240+ Export Import Procedures and Documentation Solved MCQs

These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Business Administration (MBA) .

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201.	Full form of OBU is
A.	Offshore Banking Units
B.	Offshore Business Units
C.	Overseas Business Units
D.	None of the above
Answer» A. Offshore Banking Units

discuss

202.	License holder shall furnish following details of material being imported
A.	Specifications
B.	Technical Characteristics
C.	Pricing
D.	All of the Above
Answer» D. All of the Above

discuss

203.	Special Economic Zones were created to
A.	Boost manufacturing
B.	Augment exports
C.	Generate employment
D.	All of the above
Answer» D. All of the above

discuss

204.	The geographically distributed area or zone where the economic laws are more liberal as compared to other parts of the country is called
A.	EOU
B.	SEZ
C.	AEZ
D.	FTZ
Answer» B. SEZ

discuss

205.	The importability or otherwise of a specified commodity into India is determined by
A.	Foreign trade (Regulation ) Rules Act
B.	Foreign Trade (Regulation and Development) Act
C.	Imports and Exports (Control) Act
D.	Foreign Trade (Exemption) Rules Act
Answer» B. Foreign Trade (Regulation and Development) Act

discuss

206.	Which of the following is an example of intellectual property ?
A.	Trademarks
B.	Textiles
C.	Electronics equipment
D.	Computer hardware
Answer» A. Trademarks

discuss

207.	The period of time permitted for the fulfillment of the export obligation under EPCG is
A.	5 years
B.	8 years
C.	7 years
D.	10 years
Answer» B. 8 years

discuss

208.	The notice for claim under the carriage of goods by rail is to be made within
A.	3 months
B.	4 months
C.	5 months
D.	6 months
Answer» D. 6 months

discuss

209.	The area where the goods are permitted to be imported and re-exported without any processing in the same form is called
A.	Export Processing Zone
B.	Free Trade Zone
C.	Special Economic Zone
D.	Agri Export Zone
Answer» B. Free Trade Zone

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210.	What is the mode adopted by EIC for the purpose of inspection of good
A.	Consignment to consignment
B.	in process quality
C.	Self certification
D.	All of the above.
Answer» D. All of the above.

discuss

211.	Is arbitration a vehicle of dispute resolution in which parties to a contract selects a neutral arbitrator (or a panel of arbitrators) to present their dispute for a legally binding ruling.
A.	Yes
B.	No
C.	Can’t say
D.	all
Answer» A. Yes

discuss

212.	An OBU set up in SEZ by a bank in India is subject to
A.	No Capital Adequacy Norms
B.	No prudential Accounting Norms
C.	No CRR/SLR stipulation of RBI
D.	No restrictions from Govt of India
Answer» D. No restrictions from Govt of India

discuss

213.	The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is
A.	Replenishment licence.
B.	Duty remission scheme
C.	Duty exemption scheme
D.	Duty free replenishment certificate
Answer» B. Duty remission scheme

discuss

214.	The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is
A.	Export Promotion Capital Goods
B.	Export Credit Guarantee
C.	Duty Free Replenishment
D.	Duty Entitlement Passbook
Answer» D. Duty Entitlement Passbook

discuss

215.	"Services" include all the -------- tradable services covered under the General Agreement on Trade in Services where payments for such services are received in free foreign exchange
A.	161
B.	150
C.	139
D.	none
Answer» A. 161

discuss

216.	The --------are also eligible for the facility of EOU/EPZ/ EHTP/STP scheme.
A.	service providers
B.	CHA
C.	Bankers
D.	none
Answer» A. service providers

discuss

217.	If the CIF value of the consignment imported does not exceed----------------, the relative Bill of Entry is required to be filed by the registered courier service.
A.	Rs.200000
B.	Rs.300000
C.	Rs.100000
D.	all
Answer» C. Rs.100000

discuss

218.	If the CIF value is ----------------or more, importers are to file separate B/E as in the case of other imports
A.	Rs.100000
B.	Rs.200000
C.	Rs.300000
D.	all
Answer» A. Rs.100000

discuss

219.	Import of -----------------is allowed without payment of Customs duty under the Baggage Rules, 1994.
A.	Medical Equipment by Indian Doctors and Professionals
B.	Arms & ammunition
C.	Personal use goods
D.	none
Answer» A. Medical Equipment by Indian Doctors and Professionals

