20 Import Quiz Test
Q.1. What is Foreign Exchange?
Ans: Foreign Exchange: As per the Foreign Exchange Regulation Act. 1947, Section 2(d) “Foreign Exchange” means foreign currency and includes any instrument drawn, accepted, made of issued under clause 13 of Article 16 of the Bangladesh Bank order, 1972, all deposits, credits and balances payable in any foreign currency and any draft, traveller’s cheque. Letter of credit and bill of exchange expressed and drawn in Bangladesh currency but payable in any foreign currency.
Q.2. What is CAMNELS?
Ans: CAMELS means- Capital Adequacy, Asset Quality, Management, Earnings, Liquidity and sensitivity– was created by bank regulatory agencies in the US in 1979. In 1997, a sixth component was added to measure banks’ ‘sensitivity’ to market risk, thereby becoming CAMELS.
Q.3. What is CCI&E?
Ans: Acronym. Definition. CCI&E. Chief Controller of Imports and Exports.
Q.4. What is FEDA?
Q.5. What is LIBOR?
Ans: London Interbank Offered Rate (LIBOR)
Q.6. What is SWIFT?
Ans: The Society for Worldwide Interbank Financial Telecommunication (SWIFT)
Q.7. What is UCPDC?
Ans: Uniform Customs & Practice for Documentary Credit
Q.8. What are the two forms are used for Outward Remittance
of Foreign Currency?
Ans: All forms (IMP & TM) covering remittances effected by the ADs shall be preserved by AD as mentioned in Para 4, Chapter 1(Vol-1). For the disposal of the form IMP, please see Para 31(b), Chapter 7.
Q.10. What are the two forms are used for Inward Remittance
of Foreign Currency?
Ans: Form FMJ, Form-C
Q.11. What is L/C ?
Ans: Central to documentary credit business is the independence of the bank’s undertaking to pay from the underlying contract between the buyer & seller. This means that the bank’s undertaking to pay the beneficiary is not dependent on the seller performing under the contract. The bank’s undertaking to pay is independent on the beneficiary presenting documents, which comply with the terms & conditions of the credit.
Q.12. What is BEPZA ?
Ans: Bangladesh Export Processing Zones Authority (BEPZA)
Q.13. What is URR?
Ans: Uniform Rules for Bank-to-Bank Reimbursements
Q.14. What is URC?
Ans: Uniform Rules For Collection
Q.15. What are the main two type of L/C?
Ans: 1. Irrevocable LC.
2. Revocable LC.
Q.16. What is Nostro and Vostro Account?
Ans: A nostro is our account of our money, held by the other bank and A vostro is our account of other bank money, held by us.
Q.17. What is B.C selling rate?
Ans: BC (selling) rate is applied against the import, which requires some extra work. Therefore the rate represents the bank’s basic TT selling rate plus the costs involved in the handling of documents
Q.18. What is Lodgement?
Q.19. What are the disposal of Export Forms?
Q.20. When Exporters may open 80% BB LC ?
Ans: When unit price is with in USD.60.00 per dozen