JAIIB Mock test 4 for LRAB (Legal & Regulatory Aspects of Banking)

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Particulars of satisfaction of charge by a company are to be filed within.................:

Correct! Wrong!

the irrevocable letter of credit imposes and absolute obligation on the banker to....................

Correct! Wrong!

Letter of credit covers payment against ......................

Correct! Wrong!

LC issuing bank is also called .....................

Correct! Wrong!

Which of the following LC can be cancelled or amended with consent of beneficiary, applicant bank and confirming bank, if any?

Correct! Wrong!

In which of the following Letter of Credit documents delivered to applicant after receiving the payment?

Correct! Wrong!

LC is opened at the request of ....................

Correct! Wrong!

Which of the following is similar to performance bond or guarantee, but issued in the form of Letter of Credit, The beneficiary can submit his claim by means of a draft accompanied by the requisite documentary evidence of performance, as stipulated in the credit?

Correct! Wrong!

Documentary bills are the bills which are.................

Correct! Wrong!

the beneficiary transfers its rights in the LC to third parties in a .......................

Correct! Wrong!

Letter of Credit where in addition to advance payment, the beneficiary is entitled to payment of storage charges & pre-shipment credit is called...............

Correct! Wrong!

Letter of credit is a …................. Instrument.

Correct! Wrong!

JAIIB Mock test 4 for LRAB (Legal & Regulatory Aspects of Banking)

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