BFM A - Unit 2 - Motivational Banker
1. Which of the following is an FATF compliant country?

Question 1 of 31

2. Form 1 refers to:

Question 2 of 31

3. Which of the following is not a permissible purpose for grant of loans by a resident to NRI?

Question 3 of 31

4. The resident individual having invested in the Overseas subsidiary should be allotted shares within a maximum period of

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5. What is the permissible ceiling for a resident individual making investments made (under LRS) out of balances in the RFC accounts?

Question 5 of 31

6. Which of the following best describes a capital account transaction according to the Foreign Exchange Management Act 1999 (FEMA)?

Question 6 of 31

7. What type of transaction falls under the definition of a current account transaction as per FEMA?

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8. According to FEMA, which of the following is NOT considered a capital account transaction?

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9. According to Section 4 of FEMA, which of the following is NOT permitted for resident individuals?

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10. What does Section 6 of FEMA primarily deal with?

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11. According to Section 10 (6) of FEMA, what action might be taken against a person who fails to utilize foreign exchange for the purpose it was availed?

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12. What is the main authority provided to RBI under Section 11 of FEMA?

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13. According to Section 13 of FEMA, what is the penalty for contraventions of the Act where the amount involved is not quantifiable?

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14. According to the operational guidelines for LRS, what is the overall limit for permissible transactions per financial year?

Question 14 of 31

15. Under LRS, what is the requirement for citizens of foreign states residing in India for specified durations to be eligible for remittances?

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16. What action is required for remittances exceeding the LRS limits?

Question 16 of 31

17. What is the maximum amount of cash that can be accepted towards release of exchange for private visits to any country (other than Nepal & Bhutan) under LRS?

Question 17 of 31

18. For travelers proceeding to Iraq and Libya, what is the maximum amount of foreign exchange that may be released in the form of foreign currency notes?

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19. What is the time limit for surrendering unutilized foreign exchange to the Authorized Dealer (AD) after returning to India?

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20. Which of the following individuals is excluded from the definition of "relative" for gifting under the Companies Act, 2013?

Question 20 of 31

21. According to the guidelines, under what condition can foreign exchange beyond USD 250,000 be released for emigration purposes?

Question 21 of 31

22. What is the maximum amount of foreign exchange that Authorised Dealers may release for medical treatment abroad without requiring an estimate from a hospital/doctor?

Question 22 of 31

23. What is the maximum amount of foreign exchange that may be released for studies abroad after obtaining admission in an Overseas University?

Question 23 of 31

24. What is the threshold for Tax Collected at Source (TCS) on foreign remittance under the Liberalized Remittance Scheme (LRS)?

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25. What is the rate of Tax Collected at Source (TCS) applicable on remittances under the Liberalized Remittance Scheme (LRS) when the threshold is exceeded?

Question 25 of 31

26. Under which circumstance is the Tax Collected at Source (TCS) rate 0.5% on remittances under the Liberalized Remittance Scheme (LRS)?

Question 26 of 31

27. What is the rate of Tax Collected at Source (TCS) on incremental remittances beyond the threshold under the Liberalized Remittance Scheme (LRS)?

Question 27 of 31

28. Under the Liberalized Remittance Scheme (LRS), resident individuals are permitted to make remittances to International Financial Services Centres (IFSCs) for:

Question 28 of 31

29. What is the permissible duration for funds to remain idle in a non-interest-bearing Foreign Currency account (FCA) opened in IFSCs under the Liberalized Remittance Scheme (LRS)?

Question 29 of 31

30. Under the Liberalized Remittance Scheme (LRS), a resident individual can make Overseas Direct Investments (ODI) in equity shares and compulsorily convertible preference shares of a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) outside India. Which of the following activities is prohibited for direct investments?

Question 30 of 31

31. What is the maximum overall limit for all purposes put together, per financial year, for remittances under the Liberalized Remittance Scheme (LRS) in the context of Overseas Direct Investments (O

Question 31 of 31