Export Import Procedures and Documentation | Set 3
1. Full form of OBU is
Correct : A. Offshore Banking Units
2. License holder shall furnish following details of material being imported
Correct : D. All of the Above
3. Special Economic Zones were created to
Correct : D. All of the above
4. The geographically distributed area or zone where the economic laws are more liberal as
compared to other parts of the country is called
Correct : B. SEZ
5. The importability or otherwise of a specified commodity into India is determined by
Correct : B. Foreign Trade (Regulation and Development) Act
6. Which of the following is an example of intellectual property ?
Correct : A. Trademarks
7. The period of time permitted for the fulfillment of the export obligation under EPCG is
Correct : B. 8 years
8. The notice for claim under the carriage of goods by rail is to be made within
Correct : D. 6 months
9. The area where the goods are permitted to be imported and re-exported without any processing
in the same form is called
Correct : B. Free Trade Zone
10. What is the mode adopted by EIC for the purpose of inspection of good
Correct : D. All of the above.
11. Is arbitration a vehicle of dispute resolution in which parties to a contract selects a neutral
arbitrator (or a panel of arbitrators) to present their dispute for a legally binding ruling.
Correct : A. Yes
12. An OBU set up in SEZ by a bank in India is subject to
Correct : D. No restrictions from Govt of India
13. The export promotion scheme that enables the post export replenishment of duty on inputs used
in the export product is
Correct : B. Duty remission scheme
14. The export promotion scheme with the objective to neutralize the incidence of Customs duty
on the import content of the export product is
Correct : D. Duty Entitlement Passbook
15. "Services" include all the -------- tradable services covered under the General Agreement on
Trade in Services where payments for such services are received in free foreign exchange
Correct : A. 161
16. The --------are also eligible for the facility of EOU/EPZ/ EHTP/STP scheme.
Correct : A. service providers
17. If the CIF value of the consignment imported does not exceed----------------, the relative Bill of Entry is required to be filed by the registered courier service.
Correct : C. Rs.100000
18. If the CIF value is ----------------or more, importers are to file separate B/E as in the case of
other imports
Correct : A. Rs.100000
19. Import of -----------------is allowed without payment of Customs duty under the Baggage Rules, 1994.
Correct : A. Medical Equipment by Indian Doctors and Professionals
20. Import of free gifts and relief supplies by certain organizations/institutions e.g. Indian Red Cross Society, National Defense Fund is allowed
Correct : B. True
21. Bona fide technical and trade samples of items, even those in the restricted in ITC(HS)Classifications of Export and Import items is allowed without a license for a value not more than Rs. 1 lakh(CIF)
Correct : A. True
22. Duty Drawback is given only, if the in house cost of production is -------in relation to international price.
Correct : A. Higher
23. The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC.
Correct : B. Guarantees
24. For setting up a manufacturing, trading or service units in SEZ, ------------ copies of consolidated application & project proposal in the format prescribed at 'Form F' of the SEZ Rules, 2006 to be submitted to the Development Commissioner (DC) of the SEZ.
Correct : B. 05
25. The New Foreign Trade Policy for the period 2015 to 2020 was announced by the government on the-------------
Correct : A. 1st of April 2015
26. MEIS scheme actually is-
Correct : C. Merchandise Exports from India Scheme
27. Specific export requirements under the EPCG scheme have been reduced from 90% of normal amount consideration to --------------of the normal amount consideration.
Correct : C. 75%
28. EOUs have been ---------------facility to set up Warehouses near the port of export.
Correct : A. Allowed
29. The prevailing Pre shipment Interest rate is-------------.
Correct : A. 14%
30. The current Post shipment Interest rate is -------------
Correct : C. 15%
31. Insurance for domestic business is same as for exports.
Correct : A. Yes
32. Exporter has to bear most of commercial risk.
Correct : A. Yes
33. FEMA is civil law unlike FERA.
Correct : C. Yes
34. EOU can be located anywhere in the country.
Correct : C. Yes
35. There is no min limit for setting up EOU.
Correct : B. Yes
36. We can sell 80 % of the produce in the DTA from an EOU.
Correct : A. Yes
37. License is required for imports for SEZ units.
Correct : A. Yes
38. Trade Related Investment Measures (TRIMS) doesn’t apply for
Correct : B. Measures that lead to restrictions on quantities.
39. General Agreement on Trade in Services will not be applicable to
Correct : B. Transaction of goods across the border – Export Import
40. As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider
Correct : A. Direct payments to farmers are permitted.
41. The limit of holdings by Individual Foreign Institutional Investors in a Company has been raised
from 5 to 10 % of the company’s shares, while the aggregate limit has been increased from 24 to 34 %.
Correct : A. True
42. Quantitative restrictions refer to limit set by countries to curb
Correct : C. Imports & exports
43. A Most Favored nation status doesn’t necessarily refer to
Correct : D. Uniform civil code
44. The world trade organization was formed in the year _________ with GATT as it basis.
Correct : C. 1995
45. Power distance Index (PDI) of 77 compared to a world average of 56.5 for India indicates
Correct : A. High level of inequality of power and wealth within the society
46. Specific cultural dimensions that does not have a significant impact on cross-national business interactions is