discuss

220.	Import of free gifts and relief supplies by certain organizations/institutions e.g. Indian Red Cross Society, National Defense Fund is allowed
A.	False
B.	True
C.	all
D.	none
Answer» B. True

discuss

221.	Bona fide technical and trade samples of items, even those in the restricted in ITC(HS)Classifications of Export and Import items is allowed without a license for a value not more than Rs. 1 lakh(CIF)
A.	True
B.	False
C.	all
D.	none
Answer» A. True

discuss

222.	Duty Drawback is given only, if the in house cost of production is -------in relation to international price.
A.	Higher
B.	Lower
C.	Same
D.	none
Answer» A. Higher

discuss

223.	The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC.
A.	Makes payment
B.	Guarantees
C.	all
D.	none
Answer» B. Guarantees

discuss

224.	For setting up a manufacturing, trading or service units in SEZ, ------------ copies of consolidated application & project proposal in the format prescribed at 'Form F' of the SEZ Rules, 2006 to be submitted to the Development Commissioner (DC) of the SEZ.
A.	10
B.	05
C.	50
D.	All above
Answer» B. 05

discuss

225.	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

discuss

226.	MEIS scheme actually is-
A.	Marine Export from India scheme
B.	Mining products Export from India scheme
C.	Merchandise Exports from India Scheme
D.	all
Answer» C. Merchandise Exports from India Scheme

discuss

227.	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.	all
Answer» C. 75%

discuss

228.	EOUs have been ---------------facility to set up Warehouses near the port of export.
A.	Allowed
B.	Disallowed
C.	all
D.	none
Answer» A. Allowed

discuss

229.	The prevailing Pre shipment Interest rate is-------------.
A.	14%
B.	18%
C.	10%
D.	none
Answer» A. 14%

discuss

230.	The current Post shipment Interest rate is -------------
A.	14%
B.	18%
C.	15%
D.	none
Answer» C. 15%

discuss

231.	Insurance for domestic business is same as for exports.
A.	Yes
B.	No
C.	Can’t say
D.	all
Answer» A. Yes

discuss

232.	Exporter has to bear most of commercial risk.
A.	Yes
B.	No
C.	Can’t say
D.	all
Answer» A. Yes

discuss

233.	FEMA is civil law unlike FERA.
A.	No
B.	Can’t say
C.	Yes
D.	all
Answer» C. Yes

discuss

234.	EOU can be located anywhere in the country.
A.	No
B.	Can’t say
C.	Yes
D.	all
Answer» C. Yes

discuss

235.	There is no min limit for setting up EOU.
A.	No
B.	Yes
C.	Can’t say
D.	all
Answer» B. Yes

discuss

236.	We can sell 80 % of the produce in the DTA from an EOU.
A.	Yes
B.	No
C.	Can’t say
D.	all
Answer» A. Yes

discuss

237.	License is required for imports for SEZ units.
A.	Yes
B.	No
C.	Can’t say
D.	all
Answer» A. Yes

discuss

238.	Trade Related Investment Measures (TRIMS) doesn’t apply for
A.	Measures that affect trade in goods.
B.	Measures that lead to restrictions on quantities.
C.	Discouraging measures that limit a company’s imports.
D.	Discouraging measures that limit a company’s exports.
Answer» B. Measures that lead to restrictions on quantities.

discuss

239.	General Agreement on Trade in Services will not be applicable to
A.	Services supplied from one country to another – cross border supply
B.	Transaction of goods across the border – Export Import
C.	Individuals traveling from own country to supply services in another – presence of natural persons.
D.	Consumers/firms making use of a service in another country – consumption abroad.
Answer» B. Transaction of goods across the border – Export Import

discuss

240.	As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider
A.	Direct payments to farmers are permitted.
B.	Indirect assistance and support to farmers including R & D support by govt. are not permitted.
C.	Domestic policies which directly effect on production and trade have to be cut back.
D.	Least developed countries do not need to make any cuts.
Answer» A. Direct payments to farmers are permitted.

