IBPS SO Law 2023 PYP PDF.pdf

Previous Year Paper IBPS SO LAW 2023 (Mains) IBPS SO Law 2023 Mains Previous Year Paper 1. According to the provisions of CPC the Court which passed a decree may, on the application of the decree holder, send it for execution to another Court of competent jurisdiction________ a)...

Previous Year Paper IBPS SO LAW 2023 (Mains) IBPS SO Law 2023 Mains Previous Year Paper 1. According to the provisions of CPC the Court which passed a decree may, on the application of the decree holder, send it for execution to another Court of competent jurisdiction________ a) If the person against whom the decree is passed actually and voluntarily resides or carries on business within the local limits of the jurisdiction of such other Court b) If the decree directs the sale or delivery of immovable property situate outside the local limits of the jurisdiction of the Court which passed it c) If the Court which passed the decree considers for any other reason, which it shall record in writing, that the decree should be executed by such other Court d) Either a or b or c e) Either a or b Ans. d. Either a or b or c, Explanation: Section 39. Transfer of decree: (1) The Court which passed a decree may, on the application of the decree holder, send it for execution to another Court of competent jurisdiction, (a) if the person against whom the decree is passed actually and voluntarily resides or carries on business, or personally works for gain, within the local limits of the jurisdiction of such other Court, or (b) if such person has not property within the local limits of the jurisdiction of the Court which passed the decree sufficient to satisfy such decree and has property within the local limits of the jurisdiction of such other Court, or (c) if the decree directs the sale or delivery of immovable property situate outside the local limits of the jurisdiction of the Court which passed it, or (d) if the Court which passed the decree considers for any other reason, which it shall record in writing, that the decree should be executed by such other Court. 2. What is the validity period of a Shelf Prospectus as per the Companies Act? a) 6 months b) 1 year c) 2 years d) 3 years e) 5 years Ans. b. 1 year, Explanation: Section 31.Shelf prospectus: (1) Any class or classes of companies, as the Securities and Exchange Board may provide by regulations in this behalf, may file a shelf prospectus with the Registrar at the stage of the first offer of securities included therein which shall indicate a period not exceeding one year as the period of validity of such prospectus which shall commence from the date of opening of the first offer of securities under that prospectus, and in respect of a second or subsequent offer of such securities issued during the period of validity of that prospectus, no further prospectus is required. 3. Which Act lays down provisions related to KYC norms? a) Banking Regulation Act b) Reserve Bank of India Act c) Prevention of Money Laundering Act d) Recovery of Debts and Bankruptcy Act e) None of the above Ans. b. Reserve Bank of India Act, Explanation: RBI Act Section 45K. Power of Bank to collect information from non - banking institutions as to deposits and to give directions and Section 45L. Power of Bank to call for information from financial institutions and to give directions. Sections 45K and 45L of the RBI Act empower the Reserve Bank of India to gather information from financial institutions and issue directions. KYC norms require banks to verify customer identities to prevent financial crimes. These sections aid the RBI in overseeing compliance with various regulations, including KYC guidelines, ensuring the integrity of the financial system. Thus, they indirectly support KYC objectives. 2 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 4. Which statement best describes a temporary injunction? a) It is a permanent legal order issued by the court b) It is a final decision made by the judge after a trial c) It is typically issued at the end of a legal proceeding d) It is a directive given by the plaintiff to the defendant e) It restrains a party from doing the specified act and aims to preserve the status quo Ans. e. It restrains a party from doing the specified act and aims to preserve the status quo, Explanation: A temporary injunction is a Court order issued during an ongoing case to maintain the current situation until a final decision is reached. Its primary aim is to prevent one party from causing significant harm to another party while the legal proceedings are underway. In other words, a temporary or interim injunction temporarily restrains a party from carrying out a specific act and is valid until the conclusion of the lawsuit or until the Court issues a new order. 5. Which statement about a designated partner in the context of a Limited Liability Partnership is not true? a) At least two designated partners must be individuals b) At least two designated partners shall be resident in India c) Designated partners can be appointed based on the LLP agreement d) Every designated partner must obtain a Designated Partner Identification Number e) The term "resident in India" refers to a person who has stayed in India for at least 120 days during the financial year as per section 7 of the LLP Act Ans. b. At least two designated partners shall be resident in India, Explanation: LLP Act Section 7 In a Limited Liability Partnership there must be at least two designated partners, both of whom must be individuals, with at least one being a resident in India. The LLP agreement can specify the designated partners, or they can be chosen from among the partners. Before becoming a designated partner, an individual must give their consent to the LLP. The LLP must file the particulars of each designated partner with the registrar within 30 days of their appointment. Designated partners must also obtain a Designated Partner Identification Number from the Central Government. 