1. A public sector bank is a corporate created under a special statute.     True     FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter1 2. A banking company is registered under the Banking Regulation Act.    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter1 3. Cooperative banks are registered under the Multi-State Cooperative Societies Act or a State Cooperaytive Societies Act.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter1 4. Subsidiaries of the State Bank are companies registered under the Companies Act. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter1 5. Accepting deposits for safe custody would fall within the definition of 'banking' Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter1 6. Reserve Bank was constituted under _____.      Marks:   2+ 0.5-

    BR Act.    RBI Act    Companies ActThe Correct Answer is :     RBI Act Module : Module A Chapter : Chapter1 7. A Regional Rural Bank is _____.      Marks:   2+ 0.5-

    a body corporate created under a special statute    a cooperative society    a companyThe Correct Answer is :     a body corporate created under a special statute Module : Module A Chapter : Chapter1 8. Banking companies are licensed by _____.      Marks:   2+ 0.5-

    Reserve Bank    Registrar of Companies    Company Law Board Module : Module A Chapter : Chapter1 9. Business which a banking company may undertake other than banking is as stipulated by ______.      Marks:   2+ 0.5-

    Reserve Bank    BR Act    RBI ActThe Correct Answer is :     BR Act Module : Module A Chapter : Chapter1 10. BR Act was enacted for ________.      Marks:   2+ 0.5-

    regulating banking companies    creating Reserve Bank    regulating acceptances of deposits from publicThe Correct Answer is :     regulating banking companies Module : Module A Chapter : Chapter1 11. Central Government can give direction to the Reserve Bank.    True     FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter1 12. All kinds of business of banks is regulated only by the Reserve Bank.     True     FalseThe Correct Answer is :     False   Module : Module A Chapter : Chapter1 13. Central Government is the primary regulator of banks    True     FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter1 14. state governments have no control over cooperative banks.         True     FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter1 15. On cancellation of license of any bank, an appeal lies to Central Government. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter1 16. Cooperative banks operating in different states are registered under ___    State Cooperative societies Act

    Multi-State Cooperative Societies Act    RBI ActThe Correct Answer is :     Multi-State Cooperative Societies Act Module : Module A Chapter : Chapter1 17. Government can exempt a bank from the provisions of BR Act_______.     on the recommendation of RBI    Whenever the government is satisfied    if requested by a bankThe Correct Answer is :     on the recommendation of RBI     Module : Module A Chapter : Chapter1 18. _________ exercise the central banking function in India.     State Bank    Central Bank of India    Reserve BankThe Correct Answer is :     Reserve Bank Module : Module A Chapter : chapter1 19. Company matters of a banking company are regulated by _______.    Reserve Bank    Authorities under the Companies Act    SEBIThe Correct Answer is :     Authorities under the Companies Act Module : Module A Chapter : Chapter1 20. Trading in shares and securities by banks is subject to regulation by --    Controller of Capital issues.    SEBI    Company Law BoardThe Correct Answer is :     SEBI Module : Module A Chapter : Chapter1 21. A company has to obtain a ________ from the Reserve Bank to commence banking business in terms of Section 22 of the BR Act.     registration    licence    commencement certificateThe Correct Answer is :     licence Module : Module A Chapter : Chapter2 22. Shifting of a bank's branch in the _____ does not require Reserve Bank's permission under Section 23.          same district    same state    same city , town or villageThe Correct Answer is :     same city , town or village Module : Module A Chapter : Chapter2 23. Foreign banks are required under Section 11 of the BR Act to deposit ___________ arising out of their business in india with the Reserve Bank    20 per cent of profit of each year    30 per cent of profit for each year    20 per cent of the deposits collected each year.The Correct Answer is :     20 per cent of profit of each year Module : Module A Chapter : Chapter2 24. Banks may float subsidiaries for carrying on the business specified in __    their Memorandum of Association    Section 6(1)(a) to (o) of the BR Act    their Articles of AssociationThe Correct Answer is :     Section 6(1)(a) to (o) of the BR Act Module : Module A Chapter : Chapter2 25. Shareholders of banking companies can exercise voting rights up to ______ of the total voting rights of all shareholders.      Marks:   2+ 0.5-

    1 per cent    10 per cent    100 per centThe Correct Answer is :     10 per cent Module : Module A Chapter : Chapter2

26. Banking companies are not permitted to give dividend until all _________ are written off.      Marks:   2+ 0.5-

    bad debts    expenses    capitalised expensesThe Correct Answer is :     capitalised expenses Module : Module A Chapter : Chapter2 27. A temporary branch for less than 30 days in a town where a bank has an existing branch does not require permission from Reserve Bank.    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 28. A company to which banking licence is rejected can undertake business as a moneylender or undertake other business.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 29. The decision of Reserve Bank to revoke licence is final and no appealies from it. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter2 30. Banking companies are permitted to give brokerage up to 2.5 per cent of the paid-up value of shares.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 31. No person can hold the shares of banks beyond ceilling speciried under the BR Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter2 32. A banking company cannot hold share in any other company other than a subsidiary.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter2 33. A director of a banking company should not have ______ in any other company. Marks:   2+ 0.5-

    beneficial interest    any interest    substantial interestThe Correct Answer is :     substantial interest Module : Module A Chapter : Chapter2 34. At least ________ of the directors should have the qualifications prescribed under Section 10A(2) of the BR Act.      Marks:   2+ 0.5-

    50 per cent    75 per cent    51 per centThe Correct Answer is :     51 per cent Module : Module A Chapter : Chapter2 35. When the board of a banking company is ordered to be reconstituted under Section 10A of the BR Act, directores will be removed _______ for the purpose of reconstitution.      Marks:   2+ 0.5-

    by rotation    by lots    by majority decisionThe Correct Answer is :     by lots Module : Module A Chapter : Chapter2 36. Before removing the Chariman of a bank from office, Reserve Bank has to _______. Marks:   2+ 0.5-

    give compensation for loss of office,

    give opportunity of being heard    give an option to continue as director.The Correct Answer is :     give opportunity of being heard Module : Module A Chapter : Chapter2 37. The provision of Section 36AA of the BR Act regarding removal of managerial personnel have ______ over other laws.      Marks:   2+ 0.5-

    no effect    overriding effect    persuasive effectThe Correct Answer is :     overriding effect Module : Module A Chapter : Chapter2 38. Reserve Bank is authorised to appoint ______ under SEction 36AB of the BR Act. Marks:   2+ 0.5-

    directors    additional directors    managing directorThe Correct Answer is :     additional directors Module : Module A Chapter : Chapter2 39. The maximum period of office that may be held continuously by an ordinary director in a banking company is 8 years.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 40. The decisions of the Board of Directors, during the period when the boards' constitution is defective shall be void.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter2 41. The post Chariman of a banking company may be on part-time basis.     True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 42. The Chairman of a banking company can hold office only for a maximum period of 8 years.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter2 43. From the order removing Chairman of a banking company, appeal lies to Central Government within 30 days of the order.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 44. Reserve Bank has the power to remove any officer or other staff of a banking company under Section 36AA of the BR Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter2 45. Reserve Bank may issue directions to banking companies under Section 21 of BR Act on _________.      Marks:   2+ 0.5-

    audit    loans and advances    captial structureThe Correct Answer is :     loans and advances Module : Module A Chapter : Chapter3 46. ______ may regulate acceptance of deposits including rate of interest on deposit by banking companies under Section 35A of the BR Act.     government    Reserve Bank    Board of DirectorsThe Correct Answer is :     Reserve Bank Module : Module A Chapter : Chapter3

47. The banking ombudsman can be an arbitrator in disputes between __________. Marks:   2+ 0.5-

    two banking companies    two or more customers    a bank and the governmentThe Correct Answer is :     two banking companies Module : Module A Chapter : Chapter3 48. Diretions can be issued to banking companies on loans and advances _______. Marks:   2+ 0.5-

    in strict confidence    in public interest    in the interst of borrowersThe Correct Answer is :     in public interest Module : Module A Chapter : Chapter3 49. The purpose of ________ is to make credit available to essential sectors of the economy according to national priorities.      Marks:   2+ 0.5-

    selective credit control    maintenance of cash reserve    reserve fundThe Correct Answer is :     selective credit control Module : Module A Chapter : Chapter3 50. _________ Act prohibits lending at exorbitant rates and empowers reopening of such contracts.      Marks:   2+ 0.5-

    BR Act    RBI Act    Usurious Loans ActThe Correct Answer is :     Usurious Loans Act Module : Module A Chapter : Chapter3 51. Reserve Bank can issue directions on loans and advances under Section 21 of the Banking Regulation Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter3 52. Regulation of credit to different sectors of the economy is known as selective credit control.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter3 53. Banks are free to lend to their directors.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter3 54. Bank have to file a return to Reserve Bank regarding unclaimed deposits under Section 26 of the BR Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter3 55. Directions may be issued under RBI Act to banks in respect of loans and advances in the interest of depositors.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter3 56. _______ have to maintain cash reserve under Section 18 of the BR Act.     Coop. banks    Banking companies which are not scheduled banks    Nationalised banksThe Correct Answer is :     Banking companies which are not scheduled banks Module : Module A Chapter : Chapter3

57. The liquid assets to be maintained under Section 24(2A) of BR Act are RBI Act. Marks:   2+ 0.5-

    inclusive    not inclusive    partly inclusiveThe Correct Answer is :     not inclusive Module : Module A Chapter : Chapter3 58. The payment of penalty under Section 24 of BR Act can be enforced by making an appliation before _____.      Marks:   2+ 0.5-

    the government    civil court    high courtThe Correct Answer is :     civil court Module : Module A Chapter : Chapter3 59. Only scheduled banks havea duty to maintain cash reserve under Section 42 of the Reserve Bank of India Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter3 60. Every banking compnay has to maintain the liquid assets as required under Section 24 of the Banking Regulation Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter3 61. The share capital and reserves of banking company from part of its demand and time liabilities for the purpose of Section 42 of the RBI         True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter3 62. Additional cash reserve required under Section 42 (1A) will be as notified by the Central Government from time to time.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter3 63. Interest is payable to scheduled banks on the additional cash reserve maintained as required under Section 42 (1A) of the RBI Act.       True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter3 64. No banking company incorporated in India is required to maintain reserve fund under Section 17 (1) of the BR Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter3 65. The diretions of Reserve Bank issued to the banking companies under Section 35A of the Banking Regulation Act are __________.     binding on them    not binding on them and are in the nature of guidelines    binding on the bnaks and the publicThe Correct Answer is :     binding on them Module : Module A Chapter : Chapter3 66. A contract if entered into by a banking company with any party in contravention of a direction issued by the Reserve Bank ________.        shall be invalid shall render the banking co. liable to prosecution for violation of directions    shall render the bank and any other party to the contract liable to prosecution for violation of directions.The Correct Answer is :     shall render the bank and any other party to the contract liable to prosecution for violation of directions.    Module : Module A Chapter : Chapter3

