Tuesday, June 9, 2015

Day 50 - Questions


Day 50 - NRI Accounts

( NRI Accounts - NRE, NRO, FCNR(B) )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  Expand NRO Account
a.  Non Residential Ordinary Account
b.  Non Residential Operated Account
c.  Non Residential Operation Account
d.  None of the above

2.  NRO accounts are -
a.  Rupee (INR) dominated
b.  US Dollar (USD) dominated
c.  Dominated by the currency of the country where the NRI will reside
d.  None of the above

3.  Select the purpose for which NRO accounts are opened?
a.  To park overseas savings remitted to India
b.  To maintain account in foreign currency
c.  To park Indian earnings, like rent, Indian salary, dividends, etc.
d.  None of the above

4.  Expand NRE Account
a.  Non Resident Earner Account
b.  Non Resident External Account
c.  Non Resident European Account
d.  Non Resident Entry Account

5.  NRE accounts can be opened by -
a.  Depositing foreign currency
b.  Depositing traveler's cheque
c.  Depositing Indian currency (INR)
d.  (a) or (b)

6.  Select the purpose for which NRE accounts are opened?
a.  To park overseas savings remitted to India
b.  To maintain account in foreign currency
c.  To park Indian earnings, like rent, Indian salary, dividends, etc.
d.  None of the above

7.  What is the full form of FCNR(B) Account?
a.  Foreign Currency Non-Resident Business Account
b.  Free Currency Non-Resident Business Account
c.  Fast Convertible Non-Resident Bank Account
d.  Foreign Currency Non-Resident Bank Account

8.  Which type of facility is provided in FCNR(B) accounts?
a.  Savings account facility
b.  Current account facility
c.  Fixed / Term account facility with 1 to 5 years maturity period
d.  All of the above

9.  FCNR(B) account is maintained in -
a.  Indian currency
b.  Foreign currency
c.  Either (a) or (b)
d.  None of the above





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