discuss

241.	The limit of holdings by Individual Foreign Institutional Investors in a Company has been raised from 5 to 10 % of the company’s shares, while the aggregate limit has been increased from 24 to 34 %.
A.	True
B.	False
C.	all
D.	none
Answer» A. True

discuss

242.	Quantitative restrictions refer to limit set by countries to curb
A.	Imports
B.	Exports
C.	Imports & exports
D.	None of the above
Answer» C. Imports & exports

discuss

243.	A Most Favored nation status doesn’t necessarily refer to
A.	Same and equal economic treatment
B.	Non-discriminatory treatment
C.	Same tariff rates applicable
D.	Uniform civil code
Answer» D. Uniform civil code

discuss

244.	The world trade organization was formed in the year _________ with GATT as it basis.
A.	1993
B.	1994
C.	1995
D.	1996
Answer» C. 1995

discuss

245.	Power distance Index (PDI) of 77 compared to a world average of 56.5 for India indicates
A.	High level of inequality of power and wealth within the society
B.	Low level of inequality of power and wealth within the society
C.	High level of Political corruption
D.	Low level of Human development Index
Answer» A. High level of inequality of power and wealth within the society

discuss

246.	Specific cultural dimensions that does not have a significant impact on cross-national business interactions is
A.	Hofstede’s five cultural dimensions
B.	Monochromatic vs polychromatic tune
C.	Communication
D.	Geography
Answer» D. Geography

discuss

240+ Export Import Procedures and Documentation Solved MCQs

Full form of OBU is

License holder shall furnish following details of material being imported

Special Economic Zones were created to

The geographically distributed area or zone where the economic laws are more liberal as compared to other parts of the country is called

The importability or otherwise of a specified commodity into India is determined by

Which of the following is an example of intellectual property ?

The period of time permitted for the fulfillment of the export obligation under EPCG is

The notice for claim under the carriage of goods by rail is to be made within

The area where the goods are permitted to be imported and re-exported without any processing in the same form is called

What is the mode adopted by EIC for the purpose of inspection of good

Is arbitration a vehicle of dispute resolution in which parties to a contract selects a neutral arbitrator (or a panel of arbitrators) to present their dispute for a legally binding ruling.

An OBU set up in SEZ by a bank in India is subject to

The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is

The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is

"Services" include all the -------- tradable services covered under the General Agreement on Trade in Services where payments for such services are received in free foreign exchange

The --------are also eligible for the facility of EOU/EPZ/ EHTP/STP scheme.

If the CIF value of the consignment imported does not exceed----------------, the relative Bill of Entry is required to be filed by the registered courier service.

If the CIF value is ----------------or more, importers are to file separate B/E as in the case of other imports

Import of -----------------is allowed without payment of Customs duty under the Baggage Rules, 1994.

Import of free gifts and relief supplies by certain organizations/institutions e.g. Indian Red Cross Society, National Defense Fund is allowed

Bona fide technical and trade samples of items, even those in the restricted in ITC(HS)Classifications of Export and Import items is allowed without a license for a value not more than Rs. 1 lakh(CIF)

Duty Drawback is given only, if the in house cost of production is -------in relation to international price.

The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC.

For setting up a manufacturing, trading or service units in SEZ, ------------ copies of consolidated application & project proposal in the format prescribed at 'Form F' of the SEZ Rules, 2006 to be submitted to the Development Commissioner (DC) of the SEZ.

The New Foreign Trade Policy for the period 2015 to 2020 was announced by the government on the-------------

MEIS scheme actually is-

Specific export requirements under the EPCG scheme have been reduced from 90% of normal amount consideration to --------------of the normal amount consideration.

EOUs have been ---------------facility to set up Warehouses near the port of export.

The prevailing Pre shipment Interest rate is-------------.

The current Post shipment Interest rate is -------------

Insurance for domestic business is same as for exports.

Exporter has to bear most of commercial risk.

FEMA is civil law unlike FERA.

EOU can be located anywhere in the country.

There is no min limit for setting up EOU.

We can sell 80 % of the produce in the DTA from an EOU.

License is required for imports for SEZ units.

Trade Related Investment Measures (TRIMS) doesn’t apply for

General Agreement on Trade in Services will not be applicable to

As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider

The limit of holdings by Individual Foreign Institutional Investors in a Company has been raised from 5 to 10 % of the company’s shares, while the aggregate limit has been increased from 24 to 34 %.

Quantitative restrictions refer to limit set by countries to curb

A Most Favored nation status doesn’t necessarily refer to

The world trade organization was formed in the year _________ with GATT as it basis.

Power distance Index (PDI) of 77 compared to a world average of 56.5 for India indicates

Specific cultural dimensions that does not have a significant impact on cross-national business interactions is