67. Liquid assets required to be maintained in India under Section 24 of the BR Act may be held in the form of _______.      Marks:   2+ 0.5-

    cash only    cash and gold only    gold or unencumbered approved securitiesThe Correct Answer is :     gold or unencumbered approved securities Module : Module A Chapter : Chapter3 68. For the purpose of maintenance of liquid assets under Section 24 of the BR Act, unencummbered approved securities shall be valued at ____.         face value    current market price    average of market price for previous six monthsThe Correct Answer is :     current market price Module : Module A Chapter : Chapter3 69. The penal interest chargeable on a banking company under Section 24 (4) of the BR Act for not maintaining liquid assets as specified under Section Bank 24(2A)(a) of the Act_________.      Marks:   2+ 0.5-

    may be waived by the Reserve Bank if its is satisfied that the bank had sufficient cause for the failure    has to be charged in all cases and the Reserve Bank has no option to waive penal interest.    can be reduced by the Reserve BankThe Correct Answer is :     may be waived by the Reserve Bank if its is satisfied that the bank had sufficient cause for the failure    Module : Module A Chapter : Chapter3 70. A banking company has to prepare profit and loss accounts nad balance sheet as at the ________ or at the expiration of 12 months ending with such date as notified by the Central Government.      Marks:   2+ 0.5-

    end of calender year    end of March    end of JuneThe Correct Answer is :     end of calender year Module : Module A Chapter : Chapter4 71. The balance sheet and profit and loss account shall be audited by a person duly qualified to be _______.      Marks:   2+ 0.5-

    a certified financial analyst    auditor of companies    auditor of cooperative societiesThe Correct Answer is :     auditor of companies Module : Module A Chapter : Chapter4 72. Three copies of balance sheet and accounts along with auditor's report sent to Reserve Bank under Section 31 of the BR Act have also to be sent to-     the Central Government    Registrar of Companies    Company Law BoardThe Correct Answer is :     Registrar of Companies Module : Module A Chapter : Chapter4 73. Reserve Bank is empowered to conduct________ of a banking company under Section 35(1) of the BR Act.      Marks:   2+ 0.5-

    inspection    special audit    auditThe Correct Answer is :     inspection Module : Module A Chapter : Chapter4 74. A copy of the inspection report relating to a banking compnay ________ to that banking company.      Marks:   2+ 0.5-

    should be given    need not be given    should be given at requestThe Correct Answer is :     should be given Module : Module A Chapter : Chapter4

75. The board for financial Supervision is constituted by ______________     the government    Reserve Bank    Indian Banks AssociationThe Correct Answer is :     Reserve Bank     Module : Module A Chapter : Chapter4 76. Under Section 35(4) of the BR Act, Central Government can prohibit a banking company from accepting fresh deposits if the business of the banking company is conducted _______.      Marks:   2+ 0.5-

    not profitably    not in compliance with the Act    to the detriment of interest of its depositorsThe Correct Answer is :     to the detriment of interest of its depositors Module : Module A Chapter : Chapter4 77. Foreign banks have to prepare account and balance sheet in respect of all business transacted by them in india.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 78. Reserve Bank requires the persmission of the Central Government for ordering special audit of a banking company.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 79. Three copies of the balance sheet and profit and loss account of a banking company together with auditor's report have to be submitted to the Reserve Bank as returns.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 80. A copy of scrutiny report has to be given to the banking company whether requested by it or not.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 81. The Board for Financial Supervision is set up under the regulations framed by the Reserve bank under Section 58 of the Banking Regulation Act.     True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 82. The Central Government is not empowered to orde Reserve Bank for inspection of a banking company.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 83. Central Government has to give notice to the banking company before publishing its inspection report or any part of it.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 84. The undertaking of a banking company may be acquired by the Central Government if it is satisfied on a report from the Reserve Bank that the banking company has failed on more than one occasion to comply with the _    directions of the government    directions under Sections 21 and 35A of BR Act    provisions of the Companies ActThe Correct Answer is :     directions under Sections 21 and 35A of BR Act Module : Module A Chapter : Chapter4 85. The Central Government may make a _________ after consultation with the Reserve Bank for carrying out the purposes of Part llC of the BR Act in relation on ani acquired bank.      Marks:   2+ 0.5-

    scheme    plan    memorandumThe Correct Answer is :     scheme Module : Module A Chapter : Chapter4 86. ________ may apply to the High Court for winding up of a banking company under Section 38 of the BR Act.      Marks:   2+ 0.5-

    Registrar of Companies    Reserves Bank    Central GovernmentThe Correct Answer is :     Reserves Bank Module : Module A Chapter : Chapter4 87. The High court shall order winding up of a banking compnay if the banking company is unable to _______ .      Marks:   2+ 0.5-

    pay its debts    file returns in time    eliminate non-performing assetsThe Correct Answer is :     pay its debts Module : Module A Chapter : Chapter4 88. In winding up proceedings the depositors shall ________ for the amounts shown in the books of the bank standking to their credit.         be deemed to have filed claim    have to file claim    have no claimThe Correct Answer is :     be deemed to have filed claim Module : Module A Chapter : Chapter4 89. The ________ may apply to the Central Government for an order of moratorium in respect of a banking company.      Marks:   2+ 0.5-

    banking company    Regisrar of Companies    Reserve BankThe Correct Answer is :     Reserve Bank Module : Module A Chapter : Chapter4 90. The provisions of a shceme of amalgamation sanctioned by the Central Government under Section 45 of the BR Act will ________ the provisions of other laws. Marks:   2+ 0.5-

    not affect    have overriding effect on    will be subject toThe Correct Answer is :     have overriding effect on Module : Module A Chapter : Chapter4 91. Central Government can acquire the undertaking of a banking company under Section 36AE of the Banking Regulation Act in the interest of banking policy without any report from the Reserve Bank on the affairs of the bankijng company. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 92. The undertaking of an acquired bank may vest in the Central Government or in any company or corporation as directed by the Central Government.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 93. On the application of Reserve Bank, the High Court may stay the commencement or continuance of proceedings against any banking company for any period of time. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 94. The Reserve Bank or State Bank or another person as specfied by the Reserve Bank in its application before the High Court may be appointed as liquidator of a

banking company,      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 95. On winding uop of a banking company, all the depositors as a class get the first preference for payment.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : Chapter4 96. The Reserve Bank may prepare a scheme for reconstruction or amalgamation of a banking company under moratorium under Section 45 of the BR Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 97. Making any false statements in a return or other document submitted under the provisions of the BR Act is punishable with imprisonment and fine also.      Marks:   2+

0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : Chapter4 98. The State Bank of India is a __________ constituted under the State Bank of India Act.      Marks:   2+ 0.5-

    banking company    body corporate    societyThe Correct Answer is :     body corporate Module : Module A:ch. undefined 99. The Chairman of the State Bank is appointed by ______ in consultation withe the Reserve Bank.      Marks:   2+ 0.5-

    the Central Board    Banking services Recruitment Board    Central GovernmentThe Correct Answer is :     Central Government Module : Module A Chapter : undefined 100. State Bank has to act as ________ and carry out Central Government business and other business entrusted by the Reserve Bank.          agent of Reserve Bank    agent of Central Government    advisor to the Central GovernmentThe Correct Answer is :     agent of Reserve Bank Module : Module A Chapter : undefined 101. The provision of the _______ are applicable to State Bank as stipulated in Section 51 of the BR Act.      Marks:   2+ 0.5-

    RBI Act    Banking Regulation Act    Companies ActThe Correct Answer is :     Banking Regulation Act Module : Module A Chapter : undefined 102. The majority of shares of subsidiary banks are held by ________ .        Reserve bank    Central Government    State bankThe Correct Answer is :     Reserve bank Module : Module A Chapter : undefined 103. Regional rural banks operate in _______.      Marks:   2+ 0.5-

    a notified area    the whole of a state    only a districtThe Correct Answer is :     a notified area Module : Module A Chapter : undefined

104. The management of the affairs of a regional rural bank is vested in ___    the Sponsor Bank    its Board of Directors    National BankThe Correct Answer is :     its Board of Directors Module : Module A Chapter : undefined 105. The State Bank can make statutory regulations for carrying out this purposes of the State Bank of India Act, in consultation with Reserve Bank and with previous approval of the Central Government .      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 106. The Central Bank Government is not authorised to give any directions to the State Bank in matters of policy involving public interest.         True    FalseThe Correct Answer is :     False Module : Module A Chapter : undefined 107. The provision of Sectionm 42 of the Reserve Bank of India Act relating to cash reserve apply to State Bank      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 108. Subsidiary banks do not have to maintain liquid assets under Section 24 of the BR Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : undefined 109. Regional rural banks may transact the business of banking as defined in Section 5(b) of the BR Act and also other business specified in Section 6(1) of that Act. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 110. Two regional rural banks may be amalgamated by the Reserve Bank by notification in the gazette.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : undefined 111. The management of nationalised is governed by the Nationalised Banks (Management and Miscellaneous Provisions) Schemes of 1970 and 1980.         True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 112. Unless the context otherwise require, the reference to a _______ in the Banking Regulation Act shall be construed as reference to a cooperative bank.      Marks:   2+ 0.5-

    cooperative society    banking company    body corporateThe Correct Answer is :     banking company Module : Module A Chapter : undefined 113. _________ in relation to a cooperative society, for the puposes of BR Act, includes a member of any committee or body for the time being vested with the management of the affairs of that society .      Marks:   2+ 0.5-

    Director    Member    ManagerThe Correct Answer is :     Director Module : Module A Chapter : undefined 114. The requirement of minimum paid-up capital and reserves for a cooperative bank to commence or carry on banking business is _____

    Rs 1 crore.    Rs 1 lakh.    Rs 10 lakhThe Correct Answer is :     Rs 1 lakh. Module : Module A Chapter : undefined 115. There are restrictions on cooperative banks on ____in other cooperative societies under Section 49 of the BR Act.      Marks:   2+ 0.5-

    holding of shares    keeping deposits    acquiring any interestedThe Correct Answer is :     holding of shares Module : Module A Ch.undefined 116. Central and restrictions on cooperative banks have to submit their returns under Section 31 of BR Act to______.      Marks:   2+ 0.5-

    Reserve Bank and National Bank    National Bank only    Reserve Bank onlyThe Correct Answer is :     Reserve Bank and National Bank Module : Module A Chapter : undefined 117. Under Section 23 of the BR Act, without the permission of Reserve Bank, a ____ can open a new place of business within the area of its operation.      Marks:   2+ 0.5-

    central cooperative bank    state cooperative bank    primary cooperative bankThe Correct Answer is :     central cooperative bank Module : Module A Chapter : undefined 118. Cooperative banks have to prepare their balance sheet and profit and loss account in the forms setout in the Third Schedule to ________.         Banking Regulation Act    Reserve Bank of India Act.    State cooperative Society ActThe Correct Answer is :     Banking Regulation Act Module : Module A Chapter : undefined 119. Banking Regulation Act was made applicable to cooperative banks by the Banking Laws (Application to Cooperative Societies ) Act, 1965.       

