Chapters
1. |
Market Development Assistance is given to Exporters having annual Export turnover uptoRs.________. |
A. | 5 Crs |
B. | 6 Crs |
C. | 8 Crs |
D. | 7Crs |
Answer» A. 5 Crs |
2. |
The major functions of Export Promotion Council (EPC) are to- |
A. | Provide commercial information, Organize trade fairs, exhibitions , Promote interaction between trade and Government |
B. | Provide commercial information , Organize trade fairs, exhibitions , Bail out exporters in case of losses |
C. | None of the above |
D. | Can’t say |
Answer» A. Provide commercial information, Organize trade fairs, exhibitions , Promote interaction between trade and Government |
3. |
______ refers to the policy measures adopted by a country with reference to its exports and imports. |
A. | EXIM policy |
B. | Economic policy |
C. | Fiscal policy |
D. | Monetary policy |
Answer» A. EXIM policy |
4. |
What does EXIM policy controls? |
A. | Only Exports |
B. | Only Imports |
C. | Both |
D. | Can’t say |
Answer» C. Both |
5. |
Who heads the department of import export in India? |
A. | GOI |
B. | DGFT |
C. | WTO |
D. | None of the above |
Answer» B. DGFT |
6. |
When was the 1st EXIM policy defined? |
A. | 1962 |
B. | 1991 |
C. | 1974 |
D. | Can’t say |
Answer» A. 1962 |
7. |
Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if - |
A. | It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
B. | It is 4 times the duty saved on capital goods , It is fulfilled within 24 years for issuance of license , Initial 5% custom duty has been paid |
C. | None of the above |
D. | Can’t say |
Answer» A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
8. |
Conservation of the foreign exchange resources is the main objective of |
A. | Exchange control Regulations |
B. | EXIM policy |
C. | Economic policy |
D. | Fiscal Policy |
Answer» A. Exchange control Regulations |
9. |
Deemed export benefits are sanctioned by DGFT without claims. |
A. | False |
B. | true |
C. | Can’t say |
D. | none |
Answer» B. true |
10. |
Where the headquarters of DGFT is situated? |
A. | Mumbai |
B. | Ahemadabad |
C. | New Delhi |
D. | Kanpur |
Answer» C. New Delhi |
11. |
Objective of Foreign Trade Policy is to: |
A. | Double our Share in Global Market within next 5 years |
B. | Double our Share in Global Market within next 10 years |
C. | None of the above |
D. | Can’t say |
Answer» A. Double our Share in Global Market within next 5 years |
12. |
Under International Trade Agreements India is required to |
A. | Eliminate Quantitative restrictions on imports |
B. | Eliminate Qualitative restrictions on imports |
C. | None of the above |
D. | Can’t say |
Answer» A. Eliminate Quantitative restrictions on imports |
13. |
DGFT may issue Advanced License, where SION does not exists, based on self declaration, based on :- |
A. | Undertaking by the applicant , Final adjustments as per adhoc SION , Adhoc norms fixed category |
B. | Final adjustments as per adhoc SION , Adhoc norms fixed category , Track record of exporter |
C. | None of the above |
D. | Can’t say |
Answer» A. Undertaking by the applicant , Final adjustments as per adhoc SION , Adhoc norms fixed category |
14. |
Import of Capital Goods is allowed for |
A. | Jigs , Fixtures , Dies |
B. | Jigs , Fixtures , Machinery |
C. | None of the above |
D. | Can’t say |
Answer» B. Jigs , Fixtures , Machinery |
15. |
Market Access Initiatives is not available for |
A. | conducting market studies |
B. | participation in international trade fairs |
C. | testing charges for engineering products |
D. | none of the above |
Answer» D. none of the above |
16. |
Export Promotion Capital Goods Scheme allows import of capital goods Free of import duty |
A. | With concessional duty of 5 per cent with no export obligation |
B. | With concessional duty of 5 per cent with export obligation 8 times the duty saved |
C. | With concessional duty of 5 per cent with export obligation 8 times the import made |
D. | none |
Answer» C. With concessional duty of 5 per cent with export obligation 8 times the import made |
17. |
Geographical indications specifies |
A. | Place of origin of goods |
B. | Special characteristics of the product associated with place of origin |
