46 - Technology in Remittance

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Technology in Remittance for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

1. Which of the following is an account maintained in foreign currency with an Authorised Dealer Bank?

[A] Exchange Earners’ Foreign Currency Account
[B] Exchange Eligible Foreign Currency Account
[C] Earners’ Eligible Foreign Currency Account
[D] Earners’ Exchange Foreign Currency Account

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2. An EEFC account can be held only in the form of which of the following?

[A] Savings Bank Account
[B] Deposit Account
[C] Current Account
[D] None of the Above

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3. Under Liberalised Remittance Scheme, PAN card need not be insisted upon for remittance made towards permissible current account transactions up to how much amount?

[A] USD 25,000
[B] USD 20,000
[C] USD 15,000
[D] USD 10,000

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4. Which of the following account can be repatriable?

[A] NRE Account
[B] NRO Account
[C] FCNR(B) Account
[D] Both (A) and (C)

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5. Which of the following does not have savings account?

[A] NRE Account
[B] NRO Account
[C] FCNR(B) Account
[D] Both (A) and ©

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6. Which out of the following is most popular channel of foreign inward remittances to India?

[A] SWIFT
[B] Rupee Drawing Arrangement (RDA)
[C] Direct transfers
[D] Cheques and Drafts

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7. Who is/are eligible to open an EEFC Account?

[A] Individuals
[B] Companies
[C] Residents of India
[D] All of the Above

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8. Which of the following remittances payments is one area that is a lifeline for millions of people across the globe, especially in rural areas?

[A] Digital remittance
[B] Ion remittance
[C] Blockchain remittance
[D] None of the above

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9. In which type of remittances, money is transferred from one country to another?

[A] Foreign Remittance
[B] Digital Remittance
[C] Blockchain Remittance
[D] None of the above

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10. Which type of remittances are received from abroad?

[A] Blockchain Remittance
[B] Inward Foreign Remittance
[C] Outward Foreign Remittance
[D] None of the above

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