6. As per the provisions of the Consumer Protection Act a complaint, in relation to any goods sold or delivered or agreed to be sold or delivered or any service provided or agreed to be provided, may be filed with a District Commission by______________ a) Only by a recognized consumer association b) Only by the consumer who purchased the goods or services c) By one or more consumers with similar interests, with the permission of the District Commission d) By the Central Government, Central Authority, or State Government e) All of the above Ans. e. All the above, Explanation: Section 35. Manner in which complaint shall be made: (1) A complaint, in relation to any goods sold or delivered or agreed to be sold or delivered or any service provided or agreed to be provided, may be filed with a District Commission by-- (a) the consumer: (i) to whom such goods are sold or delivered or agreed to be sold or delivered or such service is provided or agreed to be provided; or (ii) who alleges unfair trade practice in respect of such goods or service; (b) any recognised consumer association, whether the consumer to whom such goods are sold or delivered or agreed to be sold or delivered or such service is provided or agreed to be provided, or who alleges unfair trade practice in respect of such goods or service, is a member of such association or not; (c) one or more consumers, where there are numerous consumers having the same interest, with the permission of the District Commission, on behalf of, 3 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper or for the benefit of, all consumers so interested; or (d) the Central Government, the Central Authority or the State Government, as the case may be: Provided that the complaint under this sub-section may be filed electronically in such manner as may be prescribed. 7. What does "Indorsement without recourse" mean? a) The indorser is not liable to pay in case of default by the indorser b) The indorser is fully liable for any default by the indorser c) The indorser is entitled to a refund from the intermediate indorsers d) The indorser has the right to enforce the payment against all intermediate indorsers e) Either c or d Ans. a. The indorser is not liable to pay in case of default by the indorser, Explanation: Negotiable Instrument Act Section 52. Indorser who excludes his own liability or makes it conditional: The indorser of a negotiable instrument may, by express words in the indorsement, exclude his own liability thereon, or make such liability or the right of the indorsee to receive the amount due thereon depend upon the happening of a specified event, although such event may never happen. Where an indorser so excludes his liability and afterwards becomes the holder of the instrument, all intermediate indorsers are liable to him. Illustrations (a) The indorser of a negotiable instrument sign; his name adding the words-- "Without recourse". Upon this indorsement he incurs no liability. 8. A promissory note, bill of exchange or cheque drawn or made in India and made payable in, or drawn upon any person resident in, India shall be deemed to be an _________ a) Instrument b) Inland instrument c) Foreign instrument d) Negotiable instrument e) Either a or b or c or d Ans. b. Inland Instrument: Negotiable Instrument Act Section 11. Inland instrument: A promissory note, bill of exchange or cheque drawn or made in India and made payable in, or drawn upon any person resident in, India shall be deemed to be an inland instrument. 9. "Wrongful gain" is defined as __________ under IPC a) Gain acquired by lawful means of property to which the person gaining is legally entitled b) Gain acquired by unlawful means of property to which the person gaining is legally entitled c) Gain acquired by lawful means of property to which the person gaining is not legally entitled d) Gain acquired by unlawful means of property to which the person gaining is not legally entitled e) None of the above Ans. d. Gain acquired by unlawful means of property to which the person gaining is not legally entitled, Explanation: Section 23. ―Wrongful gain" is gain by unlawful means of property to which the person gaining is not legally entitled. 10. What is the definition of "wrongful loss" as per IPC? a) Gain by lawful means of property to which the person gaining it is legally entitled b) Loss by lawful means of property to which the person losing it is legally entitled c) Loss by unlawful means of property to which the person losing it is legally entitled d) Gain by unlawful means of property to which the person gaining it is legally entitled e) Loss by unlawful means of property to which the person losing it is not legally entitled 4 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper Ans. c. Loss by unlawful means of property to which the person losing it is legally entitled, Explanation: Section 23. Wrongful loss" is the loss by unlawful means of property to which the person losing it is legally entitled. 11. What does the term "amicus curiae" refer to in legal proceedings? a) The judge presiding over the case b) A party directly involved in the case c) The lawyer representing the defendant d) An expert witness called by the prosecution e) A person or entity providing assistance or expertise to the court Ans. e. A person or entity providing assistance or expertise to the Court, Explanation: An amicus curiae is someone outside of the parties involved in a legal case who can offer the court valuable information or expertise to help decide the matter at hand. 12. The period of limitation is regulated by the ________for disputes required to be referred to arbitration a) Indian Contract Act, 1872 b) Indian Evidence Act, 1872 c) Arbitration and Conciliation Act, 1996 d) Provisions of the Limitation Act, 1963 e) An agreement between the parties Ans. d. Provisions of the Limitation Act, 1963, Explanation: Arbitration and Conciliation Act Section 43. Limitation: (1) The Limitation Act, 1963, shall apply to arbitrations as it applies to proceedings in court. 13. As per section 9 of the Limitation Act what happens to the limitation period once it has started running? a) It stops upon any subsequent disability or inability to file a suit or make an application b) It continues to run despite any subsequent disability or inability to file a suit or make an application c) It restarts upon any subsequent disability or inability to file a suit or make an application d) It gets extended for a certain period upon any subsequent disability or inability to file a suit or make an application e) It terminates upon any subsequent disability or inability to file a suit or make an application Ans. b. It continues to run despite any subsequent disability or inability to file a suit or make an application, Explanation: Section 9. Continuous running of time: Where once time has begun to run, no subsequent disability or inability to institute a suit or make an application stops it: Provided that where letters of administration to the estate of a creditor have been granted to his debtor, the running of the period of limitation for a suit to recover the debt shall be suspended while the administration continues. 