FOREX 4

What does ITC-HS refer to in the context of Indian import-export operations?

• Indian Trade Clarification based on Harmonised System

• International Trade Code for Harmonised System

• Indian Trade Classification for Harmonised System

• Import-Export Taxation Code for Harmonised System

What is the purpose of ITC(HS) Import Schedule 1?

• To facilitate data processing for import payments

• To cover guidelines and rules about importing goods

• To help in paying correct export taxes

• To cover the guidelines when exporting

What is the main function of the EDPMS system launched by RBI?

• To manage foreign exchange reserves

• To regulate trade reporting and compliance

• To facilitate data processing for import payments

• To effectively monitor and follow up on export transactions

What is the maximum period allowed for completing all Merchanting Trade Transactions?

• 3 months

• 9 months

• 12 months

• 6 months

What does HSS stand for in the context of foreign trade?

• High Standard Service

• High Speed Shipping

• Heavy Sea sale

• High Sea Sale

What is the definition of 'Deemed Exports' in the context of foreign trade?

• Transactions in which goods supplied do not leave the country and payment is received in foreign exchange

• Transactions in which goods are exported without proper authorization

• Transactions in which goods are exported without proper documentation

• Transactions in which goods are sold at a higher price than the market value

What is the main function of the SWIFT network in the financial industry?

• To enable financial institutions worldwide to send and receive information about financial transactions

• To facilitate import-export operations

• To regulate foreign exchange rates

• To manage international trade regulations

What is the maximum all-in cost ceiling for New FCY ECB as per the latest circular?

• Benchmark Rate + 500 bps

• Benchmark Rate + 450 bps

• Benchmark Rate + 250 bps

• Benchmark Rate + 300 bps

What is the purpose of the Single Master Form (SMF) on the FIRMS portal?

• To regulate foreign trade transactions

• To report various investments received by a person resident in India from a person resident outside India

• To manage foreign exchange reserves

• To facilitate foreign portfolio investments