1. Full form of OBU is

A. Offshore Banking Units

B. Offshore Business Units

C. Overseas Business Units

D. None of the above

Correct : A. Offshore Banking Units

2. License holder shall furnish following details of material being imported

A. Specifications

B. Technical Characteristics

C. Pricing

D. All of the Above

Correct : D. All of the Above

3. Special Economic Zones were created to

A. Boost manufacturing

B. Augment exports

C. Generate employment

D. All of the above

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

A. EOU

B. SEZ

C. AEZ

D. FTZ

Correct : B. SEZ

5. The importability or otherwise of a specified commodity into India is determined by

A. Foreign trade (Regulation ) Rules Act

B. Foreign Trade (Regulation and Development) Act

C. Imports and Exports (Control) Act

D. Foreign Trade (Exemption) Rules Act

Correct : B. Foreign Trade (Regulation and Development) Act

6. Which of the following is an example of intellectual property ?

A. Trademarks

B. Textiles

C. Electronics equipment

D. Computer hardware

Correct : A. Trademarks

7. The period of time permitted for the fulfillment of the export obligation under EPCG is

A. 5 years

B. 8 years

C. 7 years

D. 10 years

Correct : B. 8 years

8. The notice for claim under the carriage of goods by rail is to be made within

A. 3 months

B. 4 months

C. 5 months

D. 6 months

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

A. Export Processing Zone

B. Free Trade Zone

C. Special Economic Zone

D. Agri Export Zone

Correct : B. Free Trade Zone

10. What is the mode adopted by EIC for the purpose of inspection of good

A. Consignment to consignment

B. in process quality

C. Self certification

D. All of the above.

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.

A. Yes

B. No

C. Can’t say

D. all

Correct : A. Yes

12. An OBU set up in SEZ by a bank in India is subject to

A. No Capital Adequacy Norms

B. No prudential Accounting Norms

C. No CRR/SLR stipulation of RBI

D. No restrictions from Govt of India

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

A. Replenishment licence.

B. Duty remission scheme

C. Duty exemption scheme

D. Duty free replenishment certificate

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

A. Export Promotion Capital Goods

B. Export Credit Guarantee

C. Duty Free Replenishment

D. Duty Entitlement Passbook

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

A. 161

B. 150

C. 139

D. none

Correct : A. 161

16. The --------are also eligible for the facility of EOU/EPZ/ EHTP/STP scheme.

A. service providers

B. CHA

C. Bankers

D. none

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.

A. Rs.200000

B. Rs.300000

C. Rs.100000

D. all

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

A. Rs.100000

B. Rs.200000

C. Rs.300000

D. all

Correct : A. Rs.100000

19. Import of -----------------is allowed without payment of Customs duty under the Baggage Rules, 1994.

A. Medical Equipment by Indian Doctors and Professionals

B. Arms & ammunition

C. Personal use goods

D. none

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

A. False

B. True

C. all

D. none

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)

A. True

B. False

C. all

D. none

Correct : A. True

22. Duty Drawback is given only, if the in house cost of production is -------in relation to international price.

A. Higher

B. Lower

C. Same

D. none

Correct : A. Higher

23. The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC.

A. Makes payment

B. Guarantees

C. all

D. none

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.

A. 10

B. 05

C. 50

D. All above

Correct : B. 05

25. The New Foreign Trade Policy for the period 2015 to 2020 was announced by the government on the-------------

A. 1st of April 2015

B. 1st of June 2015

C. all

D. none

Correct : A. 1st of April 2015

26. MEIS scheme actually is-

A. Marine Export from India scheme

B. Mining products Export from India scheme

C. Merchandise Exports from India Scheme

D. all

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.

A. 95%

B. 50%

C. 75%

D. all

Correct : C. 75%

28. EOUs have been ---------------facility to set up Warehouses near the port of export.

A. Allowed

B. Disallowed

C. all

D. none

Correct : A. Allowed

29. The prevailing Pre shipment Interest rate is-------------.

A. 14%

B. 18%

C. 10%

D. none

Correct : A. 14%

30. The current Post shipment Interest rate is -------------

A. 14%

B. 18%

C. 15%

D. none

Correct : C. 15%

31. Insurance for domestic business is same as for exports.

A. Yes

B. No

C. Can’t say

D. all

Correct : A. Yes

32. Exporter has to bear most of commercial risk.

A. Yes

B. No

C. Can’t say

D. all

Correct : A. Yes

33. FEMA is civil law unlike FERA.

A. No

B. Can’t say

C. Yes

D. all

Correct : C. Yes

34. EOU can be located anywhere in the country.

A. No

B. Can’t say

C. Yes

D. all

Correct : C. Yes

35. There is no min limit for setting up EOU.

A. No

B. Yes

C. Can’t say

D. all

Correct : B. Yes

36. We can sell 80 % of the produce in the DTA from an EOU.

A. Yes

B. No

C. Can’t say

D. all

Correct : A. Yes

37. License is required for imports for SEZ units.

A. Yes

B. No

C. Can’t say

D. all

Correct : A. Yes

38. Trade Related Investment Measures (TRIMS) doesn’t apply for

A. Measures that affect trade in goods.

B. Measures that lead to restrictions on quantities.

C. Discouraging measures that limit a company’s imports.

D. Discouraging measures that limit a company’s exports.

Correct : B. Measures that lead to restrictions on quantities.