  True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 120. A primary cooperative bank does not require licence from the Reserve Bank to carry on banking business.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : undefined 121. The provision of the Banking Regulation Act as provided in Section 56 of the Act apply to cooperative banks.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 122. A 'Cooperative Bank' means a primary cooperative bank, central cooperative bank and a state cooperative bank.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 123. There are no restrictions under the BR ACt on lending by cooperative banks to their directors of firms in which they are interested.         True    FalseThe Correct Answer is :     False Module : Module A Chapter : undefined

124. A scheduled cooperative bank to maintian ash resrve as stipulated in Section 42 of tjhe Reserve Bank of India Act (as application to cooperative societies. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module A Chapter : undefined 125. Inspection of cooperative banks is done by the state government under the cooperative Societies Act and the Reserve Bank has no power to inspect under the Banking Regulation Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module A Chapter : undefined 126. The relating to payment of cheques and protection to a banker is contained in the India Contract Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter1 127. The responsibility of a banker to pay back the money of the customer specifically state in the Negotiable Instrument Act, 1881      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter1 128. Section 31 of the Negotiable Instruments Act applies only on banker.     True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter1 129. The banker is first bound to honour a customer cheque and only thereafter exercise him right of set off.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter1 130. A forged signature is no mandate of the customer.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter1 131. A customer is bound to inform the bank about lost cheque leaves.          True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter1 132. Payment to be made in due course need not always be made to holder but can be made to his agent or servant.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter1 133. In case bank makes payment by mistake it can recover the same even if the payee has changed his position.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter1 134. If a bank makes payment without checking the instrument under an ultraviolet lamp, it can be held liable on the grounds of negligence.     

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter1 135. The statutory protection to a collecting banker is as per Section 6 of the Indian Contract Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter2

136. As per Section 131A of the Negotiable instruments Act the protection granted to a banker while paying cheques has been made appliable to drafts.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter2 137. The duties of collecting bank to claim protection has been laid down under the Indian Contract Act and Banking Regulation Act.         True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter2 138. In the absence of proper reference the banker can be held liablke on the grounds of negligence.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter2 139. It is necessary for the banker to make enquiries regarding the references given by the customer.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter2 140. Section _________ of the Indian Contract Act defines and indemnity.     124  The Correct Answer is :     124  Module : Module B Chapter : Chapter3 141. A person promising to save another from loss is called _____.        indemnifierModule : Module B Chapter : Chapter3 142. _________ is a person who is promised to be saved from loss.         indemnity holder    Module : Module B Chapter : Chapter3 143. Contract of indemnity as defined in the Contract Act is exhaustive.          True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 144. Insurance Contracts are not contracts of indemnity.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 145. There are ____ parties to a contract of indemnity.      Marks:   2+ 0.5-

    2Module : Module B Chapter : Chapter3 146. Indemnifiers liability in a contract of indemnity is _________.         PrimaryModule : Module B Chapter : Chapter3 147. There are three parties to a contract of indemnity the indemnifier, the indemnity holder and the person on whose behalf the indemnity is given.         True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 148. Indemnifier's liability occurs only if the indemnity holder suffers loss.         True    FalseThe Correct Answer is :     True     Module : Module B Chapter : Chapter3 149. Customers as a matter of right and without ans indemnity can obtain duplicate of Demand Drafts or Travellers' Cheques.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 150. Indemnities are required by banks purely as a formality and does not seve any other purpose.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 151. The indemnity obtained by bankers only protects him from the actual value of instrument.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 152. An indemnity holder can act beyond his authority.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter3 153. An indemnity holder can be compensated only for damages and not for the costs incurred by him.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 154. An indemnity holder is entilted to compromise a suit as thought fit by him though contrary to the orders of the indemnifier.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter3 155. In bank guarantees the bank makes payment on:      Marks:   2+ 0.5-

    being convinced that the beneficiary has incurred loss    on being sued by the beneficiary.    on the guarantee being involked and after seeking concurrence of the debtor.    merely on demand by the beneficiary.The Correct Answer is :     merely on demand by the beneficiary. Module : Module B Chapter : Chapter4 156. In case of bank guarantees on behalf of companies that is in liquidation the bank on invocation of the guarantee by the beneficiary.           must pay the amount to the Liquidator and not the beneficiary.    must depost the amount in the court to avoid any controversy.    must pay the beneficiary.    need not pay, since the bank quarantee lapses on the company being liqidatedThe Correct Answer is :     must pay the beneficiary. Module : Module B Chapter : Chapter4 157. In case of fraud committed by the debtor on whose behalf the bank.     need not pay the beneficiary.    has to pay the beneficiary.    direct the beneficiary to sue to debtor.    none of the above.The Correct Answer is :     has to pay the beneficiary. Module : Module B Chapter : Chapter4 158. A Letter of Credit is a form of guarantee given by Banks on behafl of its customer.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter5 159. Letters of Credit are Bills of Exchange drawn by a seller on a buyer.    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 160. LCs are negotiable instruments.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 161. The Letter of Credit is opened on the request of      Marks:   2+ 0.5-

    Issuing bank    Applicant    Beneficiary    Confirming bankThe Correct Answer is :     Applicant Module : Module B Chapter : Chapter5 162. The LC issuing bank is also called      Marks:   2+ 0.5-

    the importers bank or the opening bank

    the advising bank or the confirming bank    the negotiating bank or the nominated bank    the reimbursement bankThe Correct Answer is :     the importers bank or the opening bank Module : Module B Chapter : Chapter5 163. The right to receive payment under a letter of credit or the right to draw bills on a Letter of Credit is vested in      Marks:   2+ 0.5-

    the opener of the LC    the issuing Bank only    the Buyer only    all the three partiesThe Correct Answer is :     the Buyer only Module : Module B Chapter : Chapter5 164. The advising banks responsibility is      Marks:   2+ 0.5-

    to inform the issuing bank as to whome to issue the letter of credit.    to advise the buyer the despatch of documents by the seller    to inform the beneficiary/seller about the letter of credit    None of the aboveThe Correct Answer is :     to inform the beneficiary/seller about the letter of credit Module : Module B Chapter : Chapter5 165. The advising bank is also called the      Marks:   2+ 0.5-

    Confirming Bank    Notifying Bank    Reimbursing Bank    None of the aboveThe Correct Answer is :     Notifying Bank Module : Module B Chapter : Chapter5 166. Negotiating bank is the bank which      Marks:   2+ 0.5-

    negotiates the preliminary contract of sale between the buyer and the seller    makes payment of the bills drawn by the seller and accepts the documents    guarantees payment by the issuing bank    None of the aboveThe Correct Answer is :     makes payment of the bills drawn by the seller and accepts the documents Module : Module B Chapter : Chapter5 167. When the LC specifies the Bank that is to negotiate the bills drawn under the LC then the bank is also called      Marks:   2+ 0.5-

    Confirming Bank    Reimbursing Bank    Nominated Bank    None of the aboveThe Correct Answer is :     Nominated Bank Module : Module B Chapter : Chapter5 168. The confirming bank is      Marks:   2+ 0.5-

    the issuing bank when it confirms the issue of the LC    the negotiating bank when it confirms the negotiation of the bills    the advising bank when it confirms the LC    None of the aboveThe Correct Answer is :     the advising bank when it confirms the LC Module : Module B Chapter : Chapter5 169. When the confirming bank confirm the credit it      Marks:   2+ 0.5-

    does not take any liability    undertakes on its part the liability under the LC    undertakes to make timely of the documents and bills to the buyer or his bank    None of the aboveThe Correct Answer is :     undertakes on its part the liability under the LC Module : Module B Chapter : Chapter5 170. Reimbursing Bank is the Bank      Marks:   2+ 0.5-

    that reimburses the seller    that reimburses the Negotiating/Paying or Confirming Bank

    that reimburse the buyer on the goods being found defetive    None of the aboveThe Correct Answer is :     that reimburses the Negotiating/Paying or Confirming Bank Module : Module B Chapter : Chapter5 171. Ordinary Letter of Credit are usually _____, i.e, the bills drawn thereunder have to be immediately.      Marks:   2+ 0.5-

    Sights creditsModule : Module B Chapter : Chapter5 172. Letter of Credit under which usance bills can be drawn is called an ___     Acceptance creditsModule : Module B Chapter : Chapter5 173. In a Revocable LC the credit can be amended or cancelled by the

   issuing bankModule : Module B Chapter : Chapter5 174. Only ________ Letters of credit can be confirmed.      Marks:   2+ 0.5-

    irrvocableModule : Module B Chapter : Chapter5 175. Credit in which the beneficiary is not liable for the bills drawn thereunder is ________ credit      Marks:   2+ 0.5-

    without recourseModule : Module B Chapter : Chapter5 176. A back-to-back credit would involve at least ____ bank, viz., the ____ bank, the _____ bank an dthe _____ bank.      Marks:   2+ 0.5-

