

Guidelines

This is a Mock Test for IIBF's Certificate Course in Foreign Exchange examination preparation.
This is 1st Mock Test out of "5 Free Mock Tests" available on this website.
Mock Test 01 has total 10 questions of 1 mark each. Please note that the actual examination have 100 questions that has to be completed in 2 hours.
There is no negative marking.
The passing score on the examination is 50%.

This test series has been prepared by the experts and gives you an experience of on-line exam testing system. This would not make you eligible for claiming a certificate for IIBF's Certificate Course in Foreign Exchange examination.

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Q 1. Any person resident in India may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding .....

(A) Rs. 10,000

(B) Rs. 25,000

(C) Rs. 5,000

(D) Rs. 50,000

Q 2. Which of the following statement is incorrect?

(A) EDF has replaced erstwhile GR/PP forms.

(B) EDF is used for declaration of export of Goods at Non-EDI ports.

(C) EDF form is submitted in duplicate to the Customs by the exporter.

(D) EDF has replaced SOFTEX form.

Q 3. SOFTEX or EDF forms are obtained from

(A) ECGC

(B) DGFT

(C) Customs Department

(D) Online generated from RBI site

Q 4. A consolidated statement submitted by AD to RBI giving details of all export bills outstanding beyond six months from the date of export at the end of June and December every year is known as

(A) EDF

(B) SDF

(C) SOFTEX

(D) XOS

Q 5. An exporter who has not been able to realize the outstanding export dues despite best efforts can approach the AD Banks with a request to write-off the unrealized portion. The prescribed limits for write-off by AD Bank are as under:

(A) 5% of total Export proceeds realized during previous calendar year

(B) 10% of total Export proceeds realized during previous calendar year

(C) 15% of total Export proceeds realized during previous calendar year

(D) None of the above

Q 6. As per the latest guidelines of RBI, caution listing/de-caution listing of exporters is automated in EDPMS. An updated list can be assessed through EDPMS on:

(A) Daily Basis

(B) Fortnightly basis

(C) Monthly basis

(D) None of the above

Q 7. The right of 'Set-Off' is available to AD category-1 Banks from export receivables against import payables in respect of:

(A) The overseas buyer and supplier are the same and consent of set-off is obtained from him.

(B) Both the transactions of sale and purchase have been reported separately in ’R’ returns

(C) The import is as per the Foreign Trade Policy in force

(D) All of the above

Q 8. AD category- bank are permitted to give guarantees in respect of debt or other liability incurred by an exporter on account of exports from India. But in the case of Caution Listed Exporters, the requirement of prior permission is essential from:

(A) Ministry of External Affairs.

(B) Ministry of Commerce and Industries.

(C) Reserve Bank of India.

(D) None of the above.

Q 9. The limit of advance remittance without bank guarantee in case of import of Aircrafts, Helicopters and Other aviation related purpose is:

(A) Up to US $ 10 Million

(B) Up to US $ 50 Million

(C) Up to US $ 100 Million

(D) None of the above

Q 10. AD Category - I bank may allow advance remittance to importers in the case of PSU/GOI undertakings for import of services without any bank guarantee up to:

(A) USD 100,000

(B) USD 500,000

(C) USD 1000,000

(D) USD 2,00,000

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