C. | Place and special characters of the product |
D. | Place or special characters of the product |
Answer» C. Place and special characters of the product |
18. |
Import of capital goods under EPCG scheme is subject to |
A. | Terms and conditions of agreement |
B. | Conditions of law of exporting country |
C. | Actual user condition |
D. | Conditions of law of importing country |
Answer» C. Actual user condition |
19. |
The export proceeds shall be realized in |
A. | Any foreign currency |
B. | Non- convertible currency |
C. | Convertible currency |
D. | Home currency only |
Answer» C. Convertible currency |
20. |
EXIM Licensing is a________ function of Board of Trade under Foreign Trade Policy |
A. | Statutory |
B. | Regulatory |
C. | Redressal |
D. | Promotional |
Answer» B. Regulatory |
21. |
An important feature of Export License under which certain goods can be imported only by designated agencies. For an example, an item like gold, in bulk, can be imported only by specified banks like SBI and some foreign banks or designated agencies. |
A. | Canalization |
B. | Cannibalization |
C. | Status Holders |
D. | None of the above |
Answer» A. Canalization |
22. |
The Director General of Foreign trade is appointed by |
A. | Central Government |
B. | State Government |
C. | Ministry of commerce |
D. | Chief justice of the Supreme Court |
Answer» C. Ministry of commerce |
23. |
To arrest and reverse the declining trend of exports and to provide additional support especially to those sectors which have been hit badly by recession in the developed world is the short objective of. |
A. | 1992- 1997 policy |
B. | 2002-2007 policy |
C. | 1997-2002 policy |
D. | 2009-2014 policy |
Answer» D. 2009-2014 policy |
24. |
To double India's percentage share of global merchandise trade is the objective of. |
A. | 1992- 97 policy |
B. | 1997-02 policy |
C. | 2002-07 policy |
D. | 2009-14 policy |
Answer» D. 2009-14 policy |
25. |
The foreign Trade (Regulation) Rules was passed in the year |
A. | 1991 |
B. | 1992 |
C. | 1993 |
D. | 1994 |
Answer» C. 1993 |
26. |
Foreign Trade Policy is a set of guidelines and instructions established by the |
A. | DGFT |
B. | MSME |
C. | Govt. of India |
D. | none |
Answer» A. DGFT |
27. |
In India importers can import capital goods according to |
A. | Terms and conditions of agreement |
B. | Conditions of law of exporting country |
C. | Actual user condition |
D. | Conditions of law of importing country |
Answer» C. Actual user condition |
28. |
Trade Policy is prepared and announced by the |
A. | DGFT |
B. | MSME |
C. | Govt. of India |
D. | Ministry of Commerce |
Answer» D. Ministry of Commerce |
29. |
Time limit for re-import of exported gems and jewellery items in India is- |
A. | 60 days |
B. | 70 days |
C. | 90 days |
D. | none |
Answer» C. 90 days |
30. |
Permission for duty free import of samples by exporters is- |
A. | 15 |
B. | 45 |
C. | 50 |
D. | none |
Answer» C. 50 |
31. |
Conversion of Shipping Bills from one Export Promotion scheme to other scheme has been allowed within |
A. | Within 1 month |
B. | Within 3 months |
C. | Within 2 months |
D. | none |
Answer» B. Within 3 months |
32. |
There are at present -----------Export Promotion Councils under the administrative control of the Department of Commerce |
A. | 10 |
B. | 11 |
C. | 12 |
D. | none |
Answer» B. 11 |
33. |
Commodity Boards act as an interface between international agencies like etc |
A. | ITC |
B. | FAO |
C. | Both |
D. | none |
Answer» C. Both |
34. |
MPEDA refers to- |
A. | Marine Products Export Development Authority |
B. | Mining Products Export Development Authority |
C. | Meat Products Export Development Authority |
D. | none |
Answer» A. Marine Products Export Development Authority |
35. |
RCMC is a registration certificate granted by --------as prescribed by Foreign Trade Policy to an exporting unit |
A. | Export Promotion Council |
B. | Commodity Board |
C. | Development Authority |
D. | All above |
Answer» D. All above |
36. |
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 |
Answer» A. 1st of April 2015 |
37. |
MEIS scheme actually is- |