39. General Agreement on Trade in Services will not be applicable to

A. Services supplied from one country to another – cross border supply

B. Transaction of goods across the border – Export Import

C. Individuals traveling from own country to supply services in another – presence of natural persons.

D. Consumers/firms making use of a service in another country – consumption abroad.

Correct : B. Transaction of goods across the border – Export Import

40. As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider

A. Direct payments to farmers are permitted.

B. Indirect assistance and support to farmers including R & D support by govt. are not permitted.

C. Domestic policies which directly effect on production and trade have to be cut back.

D. Least developed countries do not need to make any cuts.

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 %.

A. True

B. False

C. all

D. none

Correct : A. True

42. Quantitative restrictions refer to limit set by countries to curb

A. Imports

B. Exports

C. Imports & exports

D. None of the above

Correct : C. Imports & exports

43. A Most Favored nation status doesn’t necessarily refer to

A. Same and equal economic treatment

B. Non-discriminatory treatment

C. Same tariff rates applicable

D. Uniform civil code

Correct : D. Uniform civil code

44. The world trade organization was formed in the year _________ with GATT as it basis.

A. 1993

B. 1994

C. 1995

D. 1996

Correct : C. 1995

45. Power distance Index (PDI) of 77 compared to a world average of 56.5 for India indicates

A. High level of inequality of power and wealth within the society

B. Low level of inequality of power and wealth within the society

C. High level of Political corruption

D. Low level of Human development Index

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

A. Hofstede’s five cultural dimensions

B. Monochromatic vs polychromatic tune

C. Communication

D. Geography

Correct : D. Geography

Quiznetik

Export Import Procedures and Documentation | Set 3

1. Full form of OBU is

2. License holder shall furnish following details of material being imported

3. Special Economic Zones were created to

4. The geographically distributed area or zone where the economic laws are more liberal as compared to other parts of the country is called

5. The importability or otherwise of a specified commodity into India is determined by

6. Which of the following is an example of intellectual property ?

7. The period of time permitted for the fulfillment of the export obligation under EPCG is

8. The notice for claim under the carriage of goods by rail is to be made within

9. The area where the goods are permitted to be imported and re-exported without any processing in the same form is called

10. What is the mode adopted by EIC for the purpose of inspection of good

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.

12. An OBU set up in SEZ by a bank in India is subject to

13. The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is

14. The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is

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

16. The --------are also eligible for the facility of EOU/EPZ/ EHTP/STP scheme.

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.

18. If the CIF value is ----------------or more, importers are to file separate B/E as in the case of other imports

19. Import of -----------------is allowed without payment of Customs duty under the Baggage Rules, 1994.

20. Import of free gifts and relief supplies by certain organizations/institutions e.g. Indian Red Cross Society, National Defense Fund is allowed

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)

22. Duty Drawback is given only, if the in house cost of production is -------in relation to international price.

23. The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC.

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.

25. The New Foreign Trade Policy for the period 2015 to 2020 was announced by the government on the-------------

26. MEIS scheme actually is-

27. Specific export requirements under the EPCG scheme have been reduced from 90% of normal amount consideration to --------------of the normal amount consideration.

28. EOUs have been ---------------facility to set up Warehouses near the port of export.

29. The prevailing Pre shipment Interest rate is-------------.

30. The current Post shipment Interest rate is -------------

31. Insurance for domestic business is same as for exports.

32. Exporter has to bear most of commercial risk.

33. FEMA is civil law unlike FERA.

34. EOU can be located anywhere in the country.

35. There is no min limit for setting up EOU.

36. We can sell 80 % of the produce in the DTA from an EOU.

37. License is required for imports for SEZ units.

38. Trade Related Investment Measures (TRIMS) doesn’t apply for

39. General Agreement on Trade in Services will not be applicable to

40. As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider

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 %.

42. Quantitative restrictions refer to limit set by countries to curb

43. A Most Favored nation status doesn’t necessarily refer to

44. The world trade organization was formed in the year _________ with GATT as it basis.

45. Power distance Index (PDI) of 77 compared to a world average of 56.5 for India indicates

46. Specific cultural dimensions that does not have a significant impact on cross-national business interactions is