1. A cooperative bank undertakes banking business as (a) a primary cooperative bank (b) central
cooperative bank (c) state cooperative bank:
a. A, b and c all
b. A and b only
c. B and c only
d. B only
Ans: a

2. Which of the following Act has been enacted in India on account of initiative of UN Commission
on International Trade law:
a. Prevention of Money Laundering Act
b. Information Technology Act
c. Right to Information Act
d. None of these
Ans: b

3. If the limitation period is not prescribed in the Limitation Act for a transaction, the limitation
period is:
a. 3 years
b. 12 years
c. 30 years
d. At discretion of the court
Ans: a

4. In case of residents in India, which of the following income is taxable:
a. Earned in India only
b. Earned while outside India only
c. Earned outside India, while in India only
d. All the above
Ans: d

5. For raising capital, a banking company can pay (a) commission (b) brokerage (c) discount (d)
remuneration, at _______ of the paid up value of the shares:
a. A to d all,2.5%
b. A to c only 2.5%
c. B to c only 2%
d. A and c only 2%
Ans: a

6. Which of the following Act recognizes the electronic signatures and records equal to physical
signatures and records:
a. Information Technology Act
b. Negotiable Instruments Act
c. Indian evidence Act
d. All the above
Ans: a

7. Which of the following is not correct with regard to board of Directors of a Banks:
a. At least 51% of total no. of directors shall have special knowledge or practical experience In
banking related areas
b. RBI can remove any director, if the bank does not reconstitute the Board of Director, on
RBI’s point out.
c. Maximum period for which a director can hold office is 6 years
d. If a Chairman or whole-time director is removed from office, he ceases to be director of the
bank and is not eligible for further appointment as director for 4 years.
Ans: c

8. The assessment officer can scrutinize the return submitted by the assesses and complete the
assessment which is called:
a. Verified assessment
b. Scrutiny assessment
c. Verification assessment
d. Assessment by verification
Ans: b

9. Advance tax is payable in 4 stages by an assessee. It should be paid as under. Which one is not
a. By June15-15%
b. By Sept15-30%
c. By Dec 15-75%
d. By mar 15-100%
Ans: c

10. U/s 26 of Banking regulation Act the banks submit to RBI, a return on _______ basis,
within_____ from close of the said period, relating to _____.
a. Half yearly , one moth, inoperative deposits
b. Yearly ,30 days , unclaimed deposits
c. Yearly 15 days, inoperative deposits
d. HY, 30 days, unclaimed deposits
Ans: b

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