14. What is the limitation period for enforcing payment of money secured by a mortgage? a) Five years b) Seven years c) Ten years d) Twelve years e) Fifteen years 5 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper Ans. e. Fifteen years, Explanation: Limitation Act Part V—Suits Relating To Immovable Property: Article 62‖ To enforce payment of money secured by a mortgage or otherwise charged upon immovable property the period of limitation is twelve years from the time when the money sued for becomes due. 15. What does "tort" mean? a) Civil wrong b) Criminal act c) Legal remedy d) Legal procedure e) Contractual agreement Ans. a. Civil wrong, Explanation: A tort refers to a civil wrong that causes harm or injury to another person or their property. It is a breach of a legal duty owed to someone else, leading to legal liability and potential compensation for the harmed party. Unlike criminal offenses, which involve violations of criminal law, torts are addressed through civil litigation in courts. In other words, a tort is a legal term referring to a civil wrongdoing that occurs when someone fails to fulfill their duty to another person, resulting in harm or injury. 16. What powers does the Supreme Court possess as a court of record? a) The power to grant pardons b) The power to issue warrants for arrest c) The power to punish for contempt of itself d) The power to impose fines for traffic violations e) The power to conduct trials in criminal cases Ans. c. The power to punish for contempt of itself, Explanation: Constitution Article 129. Supreme Court to be a court of record: The Supreme Court shall be a court of record and shall have all the powers of such a Court including the power to punish for contempt of itself. 17. Which Article of the Constitution lays down provisions related to protection against arrest and detention? a) Article 20 b) Article 22 c) Article 25 d) Article 32 e) Article 42 Ans. b. Article 22, Explanation: 22. Protection against arrest and detention in certain cases: (1) No person who is arrested shall be detained in custody without being informed, as soon as may be, of the grounds for such arrest nor shall he be denied the right to consult, and to be defended by, a legal practitioner of his choice. 18. What are the key elements of the true test of Partnership according to the Partnership Act? a) Mutual Agency b) Profit Sharing c) Joint ownership of property d) All a b & c e) Both a & b 6 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper Ans. e. Both a & b, Explanation: Section 4. Definition of ―partnership‖, ―partner‖, ―firm‖ and ―firm name‖— "Partnership‖ is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. 19. If an indorser signs and adds a direction to pay the amount mentioned in the instrument to, or to the order of, a specified person, the indorsement is said to be____________ a) In blank b) In full c) Special d) Restrictive e) None of the above Ans. b. In full, Explanation: Negotiable Instrument Act Section 16. Indorsement ''in blank'' and ''in full'': (1) If the indorser signs his name only, the indorsement is said to be "in blank," and if he adds a direction to pay the amount mentioned in the instrument to, or to the order of, a specified person, the indorsement is said to be "in full", and the person so specified "Indorsee" is called the ―indorsee‖ of the instrument. 20. Which of the following are public documents as per the Evidence Act? a) Documents certified by public servant b) Documents attested by public servants c) Public records kept in any State of private documents d) Documents not forming the acts, or records of the acts, of the sovereign authority e) All a b c & d Ans. c. Public records kept in any State of private documents, Explanation: Section 74. Public documents: The following documents are public documents: -- (1) Documents forming the acts, or records of the acts -- (i) of the sovereign authority, (ii) of official bodies and tribunals, and (iii) of public officers, legislative, judicial and executive, of any part of India or of the Commonwealth, or of a foreign country; (2) Public records kept in any State of private documents. 21. Who bears the burden of proof in a legal proceeding when establishing the existence of facts? a) The jury b) The judge c) The defendant d) The prosecutor e) The party asserting the facts Ans. e. The party asserting the facts, Explanation: Evidence Act Section 101. Burden of proof: Whoever desires any Court to give judgment as to any legal right or liability dependent on the existence of facts which he asserts, must prove that those facts exist. When a person is bound to prove the existence of any fact, it is said that the burden of proof lies on that person. 22. No fact of which the Court will take ________ need be proved a) Notice b) Actual notice c) Imputed notice d) Judicial notice e) Constructive notice Ans. d. Judicial Notice, Explanation: Evidence Act Section 56. Fact judicially noticeable need not be proved––No fact of which the Court will take judicial notice need be proved. 7 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 23. What can be registered at any time? a) Will b) Court orders c) Birth certificates d) Marriage certificate e) Documents with optional registration Ans. a. Will, Explanation: Registration Act Section 27. Wills may be presented or deposited at any time—A will may at any time be presented for registration or deposited in manner hereinafter provided. 24. What is a contingent contract? a) A contract that is binding only if both parties agree to its terms b) A contract that is automatically terminated if one party fails to fulfill its obligations c) A contract that depends on the occurrence or non-occurrence of a specific event d) A contract that is legally enforceable without any conditions e) A contract that can be modified at any time by either party Ans. c. A contract that depends on the occurrence or non-occurrence of a specific event, Explanation: Contract Act: Section 31. "Contingent contract" defined: A "contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. 