A. | Marine Export from India scheme |
B. | Mining products Export from India scheme |
C. | Merchandise Exports from India Scheme |
D. | none |
Answer» C. Merchandise Exports from India Scheme |
38. |
As per the MEIS scheme, the export promotion reward ------------- shall be issued to exporters without any attached conditions on the basis of realised FOB value provided they pertain to goods notified for the scheme by the government. |
A. | scrips |
B. | schemes |
C. | all |
D. | none |
Answer» A. scrips |
39. |
MEIS benefits have also been extended to all -------------other than free trade warehousing units. |
A. | large industries |
B. | SEZ units |
C. | all |
D. | none |
Answer» B. SEZ units |
40. |
As per the new trade policy, the previously existing Served From India Scheme (SFIS) has been scrapped, in its place the ------------------------------ scheme has been announced. |
A. | Services Export from India (SEIS) |
B. | Marine Export from India |
C. | all |
D. | none |
Answer» A. Services Export from India (SEIS) |
41. |
Eligible exporters shall be issued rewards in the form of duty credit scrips based on the net foreign exchange earned |
A. | SEIS |
B. | MEIS |
C. | Both |
D. | none |
Answer» C. Both |
42. |
The reward scrips themselves and any goods purchased by utilising these scrips are --------------------------by the companies without any restrictions. |
A. | non-transferable |
B. | freely transferable |
C. | all |
D. | none |
Answer» B. freely transferable |
43. |
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. | none |
Answer» C. 75% |
44. |
Premier Trading House certificate has been changed to-------------- |
A. | Five Star Export house |
B. | Four Star Export house |
C. | all |
D. | none |
Answer» A. Five Star Export house |
45. |
EOUs have been ---------------facility to set up Warehouses near the port of export. |
A. | Allowed |
B. | Disallowed |
C. | all |
D. | none |
Answer» A. Allowed |
46. |
Current EXIM policy is for a period of 3 years |
A. | 3 years |
B. | 5 years |
C. | 10 years |
D. | none |
Answer» B. 5 years |
47. |
FERA and FEMA are one and the same |
A. | Yes |
B. | No |
C. | all |
D. | none |
Answer» B. No |
48. |
Both the FIEO and ITPO have almost -----------objectives |
A. | common |
B. | un-common |
C. | all |
D. | none |
Answer» A. common |
49. |
Trade promotion Organization imparts the -----------information available in foreign markets. |
A. | advanced |
B. | basic |
C. | all |
D. | none |
Answer» B. basic |
50. |
Federation of Indian Exports organization arranges seminars & exhibitions to disseminate information. |
A. | True |
B. | False |
C. | all |
D. | none |
Answer» A. True |
51. |
Shipping Bill/ Bill of Export is the main document required by the Customs Authority for allowing shipment. |
A. | True |
B. | False |
C. | all |
D. | none |
Answer» A. True |
52. |
To improve their international marketing operations ---------- are assisted by the way of trade fairs, buyers -sellers’ meets & market promotion programs. |
A. | Ministers |
B. | Importers |
C. | Exporters |
D. | none |
Answer» C. Exporters |
53. |
Department of Commerce of the Ministry of Commerce and industry is the main organization to ------------and guide India’s foreign trade policy. |
A. | formulate |
B. | dictate |
C. | implement |
D. | none |
Answer» A. formulate |
54. |
--------------examine issues relevant for promotion of India's foreign trade, and the international competitiveness of Indian goods and services. |
A. | Boards of Trade |
B. | DGFT |
C. | Consular |
D. | none |
Answer» A. Boards of Trade |
55. |
Name the two schemes introduced under the new foreign trade policy? Merchandise Export from India Scheme & Services Export from India Scheme |
A. | Services Export from India Scheme & Services Import from India Scheme |
B. | Services Import from India Scheme & Merchandise Export from India Scheme |
C. | Merchandise Import from India Scheme & Services Export from India Scheme |
D. | none |
Answer» A. Services Export from India Scheme & Services Import from India Scheme |
56. |
Consider the following statements about the Foreign Trade Policy 2015-20 unveiled on 1st Apr’15.
