An Exchange Earners' Foreign Currency (EEFC) account can be opened as:

50% studentsanswered this correctly

Important Questions on Foreign Exchange Operations

MEDIUM

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 10

What is the maximum amount that can be deposited in Exchange Earners' Foreign Currency (EEFC) account?

EASY

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 11

Which type of loan can be allowed on the security of balances in EEFC account?

MEDIUM

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 12

What type of amount can be deposited in EEFC accounts?
(a) realization of export proceeds from abroad through authorised channels.
(b) remittance from abroad representing loans obtained.
(c) foreign exchange payment received by Domestic tariff area for supplying goods to units in SEZ.

MEDIUM

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 13

Funds lying in EEFC account can be used by the account holder for:
(a) repayment of pre-shipment credit.
(b) giving trade-related loans outside India.
(c) giving advances to overseas importers.

MEDIUM

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 14

International Bank Limited has opened a current account under Resident Foreign Currency Deposit Scheme for a returning Indian Mr. Suresh Chander, who expired 4 months back. The legal heirs claim interest on the balance in the current account:

MEDIUM

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 15

Foreign currency fluctuation risk is born by the customer in respect of:

MEDIUM

Bihar Cooperative Bank Assistant Mains

IMPORTANT

Hand Book Of Banking Information>Chapter 5 - Foreign Exchange Operations>FOREIGN EXCHANGE - OBJECTIVE TYPE QUESTIONS>Q 16

Which of the following accounts cannot be opened by a non-resident Indian residing in the United States for the last 10 years?

MEDIUM

Bihar Cooperative Bank Assistant Mains