1. The document contains 45 multiple choice questions related to export-import policies, procedures and timelines in India. 2. Key timelines covered include normal transaction period (NTP) and normal delivery date (NDD) for foreign currency export bills, crystallization periods for import and export bills, validity periods for export credit insurance policies and ECGC cover. 3. The questions also address topics like maximum periods for packing credit, post-shipment credit, buyers' credit and suppliers' credit, time limits for realization of export proceeds, and reporting requirements for importers who do not submit documents on time.

1. 1.The total period of PCL should not exceed ___ days and this period can be
extended by banks up to ___
days (for availing concessional rate of interest).
a. 30, 60
b. 60, 120
c. 120, 180
d. 180, 360
Ans - d
.........................................................
2.In case where advances for PCL are covered under Whole Turnover Policies of
ECGC, the disbursing
branch should inform ECGC the details of limit sanctioned in the prescribed
format within ___ days.
a. 7
b. 10
c. 21
d. 30
Ans - d
..........................................................
3.In Credit Running Account facility provided to commodities covered under
'Selective Credit Control', the
LC or firm order should normally be produced in the bank within ___ days from
the date of sanction.
a. 7
b. 15
c. 21
d. 30
Ans - d
........................................................
4.In case of post shipment finance, the shipping documents along with relative
GR form must be
submitted to an AD within ___ days from the date of shipment.
a. 7
b. 14
c. 21
d. 30
Ans - c
...........................................
5.Concessional rate of interest in post shipment finance is valid for first ____
days.
a. 30
b. 60
c. 90
d. 180
Ans - c
...........................................
6.In case of exports through approved Indian-owned warehouses abroad, the time
limit for realization in
post shipment finance is ___ months.
a. 6
b. 12
c. 15
d. 18
Ans - c
...........................................
7.Advance against undrawn balance can be made at a concessional rate of interest
for a maximum period of
___ days.
a. 30
b. 45
c. 60
d. 90

2. Ans - d
.............................................
8.For foreign currency export bills, the NTP allowed is ___ days at present.
a. 21
b. 25
c. 28
d. 30
Ans - b
...........................................
9.The NDD of the demand bill (foreign currency export bill) is ___ days from the
date of handling.
a. 21
b. 25
c. 28
d. 30
Ans - b
...........................................
10.In case of a 90 days DA (Usance) bill in GBP tendered to the bank on
01.04.2014 , the NTP will be __ days
and NDD will be ___ (date).
a. 21, 25.04.2014
b. 25, 25.04.2014
c. 25, 24.07.2014
d. 30, 30.04.2014
Ans - c
...........................................
11.Concessional rate of interest for post-shipment finance is allowed for __
days in case of demand bills.
a. 21
b. 25
c. 90
d. 180
Ans - b
...........................................
12.Concessional rate of interest for post-shipment finance is allowed for __
days in case of usance bills.
a. 25
b. 90
c. 180
d. None of these
Ans - d
...........................................
13.In post-shipment advance, the concessional rate of interest cannot exceed __
days from the date of
shipment.
a. 90
b. 120
c. 180
d. 360
Ans - c
...........................................
14.FEDAI rules provide that in case of unpaid usance bills, the period of
crystalization is ____th day after
the ___ at the prevailing ___ rate.
a. 21, NTP, TT buying
b. 30, NTP, TT selling
c. 30, NTP, TT buying
d. 30, NDD, TT selling
Ans - d
...........................................
15.PCFC can be allowed initially for a maximum period of ___ days.
a. 90
b. 120
c. 180

3. d. 360
Ans - c
...........................................
16.For gold card status holder exporters, the concessional rate of interest on
post shipment rupee export
credit may be extended for a maximum period of ___ days.
a. 120
b. 180
c. 360
d. 365
Ans - d
...........................................
17.Sight bills drawn under import letters of credit would be crystallized on the
___ day after the day of
receipt if not yet paid.
a. 10 th
b. 11 th
c. 15 th
d. 30 th
Ans - a
...........................................
18.The NDD of the usance bill (foreign currency export bill) is ___ days.
a. 21
b. usance period + 21 days NTP
c. 25
d. usance period + 25 days NTP
Ans - d
...........................................
19.Suppose a sight bill is drawn in USD and is submitted to the bank on
01.04.2014, the NTP allowed will be
__ days and NDD will be ___ (date).
a. 21, 21.04.2014
b. 25, 25.04.2014
c. 28, 28.04.2014
d. 30, 30.04.2014
Ans - b
...........................................
20.Sight bills drawn under Import letters of credit, if not paid by the ____
day, would be crystallised.
a. 7th
b. 10th
c. 15th
d. 30th
Ans - b
...........................................
21.The delivery period in case of option contract can not exceed beyond ____
month.
a. 1
b. 2
c. 3
d. 4
Ans - a
..........................................
22.All contracts which have matured and have not been collected, shall be
automatically cancelled on the
.....working day after the maturity date.
a. 5th
b. 7th
c. 10 th
d. 15th
Ans - b
...........................................
23.Import bills should be crystallized on the ___th day, if not paid by the due
date.

