Banking Awareness Quiz – Set 145

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Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. The legal tender character of the bank notes in denominations of Rs. 500 and Rs.1000 issued by the Reserve Bank of India till November 8, 2016 stands withdrawn is known as ______
   A. MMID
   B. ISBN
   C. SBN
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. SBN
   Explanation:
   The legal tender character of the bank notes in denominations of Rs. 500 and Rs.1000 issued by the Reserve Bank of India till November 8, 2016 stands withdrawn is known as Specified Bank Notes(SBN)
   
   
2. _________ has been promulgated by the President of India to provide for cessation of liabilities on the Specified Banknotes and for connected/incidental matters and comes into effect from December 31, 2016.
   A. RBI Act 1934
   B. Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
   C. Negotiable Instruments Act, 1881
   D. All of these
   E. None of these
   
   Answer & Explanation

   B. Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
   Explanation:
   Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 has been promulgated by the President of India to provide for cessation of liabilities on the Specified Banknotes and for connected/incidental matters and comes into effect from December 31, 2016.
   
   
3. After the expiry of grace period to change SBN notes, holding of not more than ______ notes in total, irrespective of denomination or not more than _______ notes for the purpose of study/ research/ numismatics is permitted.
   A. 10, 25
   B. 15, 50
   C. 20, 25
   D. 11, 20
   E. None of these
   
   Answer & Explanation

   A. 10, 25
   Explanation:
   After the expiry of grace period to change SBN notes, holding of not more than 10 notes in total, irrespective of denomination or not more than 25 notes for the purpose of study/ research/ numismatics is permitted.
   
   
4. If any person shall knowingly or voluntarily hold, transfer or receive any specified banknotes then shall be punishable with fine which may extend up to ______
   A. Rs.10,000
   B. Rs.20,000
   C. Five times the face value of SBN
   D. (A) or (C)
   E. (B) or (C)
   
   Answer & Explanation

   D. (A) or (C)
   Explanation:
   If any person shall knowingly or voluntarily hold, transfer or receive any specified banknotes then shall be punishable with fine which may extend up to Rs.10,000 or five times the face value of SBN.
   
   
5. SBN facility will not be available for Indian citizens resident in _______
   A. Nepal
   B. Bhutan
   C. Pakistan
   D. Bangladesh
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   SBN facility will not be available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
   
   
6. The SBN facility will remain open for residents from January 2, 2017 to ________
   A. March 31, 2017
   B. May 31, 2017
   C. April 30, 2017
   D. June 30, 2017
   E. None of these
   
   Answer & Explanation

   A. March 31, 2017
   Explanation:
   The SBN facility will remain open for residents from January 2, 2017 to March 31, 2017.
   
   
7. The SBN facility will remain open for NRIs from January 2, 2017 to ________
   A. March 31, 2017
   B. May 31, 2017
   C. April 30, 2017
   D. June 30, 2017
   E. None of these
   
   Answer & Explanation

   D. June 30, 2017
   Explanation:
   The SBN facility will remain open for residents from January 2, 2017 to June 30, 2017.
   
   
8. Residents/NRIs can exchange SBNs at _______ Reserve Bank offices.
   A. Three
   B. Five
   C. Four
   D. Six
   E. None of these
   
   Answer & Explanation

   B. Five
   Explanation:
   Residents/NRIs can exchange SBNs at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
   
   
9. The SBN facility is not available to _______
   A. NRIs
   B. Persons of Indian Origin (PIO)
   C. Overseas Citizens of India (OCI)
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   E. Both (B) and (C)
   Explanation:
   The SBN facility is not available to Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI).
   
   
10. Effective _________, there will be no limits on cash withdrawals from Savings Bank accounts.
    A. March 13, 2017
    B. March 12, 2017
    C. March 11, 2017
    D. March 10, 2017
    E. None of these
    
    Answer & Explanation

    A. March 13, 2017
    Explanation:
    Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.