25. What does "net proceeds" mean as per Article 279 of the Constitution? a) The total revenue generated from a tax or duty b) The revenue from a tax or duty minus the expenses incurred in collecting it c) The amount of tax or duty owed by individuals or entities d) The interest accrued on tax payments e) The penalties imposed for non-payment of taxes or duties Ans. b. The revenue from a tax or duty minus the expenses incurred in collecting it, Explanation: 279. Calculation of "net proceeds", etc. (1) In the foregoing provisions of this Chapter, "net proceeds" means in relation to any tax or duty the proceeds thereof reduced by the cost of collection, and for the purposes of those provisions the net proceeds of any tax or duty, or of any part of any tax or duty, in or attributable to any area shall be ascertained and certified by the Comptroller and Auditor-General of India, whose certificate shall be final. 26. Which of the following actions constitutes forgery? a) Making a document or electronic record with the intent to cause damage or injury to the public or any person b) Making a document or electronic record with the intent to support any claim or title c) Making a document or electronic record with the intent to cause any person to part with property d) Making a document or electronic record with the intent to enter into any express or implied contract e) All of the above Ans. e. All the above, Explanation: IPC Section 463. Forgery: Whoever makes any false document or false electronic record or part of a document or electronic record, with intent to cause damage or injury, to the public or to any person, or to support any claim or title, or to cause any person to part 8 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper with property, or to enter into any express or implied contract, or with intent to commit fraud or that fraud may be committed, commits forgery. 27. What is a partner obligated to do in case of wilful neglect in conducting the firm's business? a) Seek legal advice b) Indemnify the firm for the loss c) Terminate the partnership agreement d) Compensate the partner who suffered the loss e) Ignore the situation and continue business as usual Ans. b. Indemnify the firm for the loss, Explanation: The Indian Partnership Act Section 13. Mutual rights and liabilities: (f) a partner shall indemnify the firm for any loss caused to it by his wilful neglect in the conduct of the business of the firm. 28. A trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice is known as ___________ a) Unfair trade practice b) Restrictive trade practice c) Deceptive trade practice d) Either a or b or c e) Either a or b Ans. a. Unfair trade practice, Explanation: Consumer Protection Act Section 2 Definition (47) "unfair trade practice" means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice. 29. In consumer cases, the limitation period for filing a complaint is____________ a) 2 years b) 3 years c) 5 years d) 7 years e) 9 years Ans. a. 2 years, Explanation: Consumer Protection Act: Limitation Period Section 69. (1) The District Commission, the State Commission or the National Commission shall not admit a complaint unless it is filed within two years from the date on which the cause of action has arisen. 30. According to CrPC the right of an arrested person to meet an advocate of his choice is ______________ a) After interrogation b) During interrogation c) Throughout interrogation d) At the discretion of the Court e) Both b & c Ans. b. Throughout interrogation, Explanation: Section 41D. Right of arrested person to meet an advocate of his choice during interrogation: When any person is arrested and interrogated by the police, he shall be entitled to meet an advocate of his choice during interrogation, though not throughout interrogation. 9 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 31. Under which section does the police officer has the power to arrest without warrant in cognizable? a) Section 30 b) Section 31 c) Section 40 d) Section 41 e) Section 51 Ans. d. Section 41, Explanation: CrPC Section 41 When police may arrest without warrant: (1) Any police officer may without an order from a Magistrate and without a warrant, arrest any person. 32. Based on the definition of foreign exchange under the FEMA Act, which of the following is not considered as foreign exchange? a) Drafts payable in foreign currency b) Deposits, credits and balances payable in any foreign currency c) Drafts drawn in Indian currency but payable in any foreign currency d) Bills of exchange drawn by banks outside India, but payable in Indian currency e) Bills of exchange drawn by institutions outside India, but payable in foreign currency Ans. e. Bills of exchange drawn by institutions outside India, but payable in foreign currency, Explanation: Section 2 Definitions: (n) ―foreign exchange‖ means foreign currency and includes— (i) deposits, credits and balances payable in any foreign currency, (ii) drafts, travellers cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency, (iii) drafts, travellers cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency. 33. Under which Act is payment system regulation primarily governed in India? a) Banking Regulation Act, 1949 b) Reserve Bank of India Act, 1934 c) Payment and Settlement Act, 2007 d) Securities and Exchange Board of India Act, 1992 e) None of the above Ans. Payment and Settlement Act, 2007, Explanation: Payment system regulation in India is primarily governed by the Payment and Settlement Systems Act, 2007. This Act empowers the Reserve Bank of India to oversee payment systems, ensuring their efficiency, security, and stability. It enables the RBI to issue guidelines and regulations to promote smooth payment transactions and protect user interests. 34. Which statute governs insolvency professionals? a) Income Tax Act, 1961 b) Companies Act, 2013 c) Reserve Bank of India Act, 1934 d) Insolvency and Bankruptcy Code, 2016 e) Securities and Exchange Board of India Act, 1992 Ans. d. Insolvency and Bankruptcy Code, 2016, Explanation: Insolvency professionals are regulated and governed primarily by the Insolvency and Bankruptcy Code, 2016 in India. The IBC provides a comprehensive framework for insolvency resolution and bankruptcy proceedings for individuals, companies, and partnerships. It establishes the roles and responsibilities of various stakeholders in the insolvency process, including insolvency professionals who play a crucial role in managing and administering the affairs of insolvent entities during the resolution process. Therefore, the IBC is the statute that specifically governs insolvency professionals in India. 