    Three ; issuing , advising, third Module : Module B Chapter : Chapter5 177. All parties to a Letter of Credit transaction need to comply with the terms only as far as practical and not strictly.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 178. In case the documents submitted by seller do not comply with the Letter of Credit then the same can be accepted subject to confirmation of buyer. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 179. A Bill of Exchange is a document to title to goods.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 180. A Bill of Exchange is also called a 'bill' or a draft      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter5 181. Invoice in a Letter of Credit transaction is a document similar to a quotation based on which the buyer places his order.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 182. A Bill of Lading on a bona fide transfer confers on the transferee a right to the goods.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter5 183. An Airway bill is also a document evidencing title to goods.           True    False

The Correct Answer is :     False Module : Module B Chapter : Chapter5 184. UCP 500 being law is enforceable and cannot be excluded by contract    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 185. A standby Letter of Credit is also a credit coming under UCP 500.         True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter5 186. In a Letter of Credit transaction banks if required have to verify and heck the condition of goods physically though the documents certify their equality. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : Chapter5 187. All Letters of Credit are irrevocable unless specifically stated otherwise. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : Chapter5 188. In a deferred payment guarantee, the guarantee is to ensure delivery of goods Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 189. A deferred payment guarantee is mostly based on a primary contract between the buyer and the seller.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 190. A deferred payment guarantee differs from other kinds of guarantee issued by banks as regards liability of the bank on invocation    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 191. In a deferred payment guarantee the banks liability comes into existence only if all the instalments are not paid and not on the non-payment of any one instalment by the customer.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 192. Depending upon the place where the bills are made, they can be classified into Marks:   2+ 0.5-

    Inland Bills (no answer)    Foreign BillsThe Correct Answer is :     Inland Bills (no answer) Module : Module B Chapter : undefined 193. Bills of exchange means a unconditional direction to the drawer to pay the monies.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 194. The maker of the Bill is called ________      Marks:   2+ 0.5-

    DrawerModule : Module B Chapter : undefined 195. Bill purchase facility is granted in the case of demand bill.      

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 196. _______ facility is granted in the case of usance bills.          Bill Discounting Module : Module B Chapter : undefined 197. ________ of the bill is bound in case of dishonour of bill.        DrawerModule : Module B Chapter : undefined 198.Ownership of goods can be transferred by endorsement and delivery of -    Document of title to goods Module : Module B Chapter : undefined 199. In bills co-acceptance facillity the banker becomes a surety for the value of bill. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 200. If money lent is more than Rs 100 on the security of land, then the mortgage deed has to be registered.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 201. A mortgage deed need not be witnessed.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 202. Permission from Income Tax Authorities under Section 230 to create mortgage is required only if the land belongs to a company.     True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 203. Arrears of tax constitute a preferential charge on the property.     True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 204. There are three types of shares - ordinary, equity and preference.     True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 205. Debenture is a kind of share issued by a company and has no voting rights. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 206. Borrower can create a valid pledge with documents of title of goods.     True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 207. Bills of Lading, Dock Warrants, warehouse-keeper's certificate, etc,. are some examples of documents of title of goods.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 208. Documents of title to goods are negotiable instruments.           True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined

209. Only LIC can issue life policies.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 210. Insurance contracts are contracts of absolute good faith.          True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 211. An assignee of a life policy can sue in his own name.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 212. For a loan against Fixed Deposit Receipt, the stamp duty is very high.      True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 213. Supply bills are Bills of Exchange.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 214. Mortgage is __________ in the immoveable property.     Transfer of interest.Module : Module B Chapter : undefined 215. Simple mortgage is created by an instrument in writing.     True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 216. Mortgage by deposit of title deeds is required to be registered.     True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 217. In the case of Usufructuary mortgage the possession of the properties is given. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 218. In mortgage by way of conditional sale the property is sold with a condition for reconveyance.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 219. All successive mortgage created will rank equally and no mortgage will have no priority over the other.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 220. To decide as to which mortgage will have priority over the other in the case of two or more mortgages on the same immoveable property, the date of ________ mortgage is pertinent.      Marks:   2+ 0.5-

    Execution ofModule : Module B Chapter : undefined 221. Limitation period for filling a suit for sale of mortgaged properties in ____ years from the dater the mortgage debt becomes due.     Twelve Module : Module B Chapter : undefined 222. Mortgage suits are filed in Court within whose jurisdiction the mortgaged resides.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined

223. Pledge means ______________ of goods for purpose of securing a payment of debt or performance of promise.      Marks:   2+ 0.5-

    BailmentModule : Module B Chapter : undefined 224. The most important characteristic of plede is ____ of goods.          PossessionModule : Module B Chapter : undefined 225. Owner of goods can not make a pledge.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 226. Hypothecation is an implied pledge in cases where contructive possession of goods is given.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 227. Hypothecation letter gives a banker right to possession of goods in the event of default.      Marks:   2+ 0.5-

    True    falseThe Correct Answer is :     True Module : Module B Chapter : undefined 228. Individual borrowers are governed by the ___________ Act.     Indian contract.Module : Module B Chapter : undefined 229.In a HinduUndivided Family the business of the fami8ly is managed by -    Karta    Module : Module B Chapter : undefined 230. A company is ____ and _______ from its members.      Marks:   2+ 0.5-

    Separate and distinct.Module : Module B Chapter : undefined 231. A Private Limited Company has minimum ________ number of members and a maximum of _____ numbers of members.      Marks:   2+ 0.5-

    2 , 50Module : Module B Chapter : undefined 232. A Public Limited Company shares are ___________ transferable.     FreelyModule : Module B Chapter : undefined 233. Statutory Corporations are established by Acts of ________.     ParliamentModule : Module B Chapter : undefined 234. Private Trusts are governed by the _______ Act.      Marks:   2+ 0.5-

    Indian Trust Act.Module : Module B Chapter : undefined 235. Trusts of Hindus are governed by the _______ Act.      Marks:   2+ 0.5-

    Religious and Charitable Endowments ActModule : Module B Chapter : undefined 236. Trusts of Muslims are governed by the _______ Act.      Marks:   2+ 0.5-

    WakfModule : Module B Chapter : undefined 237. Cash Credit facility is a _________      Marks:   2+ 0.5-

    Fund based facilityModule : Module B Chapter : undefined 238. Bills co-acceptance facility is a __________.      Marks:   2+ 0.5-

    Non-Fund based facility Module : Module B Chapter : undefined 239. Banker is entitled to charge interest on temporary overdraft under -    Banking Custom    Module : Module B Chapter : undefined 240. Limitation period for filing a suit in Term Loans is _________ years from the date of default of installment.      Marks:   2+ 0.5-

    3 (Three)Module : Module B Chapter : undefined 241. Period of repayment in the case of medium-term loan is _________.   5-7 YearsModule : Module B Chapter : undefined 242. Only personal security of the borrower is available in the case of _______ loans. Marks:   2+ 0.5-

    UnsecuredModule : Module B Chapter : undefined 243. Secured loans are normally secured by ___________.      Marks:   2+     Pledge, hypothecation, mortgage or assignment of debts.Module : Module B Chapter : undefined 244. Pledge is _________ of goods as a security for debt.      Marks:   2+ 0.5-

    BailmentModule : Module B Chapter : undefined 245. Hypothecation is treated as _____ pledge.      Marks:   2+ 0.5-

    ConstructiveModule : Module B Chapter : undefined 246. Personal obligation of Mortgage is a distinct feature of ___________. Mortgage by deposit of title deeds.Module : Module B Chapter : undefined 247. Section 58 of Partnership Act, 1932 provides for ________.          Registration of partnership.    Module : Module B Chapter : undefined 248. A partner on behalf of firm institute a suit on contract, if the firm is registered. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 249. Shares of public limited company are freely transferable.          True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 250. Certificate of Incorporation is a document evidencing existence of company. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module B Chapter : undefined 251. Certificate of commencement of business is required for private limited company to start business.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 252. Charge means any form of ________ for ________      Marks:   2+ 0.5-

    Security, debtModule : Module B Chapter : undefined 253. Charges created by company shall be registered with _________.         Registrar of Companies    Module : Module B Chapter : undefined 254. Under Companies Act a charge includes _______.      Marks:   2+ 0.5-

    MortgageModule : Module B Chapter : undefined 255. Charge if not registered is not enforceable against company     True    FalseThe Correct Answer is :     False Module : Module B Chapter : undefined 256. Charge shall be registered within _________ days from the date of creation of charge.      Marks:   2+ 0.5-

    30

Module : Module B Chapter : undefined 257. Banks obtain security while lending so that in case of need the money can be ________ of securities.      Marks:   2+ 0.5-

    realizedModule : Module C Chapter : Chapter1 258. The SARFAESI Act is applicable to the housing finance companies whose names are notified by the Central Governmnet .      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter1 259. In Mardia Chemical Case the Supreme Court decided that condition of deposit of amount is fully invalid.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter1 260. After Mardia Chemical Case, the amendment made in the SARFAESI Act stipulates deposit of _______ amount before preferring application to DRT.     50 per cent Module : Module C Chapter : Chapter1 261. Whether moveable securities in possession of the bank can be sold by the Bank without intervention of the Court ?      Marks:   2+ 0.5-

    No. The Court order is required to sale the security.    Yes. Bank can sale as provided in the Contract ACt, 1872.    Yes. As the SARFAESI Act, 2002 has made provisions to that effect.    No. Till the account is not declared as NPA by the Bank.The Correct Answer is :     Yes. Bank can sale as provided in the Contract ACt, 1872. Module : Module C Chapter : Chapter1 262. As per the laws existing today the mortgaged security cannot be sold without Court intervention. Is this correct ?      Marks:   2+ 0.5-

    Yes. Court intervention is required as per the provisions of the Transfer of Properties Act.    No. SARFAESI Act, 2002 has now made enabling provisions.    Yes. Since the Contract Act has made no provision about any Court intervention.    No. Due to recent amendments in the Transfer of Property Act no Court intervention is required.The Correct Answer is :     No. SARFAESI Act, 2002 has now made enabling provisions. Module : Module C Chapter : Chapter1 263. Provisions of SARFAESI Act, 2002 apply to which securities ?         Any moveable or immoveable security charged to the bank or financial institution.    To mortgage securities only.    Where security interests are created for repayement of financial assistance given by bank or financial institution.    To the properties owned by defaulter borrower but that area not charged to the bank.The Correct Answer is :     Where security interests are created for repayement of financial assistance given by bank or financial institution. Module : Module C Chapter : Chapter1 264. In Mardia case what the Supreme Court declared as invalid ?         Entire SARFAESI Act, 2002.    Creation of security interest.    Formation of Reconstruction Companies.    Condition to pay 75 per cent of the amount as pre-condition while preferring appeal to the DRT.The Correct Answer is :     Condition to pay 75 per cent of the amount as pre-condition while preferring appeal to the DRT. Module : Module C Chapter : Chapter1 265. The SARFAESI Act is applicable to pledge securities also.          True    FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter2

