240+ Export Import Procedures and Documentation Solved MCQs

Chapters

Chapter: Unit 1
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. This policy focuses on boosting exports and creating jobs while supporting the Centre’s Make In India and Digital India' programs.

B. The new policy is to create architecture for the Indian economy so that it can gain global competitiveness and promote the diversification of Indian export.

C. The policy is to move towards paperless working in 24x7 environments.

D. The policy comes at a time when export growth contracted 15 percent in February 2014-15, reporting a negative growth for the third consecutive month.

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)
Chapter: Unit 2
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
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