10 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 35. According to the provisions of the Banking Regulation Act, how long can a banking company hold immovable property acquired by it? a) Five years b) Seven years c) Ten years d) Twelve years e) Nine years Ans. b. Seven years, Explanation: Section Disposal of non-banking assets.—Notwithstanding anything contained in section 6, no banking company shall hold any immovable property howsoever acquired, except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later or any extension of such period as in this section provided, and such property shall be disposed of within such period or extended period, as the case may be: Provided that the banking company may, within the period of seven years as aforesaid, deal or trade in any such property for the purpose of facilitating the disposal thereof: Provided further that the Reserve Bank may in any particular case, extend the aforesaid period of seven years by such period not exceeding five years where it is satisfied that such extension would be in the interest of the depositors of the banking company. 36. In suits against the Government, when a decree is passed against the Union of India, execution shall not be issued on such decree until___________ a) Four months from the date of the decree b) Three months from the date of the decree c) Two months from the date of service of notice of the decree on the government d) One month from the date of service of notice of the decree on the government e) Twenty-five days from the date of service of notice of the decree on the government Ans. b. Three months from the date of the decree, Explanation: Section 82. Execution of decree: (I) Where, in a suit by or against the Government or by or against a public officer in respect of any act purporting to be done by him in his official capacity, a decree is passed against the Union of India or a State or, as the case may be, the public officer, such decree shall not be executed except in accordance with the provisions of sub-section (2). (2) Execution shall not be issued on any such decree unless it remains unsatisfied for the period of three months computed from the date of such decree. 37. Under which Act is the legal framework for the recovery of debts by banks and financial institutions governed? a) Reserve Bank of India Act, 1934 b) Banking Regulation Act, 1949 c) Negotiable Instruments Act, 1881 d) Securities and Exchange Board of India Act, 1992 e) Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Ans. d. Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Explanation: the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 governs the recovery of debts by banks and financial institutions. This statute empowers banks and financial institutions to recover debts due to them by initiating legal proceedings before the Debt Recovery Tribunals. The Act provides a specialized mechanism for the expeditious adjudication and enforcement of debt recovery matters, ensuring timely resolution of disputes between banks/financial institutions and their borrowers. 11 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 38. What is a contingent interest in the context of property transfer according to the Transfer of Property Act? a) An interest dependent on the consent of the transferee b) An interest that becomes immediately vested upon transfer c) An interest created based on the fulfilment of a specified uncertain event d) An interest that cannot be transferred to another party e) An interest that automatically expires after a certain period Ans. c. An interest created based on the fulfilment of a specified uncertain event, Explanation: Section 21. Contingent interest: Where, on a transfer of property, an interest therein is created in favour of a person to take effect only on the happening of a specified uncertain event, or if a specified uncertain event shall not happen, such person thereby acquires a contingent interest in the property. Such interest becomes a vested interest, in the former case, on the happening of the event, in the latter, when the happening of the event becomes impossible. 39. What can a company formed under the Companies Act, which has no significant accounting transactions and is intended for a future project or asset holding, do? a) It can continue its operations as usual b) It must dissolve and wind up its affairs c) It can transfer its assets to another company d) It must merge with another active company e) It can apply to the Registrar to obtain the status of a dormant company Ans. e. It can apply to the Registrar to obtain the status of a dormant company, Explanation: Section 455. Dormant company: (1) Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company. 40. As per CPC provisions _________ shall lie from every decree passed by any Court exercising original jurisdiction to the Court authorized to hear appeals from the decisions of such Court a) Revision b) An appeal c) Notice of motion d) Either a or b or c e) None of the above Ans. b. An appeal, Explanation: Section 96. Appeal from original decree: (1) Save where otherwise expressly provided in the body of this Code or by any other law for the time being in force, an appeal shall lie from every decree passed by any Court exercising original jurisdiction to the Court authorized to hear appeals from the decisions of such Court. 41. When is the offence of abetment considered complete as per the provisions of IPC? a) When a person instigates any person to do that thing b) When a person engages with one or more other persons in any conspiracy for the doing of that thing c) When a person intentionally aids, by act or illegal omission, the doing of that thing d) All a b & c e) Both a & c Ans. d. All a b & c, Explanation: Section 108. Abettor: A person abets an offence, who abets either the commission of an offence, or the commission of an act which would be an offence, if committed by a person capable by law of committing an offence with the same intention or 12 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper knowledge as that of the abettor. Explanation 1—The abetment of the illegal omission of an act may amount to an offence although the abettor may not himself be bound to do that act. Explanation 2—To constitute the offence of abetment it is not necessary that the act abetted should be committed, or that the effect requisite to constitute the offence should be caused. Explanation 3—It is not necessary that the person abetted should be capable by law of committing an offence, or that he should have the same guilty intention or knowledge as that of the abettor, or any guilty intention or knowledge. Explanation 4—The abetment of an offence being an offence, the abetment of such an abetment is also an offence. Explanation 5—It is not necessary to the commission of the offence of abetment by conspiracy that the abettor should concert the offence with the person who commits it. It is sufficient if he engages in the conspiracy in pursuance of which the offence is committed. 