266. For enforcement of mortgage security court intervention is required even for action under SARFAESI Act.      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter2 267. Banks and Financial Institutes can issue notice for enforcement over security under SARFAESI Act only if these securities are not_____ creditor and only when the account is classified as _____      Marks:   2+ 0.5-

    in possessionThe Correct Answer is :     in possession Module : Module C Chapter : Chapter2 268. If the borrower does not pay within _______ days after notice by the secured creditor the creditor can ____ of the security.      Marks:   2+ 0.5-

    60, take possessionModule : Module C Chapter : Chapter2 269. After receipt of notice from the secured creditor for repayment of dues by the borrower, the borrower is legally prevented from transferring his property in any way. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter2 270. On request of the secured creditor the District Magistrate or the Chief Judical Magistrate can take possession of the security for handing over it to the creditor. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter2 271. When the management of the company is taken over by the secured creditor, the directors of such company are entitled to compensation for loss of office. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter2 272. When any bank or financial institution creates a charge against property, with which authority the transaction will have to be registered under the SARFAESI Act, 2002?      Marks:   2+ 0.5-

    With the Central Registry.    With the ROC.    With the Registrar of Assurances within whose jurisdiction the property lies.    With the Reserve Bank of India.The Correct Answer is :     With the Central Registry. Module : Module C Chapter : Chapter2 273. When the provisions of SARFAESI Act, 2002 can be invoked for proceeding against the charged property?      Marks:   2+ 0.5-

    When the bank feels that it is necessary for the recovery at any time.    When the RBI directs to do so.    When there is default in repayment by the borrower.    When there is default in repayment and the bank declares the account as NPA.The Correct Answer is :     When there is default in repayment and the bank declares the account as NPA. Module : Module C Chapter : Chapter2 274. Whether existing or future receivables are property?      Marks:   2+ 0.5-

    Yes.    No.    Yes, but if and when charged to the lender.    No, if hypothecated to the lender.The Correct Answer is :     Yes. Module : Module C Chapter : Chapter2 275. From the following which function is of securitisation company?     Acquisition of loan transaction from the lender.    Help the lender in recovery by sale of charged property.    Take legal steps against the defaulter borrower on behalf of the lender.    Acquisition of financial assest from the originator.The Correct Answer is :     Acquisition of financial assest from the originator. Module : Module C Chapter : Chapter2

276. Securitisation company or reconstruction company needs registration from RBI for commencement of business.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter3 277. Right of acquisition of finanical asset by Securitisation company or reconstruction company is subject to the prior agreements or contracts about the asset.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter3 278. Acquisition of financial asset by securitisation company or reconstruction company is with the liability also over such asset.     True     FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter3 279. Which are the four documents involved in the securitisation transaction? Marks:   2+ 0.5-

    offer document, debenture, agreement and security receiptModule : Module C Chapter : Chapter3 280. For each asset acquired or to be acquired by the Securitisation company or reconstruction company there should be _______ scheme.     separateThe Correct Answer is :     separate Module : Module C Chapter : Chapter3 281. When the securitisation company or reconstruction company issues security receipts, the holder therof is entitled to an _______ in the financial asset. Marks:   2+ 0.5-

    undivided interestModule : Module C Chapter : Chapter3 282. The security receipt issued by the securitisation company or reconstruction company require registration.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter3 283. Any direction issued by the RBI under SARFAESI Act has _____ effect and is ________ on the parties concerned.      Marks:   2+ 0.5-

    statutory, binding    Module : Module C Chapter : Chapter3 284. After application of SARFAESI Act what existing companies have to do about registration with RBI?      Marks:   2+ 0.5-

    They are automatically deemed to be registered.    They are required to stop functioning.    Existing companies do not require registration.    They have to get registered within six months from commencement of the Act.The Correct Answer is :     They have to get registered within six months from commencement of the Act. Module : Module C Chapter : Chapter3 285. Which from amongest the following is a reason for cancellation of registration of the Securitisation company and reconstruction company without giving hearing opportunity?      Marks:   2+ 0.5-

    The company does not keep accounts as per RBI norms.    The company ceases to carry on the business of securitisation or reconstruction.    The company falls to hodl investment from qualities investor.    The company does not fulfill any of the conditions imposed at the time of registration.The Correct Answer is :     The company ceases to carry on the business of securitisation or reconstruction. Module : Module C Chapter : Chapter3 286. Asset reconstruction means ________ by any Securitisation company or or reconstruction company of any right or interest of the creditor in any________. Marks:   2+ 0.5-

    acquisition, financial assistanceThe Correct Answer is :     acquisition, financial assistance Module : Module C Chapter : Chapter4

287. SARFAESI Act is applicable to Regional Rural Banks.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter4 288. Mortgage or asset backed debt instruments can be issued by the Securitisation company or reconstrcution company to the general public.    True     FalseThe Correct Answer is :     False Module : Module C Chapter : Chapter4 289. A guarantor to the loan is within the meaning of the word borrower under SARFAESI Act.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter4 290. SARFAESI Act is applicable only when there is security.     True    FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter4 291. Has SARFAESI Act defined hypothecation and whether the Act is applicable to hypothecation security?      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter4 292. On giving default notice by the creditor, the borrower gives a reply to it. what the creditor should do?      Marks:   2+ 0.5-

    Ignore the notice as the law does not provide for any reply option to the bank.    Wait till the borrower initiates any legal action based on his reply.    Give due consideration case by the Supreme Court and reply to it.    Take the matter before DRT for resolving issues raised in reply.The Correct Answer is :     Give due consideration case by the Supreme Court and reply to it.   Module : Module C Chapter : Chapter4 293. On sale of security asset, the sale proceeds are appropriated firstly.    Towards satisfaction of dues of secured creditor.    Towards payment of dues of labour.    Towards payment of cost, charges and expenses for preservation and protection of securities, insurance premiums, etc    Towards payment of legal costs incurred by the creditor for taking possession and for effecting sale.The Correct Answer is :     Towards payment of cost, charges and expenses for preservation and protection of securities, insurance premiums, etc     Module : Module C Chapter : Chapter4 294. After coming into operation the provision relating to central registry the banks and financial institutes will have to register all security interest created in the asset. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module C Chapter : Chapter5 295. The period stipulated in the Act for filing details of security interest is ___ days. Marks:   2+ 0.5-

    30Module : Module C Chapter : Chapter5 296. Duty to report satisfaction of charge to the central registrar is on creditor or on the borrower?_______      Marks:   2+ 0.5-

    creditorModule : Module C Chapter : Chapter5 297. Besides the SARFAESI Act some other laws require some registration of charge created in the property. if such double registration is avoidable?         Yes, the creditor can choose under which law he needs registration.    No. registration under SARFAESI Act as well as any other applicable law will have to be made as SARFAESI Act is not substitution of any other law.    Yes, if one charge noting is by a registered document.

    No, as the Civil Courts and DRT still have jurisdiction against the properties both registration are required.The Correct Answer is :     No. registration under SARFAESI Act as well as any other applicable law will have to be made as SARFAESI Act is not substitution of any other law.     Module : Module C Chapter : Chapter5 298. Is there any punishment provided in the Act for not following RBI directions? Marks:   2+ 0.5-

    Yes,Module : Module C Chapter : undefined 299. Can the Honorary Magistrate take cognizance of offcence under SARFAESI Act? Marks:   2+ 0.5-

    NoModule : Module C Chapter : undefined 300. Whether breach of RBI directives is punishable offence and to what extent? Marks:   2+ 0.5-

    Yes, fine up to five lakh rupees and for continuation of offence per day fine up to rupees ten thousand.    Yes, by cancellation of licences of the company.    No, these are the administrative directions.    No, the Act has not provided for any punishment in specifc.The Correct Answer is :     Yes, fine up to five lakh rupees and for continuation of offence per day fine up to rupees ten thousand. Module : Module C Chapter : undefined 301. For challenging action initiated by seured creditor against the defaulter borrower under SARFAESI Act, the borrower can go to the Civil Court for injunction. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 302. Can the bank take action under SARFAESI Act against a deposit under lien with it      Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     No Module : Module C Chapter : undefined 303. Are hire-purchase and lease contracts covered under SARFAESI Act?         Yes    NoThe Correct Answer is :     No     Module : Module C Chapter : undefined 304. After Bank's notice a defaulter borrower has paid within 60 days substantial amount and present dues are Rs 1 lakh which are 15% of the claimed amount. Can bank proceed to take possession of the security?      Yes    NoThe Correct Answer is :     No Module : Module C Chapter : undefined 305. If on some point the provisions of Transfer of Property Act and SARFAESI Act are different, which Act will prevail?      Marks:   2+ 0.5-

    SARFAESI ActThe Correct Answer is :     SARFAESI Act Module : Module C Chapter : undefined 306. Can a bank proceed to take possession of the security after four years of cause of action?      Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     No Module : Module C Chapter : undefined 307. Provision of SARFAESI Act are applicable to which of the following?       Pledges goods.    Only mortgaged properties.    Securities that are not otherwise charged to the creditors.    Securities charged to creditors and not in possession of the creditor.The Correct Answer is :     Securities charged to creditors and not in possession of the creditor.   Module : Module C Chapter : undefined

308. when the Rules, framed by the Central Government, under the Act get validity? Marks:   2+ 0.5-

    After the Appellate Tribunal of DRt approves them.    On Supreme Court approving the same.    Immediately on framing of the Rules by the government and notifying the same.    When the both the houes of Parliament approve the Rule so framed.The Correct Answer is :     When the both the houes of Parliament approve the Rule so framed. Module : Module C Chapter : undefined 309. Disputes amongest two banks can be taken up before the Banking Ombudsman. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 310. Cooperative banks are not covered by the Banking Ombudsman Scheme. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 311. Banking Ombudsman is appointed by a committee of Supreme Court Judges. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 312. It is not within the powers of Banking Ombudsman to deal with the complaint unless both parties agree for his intervention.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 313. If parties to the dispute agree Banking Ombudsman cen function as Arbitrator. Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 314. What is the object of introducting the Banking Ombudsman Scheme, 2002? Marks:   2+ 0.5-