4. a. 7
b. 10
c. 15
d. 21
Ans - b
...........................................
24.Overdue forward contracts should be automatically cancelled on the ___th
working day, from the due
date of contract.
a. 7
b. 15
c. 21
d. 30
Ans - a
...........................................
25.Buyers' credit or suppliers' credit for ___ years or above come under the
category of ECB.
a. 1
b. 2
c. 3
d. 4
Ans - c
...........................................
26.The remittance against import should be completed not later than __ months
from the date of
shipment.
a. 3
b. 6
c. 9
d. 12
Ans - b
............................................
27.AD should forward a deailed report to RBI on half-yearly basis in the form of
BEF consisting of defaulter
(importers) who do not submit bill of entry within __ days from the date of
issue of registered reminder
(which is 1 month from the date of remittance).
a. 14
b. 21
c. 28
d. 30
Ans - b
...........................................
28.Banks can approve proposals for availing buyer's credit for a period with
maturity up to ___, for import
of all items premissible under the Exim Policy, up to US ___ million per import
transaction.
a. 3 months, 10
b. 6 months, 20
c. 1 year, 10
d. 1 year, 20
Ans - d
...........................................
29.Banks can approve proposals for availing supplier's credit for a period
beyond ___ with maturity up to
___, for import of all items premissible under the Exim Policy, up to US ___
million per import
transaction.
a. 3 months, 1 year, 10
b. 6 months, 1 years, 20
c. 6 months, 3 years, 20
d. 1 year, 3 years, 20
Ans - c
...........................................

5. 30.Export bill is generally crystallized on ____ th day from the due date /
notional due date.
a. 07
b. 10
c. 21
d. 30
Ans - d
...........................................
31.The minimum and maximum period of FCNR deposits are ___ and ___ years
respectively.
a. 1, 3
b. 1, 5
c. 2, 3
d. 2, 5
Ans - b
...........................................
32.Small exporter policy is issued for a period of ___ months and its coverage
is ___% where the loss is due
to commercial risk and ___ % if the loss is due to political risk and the
waiting period for claim is ___
months from the due date of payment.
a. 12, 95, 100, 4
b. 12, 100, 95, 4
c. 4, 95, 100, 12
d. 12, 95, 100, 6
Ans - a
...........................................
33.Standard policy of ECGC covers ___ and the period covered under commercial
risk is ___ months.
a. exporters for long-term exports, 2
b. exporters for short-term exports, 4
c. importers for short-term exports, 6
d. importers for long-term exports, 8
Ans - b
.............................................................
34.Specific shipment short term policy cover against commercial and political
risks involved in export of
goods on short term credit not exceeding ___ days.
a. 120
b. 180
c. 360
d. 365
Ans - b
...........................................
35.The validity period of export turnover policy is ___.
a. 6 months
b. 1 year
c. 15 months
d. 18 months
Ans - b
...........................................
36.The validity period of packing credit insurance is ___.
a. 3 months
b. 6 months
c. 1 year
d. 15 months
Ans - c
...........................................
37.What is the maximum time period for crystallisation period?
a. 15 days
b. 30 days
c. 45 days
d. 60 days
Ans - d

6. ...........................................
38.An import bill not retired by the importer should be crystallized by the bank
on what day?
a. On 21st day from the date of Bill of Lading
b. On the 10th day from the receipt of documents at the counters of the bank
c. On the expiry of five banking days
d. On the day of receipt of the Bill
Ans - b
...........................................
39.The period of validity of specific approval under guarantee given to high
political risk countries is ___
months.
a. 2
b. 3
c. 4
d. 6
Ans - d
...........................................
40.A Bank received an LC for USD 2 Mio issued by MT 700 and opened on Jan 25,
2011. The credit calls for
shipment of 200 tonnes of good quality wheat cultivated in Punjab. What is the
time available for issuing
bank for examination of documents under UCP600?
a. 21 days
b. Reasonable time not exceeding 7 days
c. Reasonable time not exceeding 7 banking days
d. Five banking days
Ans - d
...........................................
41.Exchange Fluctuation Risk Cover Scheme is valid for a period beyond ___ up to
a maximum period of
___.
a. 6 months, 1 year
b. 12 months, 3 years
c. 15 months, 12 years
d. 12 months, 15 years
Ans - d
...........................................
42.Under the financial guarantees, banks are required to file with ECGC, a
notice of default within ___
months from the due date or ___ month(s) from the date of recall, and the claims
are to be filed within
___ months from the date of lodging default notice.
a. 2, 3, 5
b. 4, 1, 6
c. 4, 2, 3
d. 2, 4, 6
Ans - b
...........................................
43.What is the statutory time limit for export proceeds to be treated as
deferred payment exports?
a. 3 months
b. 6 months
c. 9 months
d. 12 months
Ans - b
...........................................
44.In case of direct shipment of goods, the exporter is required to submit the
export documents to the
bankers within ___ days.
a. 07
b. 21
c. 14
d. 30

7. Ans - b
............................................
45.The maximum time for realization of export bills (proceeds) is ___ months
from the date of shipment
(not date of export).
a. 1
b. 3
c. 6
d. 12
Ans - d
...........................................