42. What does the term "asset reconstruction" refer to? a) Reallocation of assets within a bank or financial institution b) Realization of financial assistance by a bank or financial institution c) Transfer of assets from an asset reconstruction company to a bank or financial institution d) Acquisition of assets by a bank or financial institution from an asset reconstruction company e) Acquisition by an asset reconstruction company of any right or interest of a bank or financial institution in financial assistance for realization purposes Ans. e. Acquisition by an asset reconstruction company of any right or interest of a bank or financial institution in financial assistance for realization purposes, Explanation: SARFAESI Act Section 2 (b) ―asset reconstruction‖ means acquisition by any asset reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realisation of such financial assistance. 43. Under the SARFAESI Act, which forum primarily handles matters related to enforcement of security interest? a) High Court b) District Court c) Supreme Court d) Consumer Court e) Debt Recovery Tribunal Ans. e. Debt Recovery Tribunal, Explanation: Section 17 Application against measures to recover secured debts—(1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter, may make an application along with such fee, as may be prescribed, to the Debts Recovery Tribunal having jurisdiction in the matter within fortyfive days from the date on which such measure had been taken: Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower 44. What is the right of foreclosure? a) The right to enforce a mortgage b) The right to recover mortgage-money c) The right to transfer property ownership d) The right to obtain compensation for mortgage default e) The right to obtain a decree debarring the mortgagor's right to redeem Ans. e. The right to obtain a decree debarring the mortgagor's right to redeem, Explanation: Transfer of Property Act Section 67. Right to fore-closure or sale: In the absence of a contract to 13 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper the contrary, the mortgagee has, at any time after the mortgage-money has become due to him, and before a decree has been made for the redemption of the mortgaged property, or the mortgage-money has been paid or deposited as hereinafter provided, a right to obtain from the Court a decree that the mortgagor shall be absolutely debarred of his right to redeem the property, or a decree that the property be sold. A suit to obtain a decree that a mortgagor shall be absolutely debarred of his right to redeem the mortgaged property is called a suit for foreclosure. 45. A continuing guarantee may at any time be revoked by the surety_____________ a) By the death of the surety b) As to future transactions, by notice to the debtor c) As to future transactions, by notice to the creditor d) All a b & c e) Both a & c Ans. e. Both a & c, Explanation: Special Contract Section 130.Revocation of continuing guarantee—A continuing guarantee may at any time be revoked by the surety, as to future transactions, by notice to the creditor. Section 131.Revocation of continuing guarantee by surety’s death—The death of the surety operates, in the absence of any contract to the contrary, as a revocation of a continuing guarantee, so far as regards future transactions. 46. According to the Sale of Goods Act, when is a seller deemed to be an "unpaid seller"? a) When the buyer fails to take delivery of the goods b) When the buyer disputes the quality of the goods received c) When the seller refuses to provide a warranty for the goods d) When the buyer delays the payment beyond the due date e) When the whole of the price has not been paid or tendered to the seller Ans. e. When the whole of the price has not been paid or tendered to the seller, Explanation: Section 45. ―Unpaid seller‖ defined: (1) The seller of goods is deemed to be an "unpaid seller" within the meaning of this Act— (a) when the whole of the price has not been paid or tendered; (b) when a bill of exchange or other negotiable instrument has been received as conditional payment, and the condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise. 47. Which of the following is not considered a corporate person under Indian law? a) Housing company b) Banking company c) Partnership firm d) Limited Liability Partnership e) All of the above Ans. c. Partnership Firm, Explanation: A partnership firm is not regarded as a corporate person. Unlike corporations, partnership firms do not have an independent legal identity apart from their partners. Instead, they represent a group of individuals who have come together through a partnership agreement to conduct business. Although partnership firms can undertake contractual obligations and participate in business ventures, they do not possess the distinct legal personality or limited liability characteristic of corporate entities. Therefore, partnership firms are not categorized as corporate persons. 14 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 48. What does the term Counterfeit mean? a) Making a genuine copy of an item b) Creating a similar item for lawful purposes c) Distinguishing between two identical objects d) Identifying original items for authentication purposes e) Producing a replica with the intention to deceive or knowing it might cause deception Ans. e. Producing a replica with the intention to deceive or knowing it might cause deception, Explanation: IPC Section 28. ''Counterfeit'': A person is said to "counterfeit" who causes one thing to resemble another thing, intending by means of that resemblance to practise deception, or knowing it to be likely that deception will thereby be practised. 