Banking Awareness Quiz – Set 186

Hello Aspirants,
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. 1. 1. Which of the following bank notes is referred to as Specified Bank Note(SBN)?
         A. 1000
         B. 100
         C. Old series of 500 note
         D. Both (A) and (B)
         E. Both (A) and (C)
         
         Answer & Explanation

         E. Both (A) and (C)
         Explanation:
         The legal tender character of the bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve Bank of India till November 8, 2016 referred to as Specified Bank Notes.
         
         
      2. The SBNs cease to be the liabilities of the Reserve Bank under _____  of the RBI Act.
         A. Section 34
         B. Section 37
         C. Section 38
         D. Section 39
         E. Section 30
         
         Answer & Explanation

         A. Section 34
         Explanation:
         The SBNs cease to be the liabilities of the Reserve Bank under Section 34 of the RBI Act and cease to have the guarantee of the Central Government.
         
         
      3. The grace period for resident Indians to exchange SBNs expired on _________
         A. March 31, 2017
         B. April 30, 2017
         C. May 31, 2017
         D. June 30, 2017
         E. None of these
         
         Answer & Explanation

         A. March 31, 2017
         Explanation:
         The grace period for resident Indians to exchange SBNs expired on March 31 2017
         
         
      4. For non- resident Indians (Indian passport holders), the grace period is till ______
         A. March 31, 2017
         B. April 30, 2017
         C. May 31, 2017
         D. June 30, 2017
         E. None of these
         
         Answer & Explanation

         D. June 30, 2017
         Explanation:
         For non- resident Indians (Indian passport holders), the grace period is till June 30 2017.
         
         
      5. In terms of _______ of the Specified Bank Notes (Cessation of Liabilities) Act 2017, with effect from December 31, 2016 no person shall knowingly or voluntarily hold, transfer or receive any specified banknotes.
         A. Section 5
         B. Section 7
         C. Section 8
         D. Section 9
         E. Section 3
         
         Answer & Explanation

         A. Section 5
         Explanation:
         In terms of Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act 2017, with effect from December 31, 2016 no person shall knowingly or voluntarily hold, transfer or receive any specified banknotes.
         
         
      6. In terms of _______ of  Specified Bank Notes (Cessation of Liabilities) Act 2017, contravention of Section 5 shall be punishable with fine which may extend upto 10,000 INR or five times the face value of the SBNs involved in the contravention, whichever is higher.
         A. Section 5
         B. Section 7
         C. Section 8
         D. Section 9
         E. Section 3
         
         Answer & Explanation

         B. Section 7
         Explanation:
         In terms of section 7 of Specified Bank Notes (Cessation of Liabilities) Act 2017, contravention of Section 5 shall be punishable with fine which may extend upto 10,000 INR or five times the face value of the SBNs involved in the contravention, whichever is higher.
         
         
      7. After the expiry of grace period, holding of not more than ___ notes in total, irrespective of denomination is permitted.
         A. 30
         B. 25
         C. 15
         D. 20
         E. 10
         
         Answer & Explanation

         E. 10
         Explanation:
         After the expiry of grace period, holding of not more than 10 notes in total, irrespective of denomination is permitted.
         
         
      8. After the expiry of grace period, holding of not more than ____ notes for the purpose of study/ research/ numismatics is permitted.
         A. 30
         B. 25
         C. 15
         D. 20
         E. 10
         
         Answer & Explanation

         B. 25
         Explanation:
         After the expiry of grace period, holding of not more than 25 notes for the purpose of study/ research/ numismatics is permitted.
         
         
      9. For NRIs the facility to exchange notes is available from January 2, 2017 to June 30, 2017 at ____ Reserve Bank offices.
         A. Six
         B. Three
         C. Four
         D. Five
         E.  None of these
         
         Answer & Explanation

         D. Five
         Explanation:
         For NRIs the facility to exchange notes is available from January 2, 2017 to June 30, 2017 at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
         
         
      10. The limit of exchange for NRIs will be ______.
          A. Rs. 10000
          B. Rs. 15000
          C. Rs. 25000
          D. Rs. 20000
          E. None of these
          
          Answer & Explanation

          C. Rs. 25000
          Explanation:
          The limit of exchange for NRIs will be Rs.25000