Import and Export.

1) The latest Foreign Trade Policy is for the period ----- Ans 2015-2020
2) The key objective of the Foreign Trade Policy is to ------- Ans: Arrest
the declining export and reverse the trend .
3) Expand DGFT ---- Ans: Director General of Foreign Trade
4) DGFT is coming under which Ministry ------------ Ans Ministry of
Commerce Gove of India.
5) Who is control aspects of foreign trade ----- Ans DGFT
6) Who takes care of exchange control aspects of foreign trade ------Ans: RBI.
7) On 1st June 2000, Foreign Exchange Management Act 1999 (FEMA)
replaced ---------- Ans: Foreign Exchange Regulation Act 1973. (FERA)
8) Authorised dealers-------- Licensed by RBI for carrying out the foreign
exchange transaction
9) Money changers are two ------ Full fledged money changers and
restricted money changers.
10)
Full fledged money changers ------- ans: Can convert Foreign
currency into Indian Rupees and Indian Rupee into foreign currency.
11)
Form for making remittance of foreign currencies for import
from other countries ------ Ans Form A1
12)
Form for remittance of ACU Dollar for import ---- Form A1 (ACU)
13)
Form for remittances other than for imports ------ Form A2.
14)
AEZ Exporters ---- Agricultural Export Zone exporters
15)
BTP Exporters --- ans: Bio Technology Park
16)
Counter Trade ----------- Ans: Export and Imports are balanced .
Counter trade is through Escrow accounts.
17)
EHTP ----- Electronic Hardware Technology Park.
18)
EOU ---- Ans: Export Oriented Unit.
19)
EPZ ---- Ans: Export processing Zone.
20)
Manufacuring exporters
21)
Merchant exporters.
22)
SEZ means- Special Economic Zone
23)
EPCG License -------- Under this scheme imports can be made
against export obligation.
24)
EPCG means --------- Export promotion capital good scheme.
25)
Members of ACU countries --------- Ans Bangladesh, Iran,
Pakistan, Myanmar Sri Lanka India, Nepal, Bhutan and Maldives
26)
In order to facilitate transactions / settlements, effective
January 01, 2009, participants in the Asian Clearing Union will have
the option to settle their transactions either in ACU Dollar or in ACU
Euro. Accordingly, the Asian Monetary Unit (AMU) shall be
denominated as 'ACU Dollar' and 'ACU Euro' which shall be
equivalent in value to one US Dollar and one Euro, respectively.
27)
Relaxation from ACU Mechanism- Indo-Myanmar Trade - Trade
transactions with Myanmar can be settled in any freely convertible
currency in addition to the ACU mechanism.

28)
the rate of interest, if any, payable on the advance payment
does not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis
points;
29)
Foreign Currency for travel abroad general -------- USD 3000
(Out of eligible amount of USD 2,50,000)
30)
Foreign currency for travel to Iraq or Libiya --------- USD 5000
31)
Remittance for medical treatment ---- USD 2,50,000
32)
Foreign exchange left over has to be surrendered to AD branch
with in 180 days.
33)
Maximum Forex that can be retained ------------- Equivalent of
USD 2000and coins with out celing.
34)
DEPB ------------ Duty Entitlement Passbook Scheme.