|
A. | A & B is correct |
B. | B & C is correct |
C. | A, B & D is correct |
D. | All of the above is correct |
Answer» D. All of the above is correct |
57. |
The Indian Government unveiled the new Foreign Trade Policy 2015-20 on _____. |
A. | 30th Mar 2015 |
B. | 31st Mar 2015 |
C. | 1st April 2015 |
D. | 30th April 2015 |
Answer» C. 1st April 2015 |
58. |
Which is India's first mega coastal economic zone (CEZ)? |
A. | Vizag Port |
B. | Chennai Port |
C. | Jawaharlal Nehru Port |
D. | Indira Gandhi Port |
Answer» C. Jawaharlal Nehru Port |
59. |
The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out what board? |
A. | FIDB |
B. | FIDP |
C. | FIPB |
D. | FIDC |
Answer» C. FIPB |
60. |
Which interactive service, a 24hr channel has DTH provider TATA Sky launched? |
A. | Tata Sky Cars |
B. | Tata Sky Investments |
C. | Tata Sky Beauty |
D. | Tata Sky Movies |
Answer» C. Tata Sky Beauty |
61. |
The Cabinet Committee on Economic Affairs gave its approval for removing the prohibition on the export of what type of items? |
A. | Steel Ingots |
B. | Textiles |
C. | Pulses |
D. | Onions |
Answer» C. Pulses |
62. |
What is the nicotine replacement therapy product Glenmark launched in Nov 2017? |
A. | Quitz |
B. | QuitQik |
C. | Kquitz |
D. | Kwitz |
Answer» D. Kwitz |
63. |
PC shipments in India witnessed what percentage of growth in September 2017 quarter as against the year ago? |
A. | 20.5% |
B. | 19.5% |
C. | 20% |
D. | 50% |
Answer» A. 20.5% |
64. |
RBI Governor Urjit Patel was appointed to which advisory board? |
A. | Financial Stability Institute Advisory Board (FSAB) |
B. | Bank of International Settlement (BIS). |
C. | Federal Reserve (F |
Answer» A. Financial Stability Institute Advisory Board (FSAB) |
65. |
Any person applying for any License of benefit or concession under the foreign Trade Policy will be required to furnish: |
A. | Registration cum Membership Certificate (RCMC) |
B. | Registration cum Membership Certificate (RCMC) |
C. | Certificate of Origin |
D. | None of the above |
Answer» A. Registration cum Membership Certificate (RCMC) |
66. |
The IEC number is issued by the |
A. | Central Government |
B. | State Government |
C. | Director General of Foreign trade |
D. | Ministry of commerce |
Answer» C. Director General of Foreign trade |
67. |
The IEC number is a number with |
A. | 7 digit |
B. | 8 digits |
C. | 9 digits |
D. | 10 digits |
Answer» D. 10 digits |
68. |
Which system is used for classification of export item? |
A. | ITC (HS) |
B. | ITM (LS) |
C. | RCMC |
D. | None of the above |
Answer» A. ITC (HS) |
69. |
What does ITC (HS) stand for? |
A. | Indian trade classifications harmonized system |
B. | Indian Trade Clarification Harmonized system |
C. | Indian Trade Classification Hierarchal system |
D. | None of the above |
Answer» A. Indian trade classifications harmonized system |
70. |
What is a prerequisite for export and import? |
A. | IEC number |
B. | License |
C. | Status |
D. | None of the above |
Answer» A. IEC number |
71. |
What are the bodies exempted from having IEC number? |
A. | Status Holders |
B. | Ministries/Departments of the Central or State Govt |
C. | SEZ’s |
D. | None of the above |
Answer» B. Ministries/Departments of the Central or State Govt |
72. |
How many ways are there to get the IEC code? |
A. | Physical |
B. | Online |
C. | Both |
D. | Can’t Say |
Answer» C. Both |
73. |
Which form is required to be filled for registration? |
A. | Aayat Niyaat form |
B. | Ministries/Departments of the Central or State Govt |
C. | SEZ’s |
D. | None of the above |
Answer» A. Aayat Niyaat form |
74. |
Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if, |
A. | It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
B. | It is 10 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
C. | It is 12 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
D. | none |
Answer» A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
75. |
What is the time of payment in cash in advance? |
A. | Prior to manufacturing or shipping |
B. | Post manufacturing or shipping |
C. | Premium to manufacturing or shipping |
D. | none |
Answer» A. Prior to manufacturing or shipping |
76. |
What is advantage of documentary collection? |
A. | Less costly, tie up with bank not required. |
B. | More safe as payment at the sight of goods or acceptance |
C. | Both of above |
D. | none |
Answer» C. Both of above |
77. |
Which document is used for documentary collection? |
A. | Bill of exchange/ draft |
B. | Usance bill |
C. | Bill of lading |
D. | none |
Answer» A. Bill of exchange/ draft |
78. |
What is the time of payment for documentary collection? |
A. | At the sight of goods or acceptance, as agreed |
B. | At a future date |
C. | Prior to shipping |
D. | none |
Answer» A. At the sight of goods or acceptance, as agreed |