    For effective monitoring of NPA accounts in the banks.    It is RBI agency to regulate the disputes amongst the banks.    To enable resolution of complaints relating to banking services.    For executing the orders passed by DRT.The Correct Answer is :     To enable resolution of complaints relating to banking services. Module : Module C Chapter : undefined 315. Can the Banking Ombudsman undertake any other work than of his office? Marks:   2+ 0.5-

    Yes, as the appointment of Banking Ombudsman is honorary.    Yes, if RBI permits can undertake honorary work.    No.    Yes, if the Banking Ombudsman can handle both the jobs property.The Correct Answer is :     Yes, if RBI permits can undertake honorary work. Module : Module C Chapter : undefined 316. Can the Banking Ombudsman resolve the dispute between banks or between bank and its customer by artitration reference?      Marks:   2+ 0.5-

    No, the Banking Ombudsman has no arbitral powers.    Yes, if Banking Ombudsman himself feels and decides to so.    No, as the Banking Ombudsman has no powers of Civil Court.    Yes, if both the parties to the complaint agree for the same.The Correct Answer is :     Yes, if both the parties to the complaint agree for the same. Module : Module C Chapter : undefined 317. Bank can refuse acceptance of small denomination notes from the customer and, therefore, on this ground there cannot be a complaint to Banking Ombudsman.l Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined

318. On valid grounds bank can refuse opening new account on this ground complaint before the Banking Ombudsman is maintainable.         True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 319. Can a prospective borrower go before the Banking Ombudsman for non-sanction of his loan by the bank.      Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     No Module : Module C Chapter : undefined 320. Banking Ombudsman has powers to call any information and certified copies from bank when he is dealing with the complaint.      Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     Yes Module : Module C Chapter : undefined 321. For setting the complaint Banking Ombudsman is bound by legal rules of evidence.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 322. What is the maximum amount the Banking Ombudsman can award as compnesation.      Marks:   2+ 0.5-

    Rs 10 lakhThe Correct Answer is :     Rs 10 lakh Module : Module C Chapter : undefined 323. Limitation period for filling of the review application against the award given by the Banking Ombudman is _________ month/s.      Marks:   2+ 0.5-

    OneModule : Module C Chapter : undefined 324. For dealing with the review application against the award passed by the Banking Ombudsman_________ is the review authority.      Marks:   2+

    Reserve Bank of India.Module : Module C Chapter : undefined 325. Can a customer from whose account fraudulently someone has withdrawn money make complaint before the Banking Ombudsman?    No, as the offence committed is of criminal nature FIR with police has to be filed.    Yes, but if the police authoirities who have received FIR permit filing of complaint with Ombudsman.    Yes, as this aspect comes under the powers of Banking Ombudsman.    No, as the loss caused to the customer is of a civil nature for recovery, civil suit is required to be filed.The Correct Answer is :     Yes, as this aspect comes under the powers of Banking Ombudsman. Module : Module C Chapter : undefined 326. Banking Ombudsman can act as arbitrator if the value of the claim in the dispute is less than Rs _______      Marks:   2+ 0.5-

    Rs 10 lakhModule : Module C Chapter : undefined 327. For agreeing to refer the matter to the Banking Ombudsman as arbitrator parties to the dispute are required to give____.      Marks:   2+ 0.5-

    affidavit of undertakingModule : Module C Chapter : undefined 328. The complainant is required to produce his documents in support of his claim only at the time of hearing of the case.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 329. Oppositte party to the dispute has to file a new claim if there is any counter claim from his side.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 330. Before dealing with the case the Banking Ombudsman has to draw up a document defining________.      Marks:   2+ 0.5-

    Terms of ReferenceModule : Module C Chapter : undefined

331. Once the dispute before the Banking Ombudsman is referred to arbitration can new claim or counterclaim be made?      Marks:   2+ 0.5-

    No, as the reference on the issues has already been made.    Yes, provided the claim and counterclaim are within the terms of reference.    Yes, provided additional stamp duty is paid thereon.    No, because arbitration is by mutual consent so stage of claim and counterclaim does not arise.The Correct Answer is :     Yes, provided the claim and counterclaim are Module : Module C Chapter : undefined 332. DRT Act is applicable only if the debt recoverable is above Rs__________. Marks:   2+ 0.5-

    Rs 10 lakhModule : Module C Chapter : undefined 333. The debt recoverable through DRT may be secured or unsecured.         True FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 334. Overdrawn amount in an account is not a debt recoverable under DRT Act.    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 335. If a Civil Court has passed a decree it has to be executed through that court only and cannot come to Recovery Tribunal      Marks:   2+ 0.5-

    True     False The Correct Answer is :     False Module : Module C Chapter : undefined 336. A Bank has allowed a current A/c holder ad hoc overdraft of Rs 15 lakh. The amount is due. whether this is recoverable under provisions of DRT Act?    No, as it is not a regular loan.    No, as only secured loans can be recovered under the DRT Act.    Yes, as it is a legally recoverable amount by the Bank.    Yes, but if the tribunal grants special permission to lodge the case.The Correct Answer is :     Yes, as it is a legally recoverable amount by the Bank. Module : Module C Chapter : undefined 337. Debt Recovery Tribunals are established by _______      Marks:   2+ 0.5-

    Central GovernmentModule : Module C Chapter : undefined 338. Debt Recovery Tribunals consist benches of three persons.      True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 339. Jurisdiction of Appellate Tribunal is with the respective High Courts.        True FalseThe Correct Answer is :     False    Module : Module C Chapter : undefined 340. Can the order of Central Government appointing Presiding Officer of the Tribunal be challenged in any Court?      Marks:   2+ 0.5-

    Yes, before the Appellate Tribunal.    No.    No, unless the High Court permits for it    Yes, under Constitution Article 226 before the High Court.The Correct Answer is :     No. Module : Module C Chapter : undefined 341. A decree passed by the foreign court can be executed by the Tribunal        True FalseThe Correct Answer is :     True    Module : Module C Chapter : undefined 342. For reasons the Chairperson of the Appellate Tribunal can transfer any case from one Tribunal to other Tribunal within his jurisdiction.        True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 343. For the matters of which the Tribunals are empowered the Civil Courts have no jurisdiction.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 344. When a civil suit filed in Civil Court is transferred to DRT, if fresh court fee is required to be paid?      Marks:   2+ 0.5-

    No

    Yes, as the authorities are different.    No, if there is no counterclaim.    Yes, as the court fee stamps are different.The Correct Answer is :     No Module : Module C Chapter : undefined 345. DRT jurisdiction for a bank is where the head office of the bank is located. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 346. If a bank has filed recovery application, other bank can join the application if the defendants are same.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 347. When a case get transferred from Civil Court to tribunal fresh court fee is required to be paid.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 348. A counterclaim filed before DRT has the same effect as a _______.         plaint in cross-suit    Module : Module C Chapter : undefined 349. Since DRT is not a Civil Court it cannot pass interim orders such as attachment, injunction, receiver, etc.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 350. A person who has to file appeal before the Appellate Tribunal has to pay Marks:   2+ 0.5-

    75 per cent of the debt ordered by the Tribunal.Module : Module C Chapter : undefined 351. While filling appeal before the appellate tribunal if any amount is required to be depositted?      Marks:   2+ 0.5-

    No, amount is required to be deposited till the appellate tribunal decides.    Yes, Court fee on the appeal amount is required to be paid.    Yes, 75 per cent of the amount determined by the tribunal is required to be deposited at the timing of filling of the appeal.    Yes, after admission of the appeal 75 per cent of the amount determined by the tribunal is required to be deposited.The Correct Answer is :     Yes, 75 per cent of the amount determined by the tribunal is required to be deposited at the timing of filling of the appeal. Module : Module C Chapter : undefined 352. Recovery Officers appointed under DRT Act can attach and sale movable as well as immovable property of the person against whome order is passed even if the property is not charged to the creditor.          True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 353. The defendant can raise a plea before the Recovery Officer about correctness of the amount ordered to be paid.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 354. If the recovery certificate has clerical or arithmetical mistake _______ can correct the same.      Marks:   2+ 0.5-

    Preseding Officer of the TribunalModule : Module C Chapter : undefined 355. For recovery the Recovery Officer can adopt the same methods as adopted for recovery of income tax under the Income Tax Act.      Marks:   2+

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 356. Recovery Officer can aski the defendant to furnish by affidavit particulars of his asset.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 357. A company is under winding up process. Whether High Court permission is required to a Bank to proceed against it before DRT?      

    No, as the DRT Act being a special Law having overriding effect over other laws.    Yes, as Companies Act specially provides to that effect.    Depends on the stage of winding up process.    No permission but concurrence of High Court required.The Correct Answer is :     No, as the DRT Act being a special Law having overriding effect over other laws. Module : Module C Chapter : undefined 358. If the books of the bank are maintained in the electronic form, does all the provisions of this Act are applicable to it.      Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     Yes Module : Module C Chapter : undefined 359. Does this Act apply to any investigation or inquiry under the Criminal Procedure Code?      Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     Yes Module : Module C Chapter : undefined 360. A certified copy of any entry in a Bankers' Books is received in legal proceeding as ______ evidence for existence of such entry.      Marks:   2+       prima facie  Module : Module C Chapter : undefined 361. Unless the Court otherwise directs, bank offier cannot be compelled to produce____ to prove any banker's book's contents when copy is produced. Original booksModule : Module C Chapter : undefined 362. In a civil suit to which bank is not a party has produced certified copy of books of account. One party to the suit wants to call bank officer as witness to prove the contents of copy. Can it be done?      Marks:   2+ 0.5-

    Yes, as it is right of the party to get it reaffirmed in evidence.    No, as the certified copy is a prima facie evidence that is admissible in evidence.    No, unless the bank volunteers to do so.    Yes, but if Court allows the application to call the witness.The Correct Answer is :     No, as the certified copy is a prima facie evidence that is admissible in evidence. Module : Module C Chapter : undefined 363. Consumer Protection Act is enacted to protect the manufacturing conditions of the Industries.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 364. The agencies appointed under Consumer Protection Act are quasi-judicial in nature.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 365. Can a voluntary consumer association file a complaint on behalf of consumer. Marks:   2+ 0.5-

    Yes    NoThe Correct Answer is :     Yes Module : Module C Chapter : undefined 366. A consumer has purchased goods for resale. Can he file complaint?          Yes    NoThe Correct Answer is :     No Module : Module C Chapter : undefined 367. 'A' has purchased a draft from a bank favouring 'B'. The draft is lost in transit and for duplicate draft in lieu of first bank need some formalities to be completed by'A'. Can 'B' file a consumer case against the formalities as at is delaying payment to him.      Marks:   2+ 0.5-

    No, as he is not conusmer of the bank and is not taking any service from the bank.    No, as he has not paid the demand draft commission.    Yes, as because of bank his payment is getting delayed.    Yes, his money is lying in the bank, he is deemed as account holder of the bank.