49. A says— "Z is an honest man; he never stole B's watch"; intending to cause it to be believed that Z did steal B's watch. This is an example of which offense? a) Forgery b) Allegation c) Defamation d) Criminal insult e) Conspiracy Ans. c. Defamation, Explanation: IPC Section 499. Defamation: Whoever, by words either spoken or intended to be read, or by signs or by visible representations, makes or publishes any imputation concerning any person intending to harm, or knowing or having reason to believe that such imputation will harm, the reputation of such person, is said, except in the cases hereinafter excepted, to defame that person. Illustrations (a) A says— "Z is an honest man; he never stole B's watch"; intending to cause it to be believed that Z did steal B's watch. This is defamation, unless it fall within one of the exceptions. 50. According to the Right to Information Act, what is the duty of every Central Public Information Officer or State Public Information Officer? a) To deny all requests for information if they are deemed reasonable b) To only provide information if it is in the best interest of the government c) To deal with requests from persons seeking information and render reasonable assistance to them d) To only provide information if approved by the First Appellate Authority e) All b c & d Ans. c. To deal with requests from persons seeking information and render reasonable assistance to them, Explanation: Section 5. Designation of Public Information Officers (3) Every Central Public Information Officer or State Public Information Officer, as the case may be, shall deal with requests from persons seeking information and render reasonable assistance to the persons seeking such information. 51. Under the Right to Information Act, which of the following types of information is exempted from disclosure? a) Information harming the competitive position of a third party b) Information, causing a breach of privilege of Parliament or the State Legislature c) Cabinet papers, including records of deliberations of the Council of Ministers d) Information relating to personal information that would cause unwarranted invasion of privacy e) All of the above 15 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper Ans. e. All the above, Explanation: Section 8. Exemption from disclosure of information: (1) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen: (a) information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence; (b) information which has been expressly forbidden to be published by any court of law or tribunal or the disclosure of which may constitute contempt of court; (c) information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature; (d) information including commercial confidence, trade secrets or intellectual property, the disclosure of which would harm the competitive position of a third party, unless the competent authority is satisfied that larger public interest warrants the disclosure of such information; (e) information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information; (f) information received in confidence from foreign Government; (g) information, the disclosure of which would endanger the life or physical safety of any person or identify the source of information or assistance given in confidence for law enforcement or security purposes; (h) information which would impede the process of investigation or apprehension or prosecution of offenders; (i) cabinet papers including records of deliberations of the Council of Ministers, Secretaries and other officers: Provided that the decisions of Council of Ministers, the reasons thereof, and the material on the basis of which the decisions were taken shall be made public after the decision has been taken, and the matter is complete, or over: Provided further that those matters which come under the exemptions specified in this section shall not be disclosed; (j) information which relates to personal information the disclosure of which has no relationship to any public activity or interest, or which would cause unwarranted invasion of the privacy of the individual unless the Central Public Information Officer or the State Public Information Officer or the appellate authority, as the case may be, is satisfied that the larger public interest justifies the disclosure of such information: Provided that the information which cannot be denied to the Parliament or a State Legislature shall not be denied to any person 52. The directors of a company can borrow money exceeding paid up share capital and free reserves by ____________ a) Board resolution b) Passing a special resolution c) Passing an ordinary resolution d) Informing the other directors e) Both a & d Ans. b. Passing a special resolution, Explanation: Section 180. Restrictions on powers of Board: (1) The Board of Directors of a company shall exercise the following powers only with the consent of the company by a special resolution, namely:— (c) to borrow money, where the money to be borrowed, together with the money already borrowed by the company will exceed aggregate of its paid-up share capital, free reserves and securities premium , apart from temporary loans obtained from the company’s bankers in the ordinary course of business 53. Which of the following is the correct timing for stamping a document, as per the Stamp Act? a) After registration b) Within 90 days of execution c) Within 30 days of execution d) At any time before execution e) Before the instrument is put to use 16 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper Ans. e. Before the instrument is put to use, Explanation: Section 17. Instrument executed in India: All instruments chargeable with duty and executed by any person in India shall be stamped before or at the time of execution. 54. The Industrial dispute Act fourth schedule lays down provisions relating to ___________ a) Matters within the jurisdiction of Labour Courts b) Matters within the jurisdiction of Industrial Tribunals c) Conditions of service for change of which notice is to be given d) Industries which may be declared to be public utility services under sub-clause (vi) of clause (n) of section 2 e) None of the above Ans. c. Conditions of service for change of which notice is to be given, Explanation: The Fourth Schedule (see section 9a) conditions of service for change of which notice is to be given. 