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Legal Banking Memory Recalled Questions May 2019

Legal & Regulatory aspects of BankingRecalled

JAIIB Exam Study Material: Legal Banking Memory Recalled Questions May 2019

Legal banking Recollected Questions May 2019



1. Cersai time limit - within 30 days of creation of mortgage

2. Bills payable on demand are - paid when the payee asks for it.

3. Term of every member in national commission - 5 years or up to the age of seventy years, which ever is earlier

4. A securitization company carries out the function of - Acquisition of financial asset from the originator

5. Limitation period of for takng immovable property under sarfaesi? - 12 Years

6. Amount of TDS should be submitted before how many days? - 7th of the next month

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1. Who cannot become a partner in a firm as per supreme court judgment? HUF

2. Banks are required to implement the award of Ombudsman unless a decision is taken to appeal against the same within one month from the date of receipt of acceptance of the award by the complainant.

3. Money deposited after receiving order may be attached in the case of - attachment order

4. If on a Bill-of Exchange, two parallel lines are drawn and not negotiable is written between the lines, what kind of the crossing will be there - Provisions relating to crossing are not applicable to Bill of Exchange.

5. Appeal against the award of Ombudsman can be made by the bank within - 30 days of receiving the acceptance from the complainant.

6. Banks print cheque books having similar particulars. The format of cheque is prescribed by which Act - Not defined in any Act. It is as per practice. CTS 2010 advised by RBI

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1. Maximum amount of deposit which a bank may ask while allowing locker facility to a customer - Advance rent for 3 years and locker breaking charges

2. Garnishee order is not applicable on - (a) cash received after two hours of receipt of Garnishee order (b) amount received for safe custody (c) undrawn balances in cash credit accounts

3. Whether a customer can approach Ombudsman without first approaching the Bank - Approaching the bank first is a pre-condition.

4. Which of the following documents does not constitute document of title to goods - Airway bill

5. Board of Directors want to borrow money in excess of paid up capital and reserves of the company - can be done through a resolution passed by shareholders in the general meeting

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1. A cheque is presented for payment in which amount in figures is mentioned as Rs 10,000 whereas the amount in words is mentioned as Rs. Ten lakh only. In terms of section 18 of the NI Act, what should the bank do? - The amount written in words should be paid.

2. Appeal against the award of the Banking Ombudsman can be made to Deputy Governor, RBI within days of the receipt of copy of award from the Ombudsman - 30 days

3. Banks can ask for deposit of advance rent on hiring a locker for a period up to - 3 years

4. Direct Impact of increase in CRR is - Controlling Liquidity

5. If date on a cheque is prior to the date of its presentation, it is called - Ante Dated cheque

6. As per RBI guidelines, all banks are required classify business in various business segments with effect from 31-03-2008. The segments are - (a) Treasury (b)Corporate/Wholesale Banking, (c)Retail Banking, (d)Other Banking Business. The geographical segments are 'domestic' and 'international'.

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1. A cheque is written in English and Regional Language. Whether it can be paid? - Yes. A cheque written in different language can be paid if otherwise in order.

2. The consequence of non registration of Partnership - firm cannot sue others for its dues.

3. Can Karta of HUF appoint Agent or delegate the powers to other co-parcener - Yes, he can do so.

4. How can be the transferability of Bill of exchange can be restricted? By making restrictive endorsement

5. Upto what amount District forum can be approached under Consumer Protection Act? - Rs.20 Lacs

6. For wrongful dishonour of the cheque the bank is liable to - the drawer of the cheque

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1. A/c payee crossing is defined in - it is not defined in any Act. It is as per practice

2. KYC and FIU in India are associated with - preventing money laundering

3. Customer service code has been mentioned in - Banking Codes and Standards Board of India.

4. Co is in liquidation, funds are at the disposal of - Liquidator

5. As per Prevention of Money laundering Act, preservation of records relating to closed accounts upto - 5 yr from date of closure of account.

6. Counterfeit note received at the counter what to be done? - Impound the currency note.

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