Podcast
Questions and Answers
What should AD Category – I banks follow while opening letters of credit for import into India?
What should AD Category – I banks follow while opening letters of credit for import into India?
- Income Tax Act regulations
- Reserve Bank regulations
- Normal banking procedures
- UCPDC provisions (correct)
Which Act should be complied with for import of drawings and designs according to the text?
Which Act should be complied with for import of drawings and designs according to the text?
- Uniform Customs and Practices for Documentary Credits
- Research & Development Cess Act, 1986 (correct)
- Income Tax Act
- Foreign Exchange Management Act
Where should any reference to the Reserve Bank first be made as per the text?
Where should any reference to the Reserve Bank first be made as per the text?
- Regional Office of the Foreign Exchange Department (correct)
- Customs Office
- Income Tax Office
- Local bank branch
What should AD Category – I banks follow in the absence of specific regulations according to the text?
What should AD Category – I banks follow in the absence of specific regulations according to the text?
What is the limit for bringing foreign exchange into India without making a declaration to the Custom Authorities?
What is the limit for bringing foreign exchange into India without making a declaration to the Custom Authorities?
What forms of foreign exchange can be sent into India without limit?
What forms of foreign exchange can be sent into India without limit?
If a person resident in India goes on a temporary visit outside India (other than Nepal and Bhutan), what Indian currency can they bring back?
If a person resident in India goes on a temporary visit outside India (other than Nepal and Bhutan), what Indian currency can they bring back?
What must a person do on arrival in India with foreign exchange above a certain limit?
What must a person do on arrival in India with foreign exchange above a certain limit?
What is the maximum amount of currency notes an individual can bring into India from Nepal or Bhutan?
What is the maximum amount of currency notes an individual can bring into India from Nepal or Bhutan?
Under what condition may the requirement of a firm irrevocable purchase order/tripartite agreement not be insisted upon for import transactions?
Under what condition may the requirement of a firm irrevocable purchase order/tripartite agreement not be insisted upon for import transactions?
What factor should AD banks consider before handling import transactions payments to a third party?
What factor should AD banks consider before handling import transactions payments to a third party?
What information should the Invoice and Bill of Entry contain for import transactions involving third party payments?
What information should the Invoice and Bill of Entry contain for import transactions involving third party payments?
What is the purpose of the declaration made by a person acquiring foreign exchange to an Authorised Dealer Category – I bank under Section 10(5) of FEMA?
What is the purpose of the declaration made by a person acquiring foreign exchange to an Authorised Dealer Category – I bank under Section 10(5) of FEMA?
What evidence is required by the AD Category – I bank when foreign exchange is utilized for import of goods into India?
What evidence is required by the AD Category – I bank when foreign exchange is utilized for import of goods into India?
Under what circumstances can a person resident in India make payment for import of goods in foreign exchange through an international card?
Under what circumstances can a person resident in India make payment for import of goods in foreign exchange through an international card?
What is the responsibility of the AD Category – I bank regarding import remittances outstanding on the notified date of IDPMS?
What is the responsibility of the AD Category – I bank regarding import remittances outstanding on the notified date of IDPMS?
Who should sign the charge slip for payment in foreign exchange for import of goods through an international credit card?
Who should sign the charge slip for payment in foreign exchange for import of goods through an international credit card?
What document was previously required but modified to be furnished to an AD Category – I bank for utilizing foreign exchange for import of goods into India?
What document was previously required but modified to be furnished to an AD Category – I bank for utilizing foreign exchange for import of goods into India?