79. |
INCO termswere given by |
A. | International Chamber of Commerce |
B. | Director General of Foreign Trade |
C. | Ministry of Commerce |
D. | none |
Answer» A. International Chamber of Commerce |
80. |
What is the advantage of letter of credit? |
A. | Evens risk between buyer and seller |
B. | Strengthens the role of advising and confirming bank |
C. | Instant payment |
D. | none |
Answer» A. Evens risk between buyer and seller |
81. |
What is revolving L/C? |
A. | The amount becomes available again without issuing another L/C and usually under the same terms and conditions |
B. | Payment is on unconfirmed irrevocable basis |
C. | Payment is on a future date |
D. | none |
Answer» A. The amount becomes available again without issuing another L/C and usually under the same terms and conditions |
82. |
1st incoterms were published in: |
A. | 1936 |
B. | 1954 |
C. | 2000 |
D. | 2012 |
Answer» A. 1936 |
83. |
Incoterms stands for: |
A. | International currency terms |
B. | International commercial terms |
C. | International cooperation terms |
D. | none |
Answer» B. International commercial terms |
84. |
Incoterms define ____ of buyers and sellers in international trade |
A. | Obligation |
B. | Profitability |
C. | Currency convertibility |
D. | none |
Answer» A. Obligation |
85. |
Total incoterms as per 2000? |
A. | 13 |
B. | 9 |
C. | 10 |
D. | 20 |
Answer» A. 13 |
86. |
The customs duty paid for the import of capital goods as per 2009-2014 policy is |
A. | 2 per cent |
B. | 3 per cent |
C. | 5 per cent |
D. | 8 per cent |
Answer» C. 5 per cent |
87. |
The apex body of the Foreign Trade is |
A. | The Central Government |
B. | The State Government |
C. | The Ministry of Commerce |
D. | All the above |
Answer» C. The Ministry of Commerce |
88. |
Bill of Lading is issued by the |
A. | captain of the vessel |
B. | shipping company |
C. | customs authorities |
D. | consignor |
Answer» B. shipping company |
89. |
What does CCIE stand for?. |
A. | Chief Controller of Imports and Exports |
B. | Central Cottage Industries Exports |
C. | Control on Cotton Imports and Exports |
D. | Commissioner of Central Imports and Exports |
Answer» A. Chief Controller of Imports and Exports |
90. |
Foreign Exchange Regulation Act was replaced with The Foreign Exchange Management Act in the Year |
A. | 1973 |
B. | 1991 |
C. | 1995 |
D. | 1999 |
Answer» D. 1999 |
91. |
The objectives of import duty is/are |
A. | to raise income for the government |
B. | to restrict imports |
C. | to encourage exports |
D. | to raise income and restrict imports |
Answer» D. to raise income and restrict imports |
92. |
If a country is having more exports than imports in value terms, it can be said that the country is having |
A. | Deficit under BOP |
B. | Deficit under BOT |
C. | Surplus under BOT |
D. | Surplus under BOP |
Answer» D. Surplus under BOP |
93. |
What does DDP signify in incoterms? |
A. | Duty drawback payment |
B. | Delivery duty paid, all obligations are with seller. |
C. | Duty drawback passbook |
D. | none |
Answer» B. Delivery duty paid, all obligations are with seller. |
94. |
To accelerate exports and encourage technological up gradation, additional Duty Credit Scripts are being given to Status Holders @ ---------of the FOB value of past exports. |
A. | 3% |
B. | 2% |
C. | 1% |
D. | none |
Answer» C. 1% |
95. |
Conversion of Shipping Bills from one Export Promotion scheme to other scheme can be made within ---------- |
A. | three months |
B. | two months |
C. | four months |
D. | none |
Answer» A. three months |
96. |
Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillment of export obligation under Advance Authorization and EPCG Scheme |
A. | without fees |
B. | after payment of applicable excise duty |
C. | all |
D. | none |
Answer» B. after payment of applicable excise duty |
97. |
-----------have now been authorized to issue licences for import of sports weapons by ‘renowned shooters’, on the basis of NOC from the Ministry of Sports & Youth Affairs |
A. | Regional Authorities |
B. | DGFT |
C. | all |
D. | none |
Answer» A. Regional Authorities |
98. |
Automobile industry, having their own R&D establishment, is allowed free import of reference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India. |
A. | 5 KL |
B. | 15 KL |
C. | 25 KL |
D. | none |
Answer» A. 5 KL |
99. |
----------are also the registering authorities under the Export Import Policy |
A. | Export Promotion Councils |
B. | Commodity Boards |
C. | all |
D. | none |
Answer» A. Export Promotion Councils |
100. |
-------------organize participation in trade fairs, exhibitions and buyer-seller meets in India and abroad |
A. | Pro duct development Authorities |
B. | Commodity Boards |
C. | Export Promotion Councils |
D. | none |
Answer» C. Export Promotion Councils |