The Correct Answer is :     No, as he is not conusmer of the bank and is not taking any service from the bank. Module : Module C Chapter : undefined 368. Central Consumer Protection Council is the apex council having all India Jurisdiction.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 369. Minister in charge of consumer affairs in the Central Government is the Chairman of Central Consumer Protection Council.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 370. State Consumer Protection Council is appointed by Central Government    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 371. State Consumber Protection Council has to meet at least ____ in a year. Marks:   2+ 0.5-

    TwiceModule : Module C Chapter : undefined 372. Who is the Chairman of the Central Consumer Protection Council?         Cheif Justice of the Supreme Court.    Judge of the Supreme Court appointed by the Chief Justice of the Supreme Court.    Minister in charge of Law and Judiciary in the Central Government .    Minister in charge of consumer affairs in the Cenral GovernmentThe Correct Answer is :     Minister in charge of consumer affairs in the Cenral Government     Module : Module C Chapter : undefined 373. To appoint a person as President of District Forum, he must be qualified to be a District Judge.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module C Chapter : undefined 374. Appointment of District Forum is made by the High Court.      True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 375. Can few consumers file a representative complaint on behalf of general consumers at large?      Marks:   2+ 0.5-

    Yes, but with permission of District ForumModule : Module C Chapter : undefined 376. As the agencies appointed for under the Act are quasi-judicial, they do not have powers of Civil Court while conducting the case.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module C Chapter : undefined 377. District Forum has passed order to pay compensation. How recovery of the ordered amount is made?      Marks:   2+ 0.5-

    By filling execution in Civil Court.    By filling execution before District forum.    By filling civil Suit.    By referring the order toe collector for making recovery as if and revenue recovery.The Correct Answer is :     By referring the order toe collector for making recovery as if and revenue recovery. Module : Module C Chapter : undefined 378. A _________ is free when the parties to the contract agree to the same thing in the same sense.      Marks:   2+ 0.5-

    consent    contract    agreementThe Correct Answer is :     consent Module : Module D Chapter : Chapter1 379. A contract without _________ is void.      Marks:   2+ 0.5-

    cash    consideration

    indemnity    guaranteeThe Correct Answer is :     consideration Module : Module D Cha. : Chapter1 380. A person who makes a proposal is known as _______.      Marks:   2+

    promisor    principal debtor    surety    guarantorThe Correct Answer is :     promisor Module : Module D Chapter : Chapter1 381. A person is said to be competent to contract if ___________.          he is a major    he is of sound mind    he is a major and of sound mindThe Correct Answer is :     he is a major and of sound mind Module : Module D Chapter : Chapter1 382. A enters into an agreement with B to rob C and share money. B runs away with all the moeny. A can suit against B to recover the money.        True     FalseThe Correct Answer is :     False    Module : Module D Chapter : Chapter1 383. Mr X (aged 17) can enter into an agreement with Mr Y (aged 25) to buy a car. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter1 384. A contract is concluded only when the party to whom the proposal is made, accepts the proposal.      Marks:   2+ 0.5-

    True     FalseThe Cor rect Answer is :     True Module : Module D Chapter : Chapter1 385. Insurance policies are contracts in the nature of _____.          guarantee    plede    bailment    indemnityThe Correct Answer is :     indemnity   Module : Module D Chapter : Chapter2 386. There are ________ parties in a contract of indemnity.      Marks:   2+

    2    3    4    5The Correct Answer is :     2 Module : Module D Chapter : Chapter2 387. A person who is indemnified can recover damages as well as costs for claming the damages.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True  Module : Module D Chapter : Chapter2 388. In a contract of indemnity the indemnifier is primarily labile          True     FalseThe Correct Answer is :     True   Module : Module D Chapter : Chapter3 389. In a contract of guarantee the liability of the surety is secondary.          True FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter3 390. Anything done for the benefit of the principal debtor, is a sufficient consideration to the surety for giving the guarantee.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter3 391. Where there are co-sureties, a release by the creditor of one of them does not discharge the others.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter3 392. Principal debtor need not pay the surety after the surety has paid to the creditor.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter3

393. Surety is also known as the __________.      Marks:   2+ 0.5-

    indemnifier    bailor    guarantor    baileeThe Correct Answer is :     guarantor Module : Module D Chapter : Chapter3 394. Liability of the surety is ________ that of the principal debtor.       co-extensive with    primary to    secondary toThe Correct Answer is :     co-extensive with Module : Module D Chapter : Chapter3 395. Surety is _________ if the principal debtor is released by the creditor. discharged    liableThe Correct Answer is :     discharged Module : Module D Chapter : Chapter3 396. Guarantee obtained by _________ is invalid.      Marks:   2+ 0.5-

    misrepresentation    consent    agreement    contractThe Correct Answer is :     misrepresentation Module : Module D Cha:Chap3 397. Bailor is a person who delivers his goods to the surety to enable him to give a guarantee.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter4 398. Bailee can use the goods given by the bailor, in the manner as he likes. True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter4 399. The bailee can keep the goods bailed to him and he need not return the same to the bailor.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter4 400. Giving a product on rent for use to another person is a contract of bailment.    True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter4 401. If ornaments kept in the safe locker of bank is stolen in spite of due care by the bank, the bani is liable to the depositor of ornaments.      True    FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter4 402. It is the obligation of the bailee to keep his goods separate from the goods of the bailor.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter4 403. The bailor is liable for any loss to the bailee if the goods bailed are defective and the bailor knowingly does not disclose this fact to the bailee.    True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter4 404. If the bailee has rendered any service involving the exercise of labour or skill in respect of the goods bailed to him, he has to right to retain such goods until the receives due remuneration for the services the has rendered.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter4 405. In a pledge the goods are delivered to be kept as security for a debt or borrowing.      Marks:   2+ 0.5-

  True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter5 406. The pawnee can sell the goods if the pawnor fails to pay.         True     FalseThe Correct Answer is :     True Module : Module D Chapter : Chapter5

407. The pawnee can sell the goods without giving notice to the pawnor.     True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter5 408. The pawnee can keep the goods even after the pawnor has paid the dues. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : Chapter5 409. Agent can be appointed by __________.      Marks:   2+ 0.5-

    express appointment    implication of law    ratification by principal    any of the three modesThe Correct Answer is :     any of the three modes Module : Module D Chapter : undefined 410. The usual form of contract of agency is by way of a _________.     power of attorney    indemnity bond    guarantee bondThe Correct Answer is :     power of attorney Module : Module D Chapter : undefined 411. When a person by his words or conduct appoints someone as his agent it is known as agency by ________.      Marks:   2+ 0.5-

    estoppel    promise    conduct    actionThe Correct Answer is :     estoppel Module : Module D Chapter : undefined 412. Consideration is the most essential element in any contract of agency.        True FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 413. A contract of agency is terminated if the agent does not wish to continue as agent any more.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 414. An agent can have a lien on the goods of the principal for the dues payable by the principal to the agent.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 415. Minor can be a principal or an agent.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 416. The principal has to indemnify the agent for all the lawful acts done by the agent int he course of his duties.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 417. ________means the consideration for a sale of goods.           Price    Lien    Delivery    SharesThe Correct Answer is :     Price Module : Module D Chapter : undefined 418. Goods as defined under Sale of Goods Act does not include ________    actionable claims    shares    stock    grassThe Correct Answer is :     actionable claims Module :D Chapter : undefined 419. ________ goods are to be manufactured/produced/acquired by the seller after making of the contract of sale.      Marks:   2+ 0.5-

    Future    Specific

    Moveable    ImmoveableThe Correct Answer is :     Future Module : Module D Chapter : undefined 420. __________ goods means goods identified and agreed upon at the time a contract of sale is made.      Marks:   2+ 0.5-

    Future    Specific    Moveable    ImmoveableThe Correct Answer is :     Specific Module : Module D Chapter : undefined 421. _________ means voluntary transfer of posession from one person to another.    Delivery    Lien    Indemnity    suitThe Correct Answer is :     Delivery Module : Module D Chapter : undefined 422. When the transfer of the property in the goods is to take place at a contract is called ________.      Marks:   2+ 0.5-

    agreement to sell    contract of sale    conract of future goods    contract of specific goodsThe Correct Answer is :     agreement to sell Module : Module D Chapter : undefined 423. In ________ the ownership of goods is yet to pass from the seller to the buyer.    agreement to sell    contract of sale    contract of future goods    contract of specific goodsThe Correct Answer is :     agreement to sell Module : Module D Chapter : undefined 424. Shares are goods within the meaning of the Sale of Goods Act.        True FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 425. Fixtures can be regarded as moveable goods only if they are intended to be severed and sold separately.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 426. If the stipulation agreed to between the parties is essential to the main purpose of the contract then such a stipulation is known as a _________.          condition    warranty    implied condition    guaranteeThe Correct Answer is :     condition Module : Module D Chapter : undefined 427. A ________ is a stipulation collateral to the main purpose of the contract.    condition    warranty    implied condition    guaranteeThe Correct Answer is :     warranty Module : Module D Chapter : undefined 428. There is an implied condition on the part of the seller that he has a right to _________ the goods.      Marks:   2+ 0.5-

    use    sell    retain    resaleThe Correct Answer is :     sell Module : Module D Chapter : undefined 429. If the sale of goos is by ________ there is an impled condition that the goods shall correspond with the desription.      Marks:   2+ 0.5-

    description    sample

    oral agreement    written contractThe Correct Answer is :     description Module : Module D Chapter: undefined 430. In every contract of sale it is impled that the seller has got the right to sell the goods.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 431. An implied warranty as to quality or fitness for particular purpose may be annexed by the usage of trade.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 432. The seller of goods is deemed to be an unpaid seller when the ________ has not been paid      Marks:   2+ 0.5-

    price    interest    damages    penaltyThe Correct Answer is :     price Module : Module D Chapter : undefined 433. There is no _____ as to the quality or fitness of goods for any particular purpose. Marks:   2+ 0.5-

    implied condition    implied warranty    express condition    express warrantyThe Correct Answer is :     implied condition Module : Module D Chapter : undefined 434. When the _______ is in possession of goods, a lien can be exercised.      seller    buyer    agent of the buyer    carrierThe Correct Answer is :     seller Module : Module D Chapter : undefined 435. _________ is terminated when the buyer gets the possession of the goods    lien    agreement    condition    warrantyThe Correct Answer is :     lien Module : Module D Chapter : undefined 436. When property in the goods has not passed to the buyer and the buyer becomes insolvent before the price is paid, the seller can withhold the delivery of goods. Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 437. A seller who has accepted negotiable security as an abosolute payment is no longer an unpaid seller.      Marks:   2+ 0.5-