55. Which of the following describes a judgment-debtor? a) Someone who is filing an appeal b) Someone who is enforcing a decree c) Someone who owes money to the court d) Someone against whom suit is dismissed e) Someone against whom a decree has been passed Ans. e. Someone against whom a decree has been passed, Explanation: CPC Section 2 Definitions (10) "judgment-debtor" means any person against whom a decree has been passed or an order capable of execution has been made. 56. What type of resolution is required to be passed by a one-person company in order to borrow money? a) Board resolution b) General resolution c) Ordinary resolution d) Executive resolution e) Shareholder resolution Ans. a. Board Resolution, Explanation: Companies Act Section 179. Powers of Board (3) The Board of Directors of a company shall exercise the following powers on behalf of the company by means of resolutions passed at meetings of the Board, namely:— (a) to make calls on shareholders in respect of money unpaid on their shares ; (b) to authorise buy-back of securities under section 68; (c) to issue securities, including debenture , whether in or outside India; (d) to borrow monies; (e) to invest the funds of the company; (f) to grant loans or give guarantee or provide security in respect of loans; (g) to approve financial statement and the Board’s report; (h) to diversify the business of the company; (i) to approve amalgamation, merger or reconstruction; (j) to take over a company or acquire a controlling or substantial stake in another company; (k) any other matter which may be prescribed. 57. Under the Hindu Succession Act, if an intestate has left no qualified heir to succeed to their property, what happens to the property? a) It remains unclaimed b) It is auctioned off to the highest bidder c) It is transferred to the state government d) It is distributed among distant relatives e) It is divided equally among all the neighbors Ans. c. It is transferred to the state government, Explanation: Escheat Section 26 Failure of heirs— If an intestate has left no heir qualified to succeed to his or her property in accordance with the provisions of this Act, such property shall devolve on the Government; and the Government shall 17 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper take the property subject to all the obligations and liabilities to which an heir would have been subject. 58. The instrument of transfer of shares is required to be_________ a) Signed by witnesses b) Duly stamped and executed by or on behalf of the transferor c) Duly stamped and executed by or on behalf of the transferee d) Duly stamped, dated and executed by or on behalf of the transferor and the transferee e) None of the above Ans. d. Duly stamped, dated and executed by or on behalf of the transferor and the transferee, Explanation: Section 56.Transfer and transmission of securities: (1) A company shall not register a transfer of securities of the company, or the interest of a member in the company in the case of a company having no share capital, other than the transfer between persons both of whose names are entered as holders of beneficial interest in the records of a depository, unless a proper instrument of transfer, in such form as may be prescribed, duly stamped, dated and executed by or on behalf of the transferor and the transferee and specifying the name, address and occupation, if any, of the transferee has been delivered to the company by the transferor or the transferee within a period of sixty days from the date of execution, along with the certificate relating to the securities, or if no such certificate is in existence, along with the letter of allotment of securities. 59. As per the Competition Act there shall be an abuse of dominant position if an enterprise or a group _______________ a) Directly or indirectly, imposes unfair or discriminatory condition in purchase or sale of goods or service b) Directly or indirectly, imposes unfair or discriminatory price in purchase or sale (including predatory price) of goods or service c) Limits or restricts production of goods or provision of services or market therefor d) All a b & c e) Both a & b Ans. d. All a b & c, Explanation: Section 4 Abuse of dominant position: (2) There shall be an abuse of dominant position under sub-section (1), if an enterprise or a group—- (a) directly or indirectly, imposes unfair or discriminatory— (i) condition in purchase or sale of goods or service; or (ii) price in purchase or sale (including predatory price) of goods or service. (b) limits or restricts— (i) production of goods or provision of services or market therefor; or (ii) technical or scientific development relating to goods or services to the prejudice of consumers; or (c) indulges in practice or practices resulting in denial of market access in any manner; or (d) makes conclusion of contracts subject to acceptance by other parties of supplementary obligations which, by their nature or according to commercial usage, have no connection with the subject of such contracts; or (e) uses its dominant position in one relevant market to enter into, or protect, other relevant market. 60. As per the Banking Regulation Act which of the following statements relating to the acquisition of qualification shares by managing directors of a banking company is true? a) Managers of banking companies are required to acquire shares immediately upon appointment b) Managers of banking companies are exempted from holding qualification shares c) Managers of banking companies must acquire shares within one month of appointment d) Managers of banking companies must acquire shares within six months of appointment e) Managers of banking companies must acquire shares within one year of appointment 18 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper Ans. b. Managers of banking companies are exempted from holding qualification shares, Explanation: Section 10C. Chairman and certain directors not to be required to hold qualification shares: A chairman of the Board of directors who is appointed on a whole-time basis or a managing director] of a banking company (by whomsoever appointed) and a director of a banking company (appointed by the Reserve Bank under section 10A) shall not be required to hold qualification shares in the banking company. 19 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call) IBPS SO Law 2023 Mains Previous Year Paper 20 ixamBee Offers Online Course for Preparation For SEBI, SBI, RBI, IBPS SO,NABARD exam For Free Demo, visit www.ixamBee.com or Contact us at 9205524028 (SMS/WhatsApp/call)