    True     False The Correct Answer is :     True Module : Module D Chapter : undefined 438. If one partner cheats a customer of the partnership firm then all the partners of the partnership firm are liable to compensate the customer.          True    FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 439. Registration of firms is compulsory under the Partnership Act.          True FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 440. It is compulsorily to enter into a partnership deed.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 441. The partners are free to decide their mutual rights and liabilities.     True FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 442. A partnership deed can even provide that a particular partner would not take part in the day-to-day business decision of the partnership firm.     True     False

The Correct Answer is :     True Module : Module D Chapter : undefined 443. Consent of all the partners is necessary to change the nature of business carried on by the firm.      Marks:   2+ 0.5-

    True     False The Correct Answer is :     True Module : Module D Chapter : undefined 444. A partnership at will can be dissolved by notice.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 445. Every partner has a right to receive remuneration`      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 446. It is necessary that all the partners in the partnership firm must receive equal share of profit in the partnership firm.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 447. No partner is entitled to use the partnership property for his private purposes.    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 448. A single partner can be authorised to carry on business and sign documents on behalf of the firm.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 449. Every partner is liable jointly with all the other partners and also severally for all acts of the firm done while he is a partner.     True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 450. A minor can be a partner in a partnership firm.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 451. A minor can be admitted to the benefits of a partnership firm.     True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 452. A minor is personally liable like other partners to pay the debts of the firm.    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 453. A minor who is admitted to the benefits of a partnership firm, has a choice when he attains majority as to whether he wants to continue as a partner or not.    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 454. The partners can mutually agree and dissolve the firm.     True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 455. On the death of a partner the partnership firm is compulsorily dissolved.    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 456. A partner of an unregistered firm can file a suit against other partners to get his share of profits.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 457. It is compulsory for a person to hold qualification shares to get appointed as a director in a private company.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 458. Directors are the actual owners of a company      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 459. Private company can make a issue of shares by prospectus.          True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 460. A company has to be compulsorily registered under the Companies Act, 1956.    True     False

The Correct Answer is :     True Module : Module D Chapter : undefined 461. A company cannot enter into contracts in its own name.     True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 462. If all the members of a company die, then the company has to be wound up.(i.e. dissolved).      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 463. In case of a company limited by shares the creditors of the company can recover the money from the members if the company is not making profits.    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 464. A member cannot transfer shares in a public company without the consent of other members.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 465. The minimum number of members required in a private company is __    3    7    12    2The Correct Answer is :     2 Module : Module D Chapter : undefined 466. The minimum number of members required in a public company is--     3    7    12    2The Correct Answer is :     7 Module : Module D Chapter : undefined 467. The maximum number of members in a private company can be _____.     7    12    50    2The Correct Answer is :     50 Module : Module D Chapter : undefined 468. The maximum number of members in a public company can be _____.       any number    12    50    51The Correct Answer is :     any number Module : D Chapter : undefined 469. A private company should have a minimum paid-up capital of Rupees _    five crore    five lakh    one crore    one lakhThe Correct Answer is :     one lakh Module : Module D Chapter : undefined 470. A public company should have a minimum paid-up capital of Rupees __    five crore    five lakh    one crore    one lakhThe Correct Answer is :     five lakh Module : Module D Chapter : undefined 471. In a government company the government holds at least_____ per cent.    12    15    50    51The Correct Answer is :     51 Module : Module D Chapter : undefined 472. In case of conflict between the Memorandum of Association and Articles of Association, the Articles of Association prevails.           True     False

The Correct Answer is :     False Module : Module D Chapter : undefined 473. Doctrine of ultra vires lays down that every outsider is assumed to have read the Memorandum of Association and Articles of Association.         True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 474. Doctrine of constructive notice states that the outsiders are not required to see the compliance of internal regulations of the company.         True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 475. Doctrine of indoor management lays down that a company cannot carry on the objects not permitted by its Memorandum of Association.       True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 476. A minor can be a member of a private company but not of a public company.    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 477. A member can inspect the register of members.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 478. There are no remedies available for misstatements in prospectus by directors.    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 479. The maximum number of directors in a private company can be _____    3    7    12    5The Correct Answer is :     12 Module : Module D Chapter : undefined 480. The maximum number of directors in a public company can be _____.     3    7    12    15The Correct Answer is :     12 Module : Module D Chapter : undefined 481. The minimum number of dirctors required in a public company is __    3    7    12    2The Correct Answer is :     3 Module : Module D Chapter : undefined 482. The minimum number of directors required in a private company is ___    3    7    12    2The Correct Answer is :     2 Module : Module D Chapter : undefined 483. At least _____. of the total number of directors of a public company are to be persons whose periof of office is liable to determination by retirement by rotation. Marks:   2+ 0.5-

    2    7    two-thirdThe Correct Answer is :     two-third Module : Module D Chapter : undefined 484. Every public company, or a private company which is a subsidiary of a public company, having a paid-up share capital of Rupees _____ must have a managing or whole-time director or a manager.      Marks:   2+ 0.5-

    five crore    five lakh    one crore    one lakhThe Correct Answer is :     five crore Module : Module D Chapter : undefined

485. Additional directors are appointed by the ________.      Marks:   2+ 0.5-

    board of directors    promoters    underwriters    shareholdersThe Correct Answer is :     board of directors Module : D Chapter : undefined 486. Alternate directors are appointed by the _______.      Marks:   2+ 0.5-

    board of directors    promoters    underwriters    shareholdersThe Correct Answer is :     board of directors Module : Module D Chapter : undefined 487. Casual vacancies in the board of directors is filled in by the        board of directors    promoters    underwriters    shareholdersThe Correct Answer is :     board of directors Module : Module D Chapter : undefined 488. authorised person is an individual apointed by RBI to deal in foriehn exchange   True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 489. A current account tranaction alters the assets or liabilities outside india of person resident in india      Marks:   2+ 0.5-

    True    FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 490. A capital account transaction includes payment dur in connection with forighn trade in the ordinary course of business      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 491. Foreign exchange includes traveller's cheques.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 492. RBI can revoke any authorisation given to an authorised person.         True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 493. Civil Court is having jurisdiction to entertain any suit or proceeding in respect ofa ny amtter under FEMA.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 494. A person resident in India in the preceding in India for more than ________ days in the preceding financial year.      Marks:   2+ 0.5-

    180    182    60    62The Correct Answer is :     182 Module : Module D Chapter : undefined 495. An Aujudicating Authority can enquire contravention under FEMA only if a complaint is filed by ________.      Marks:   2+ 0.5-

    RBI    High Court    Special Director (Appeals)    Central GovernmentThe Correct Answer is :     Central Government Module : Module D Chapter : undefined 496. Adjudicating Authority has to endeavour to dispose off the complaints within ________ from the date of receipt of the complaint.         one year    182 days

    six months    four weeksThe Correct Answer is :     one year Module : Module D Chapter : undefined 497. Any person aggrieved by an order of Adjudicating Authority can appeal to _    RBI    High Court    Special Director (Appeals)    Appellate Tribunal for Foreign ExchangeThe Correct Answer is :     Special Director (Appeals) Module : Module D Chapter : undefined 498. Transfer of Property Act basically contains provisions relating to transfer of moveable property and goods.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 499. Mortgage is a transfer of an interest in specific immoveable property to secure the payment of money given by way of loan.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 500. In a simple mortgage the mortgagor does not deliver possession of the mortgaged property to the mortgagee.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 501. In a mortgage by conditional sale the property is transferred the condition of sale is that on default of payment of the mortgage-moeny on a certain date the sale shall become absolute.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 502. In a usufructuary mortgage the mortgagor delivers possession of the mortgaged property to the mortgagee.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 503. In an English mortgage the property is transferred absolutely by the mortgagor to the mortagee with a conditionfor retransfer.         True     FalseThe Correct Answer is :     True Module : Module D Chapter : undefined 504. In a morgage by deposit of title-deed the property given as a mortgage has to be situated in notified towns.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 505. A lease of from year to year or for any term exceeding one year can be made by transfer of possession.      Marks:   2+ 0.5-

    True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 506. The debtor has to be given a notice of transfer of actionable claim.        True     FalseThe Correct Answer is :     False Module : Module D Chapter : undefined 507. A lease for agricultural or manufacturing purpose can be terminated by the lesor or lessee by giving _______ notice to one another.         six months     15 days The Correct Answer is :     six months Module : D Chapter : undefined 508. A Memorandum recording mortgage by deposit of title deeds does not require--    registration     stampingThe Correct Answer is :     registration Module : D Chapter : undefined 509. The essentials of valid equitable mortgage is debt, deposit of title deeds and _________.      Marks:   2+ 0.5-

    Intention as security    intention of sale depositThe Correct Answer is :     Intention as security Module : Module D Chapter : undefined 510. In case of accession to the mortgaged property, where the mortgagee is in possession of the mortgaged property, the mortgagee is __________ of the accession.

Marks:   2+ 0.5-

    entitled     not entitledThe Correct Answer is :     entitled Module : Module D Chapter : undefined 511. A mortgagor, while lawfully in possession of the mortgaged property, shall have _______ to make leases thereof.      Marks:   2+ 0.5-

    power     no powerThe Correct Answer is :     power Module : Module D Chapter : undefined 512. The power of sale without intervention of the Court is given to the mortgagor in the case of the following mortgage:      Marks:   2+ 0.5-

    Equitable mortgage    English mortgage    Simple mortgage    Usufructuary MortgageThe Correct Answer is :     English mortgage Module : D Chapter : undefined 513. A lease for agricultural or manufacturing purpose is deemed to be a lease year to year    month to month    week to week    with infinite periodThe Correct Answer is :     year to year Module : D Chapter : undefined