SOLVED JAIIB COMBINED PAPER 6:
1. Mandate is a/an ...... agreement.
(i) Stamped, (ii) Unstamped
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
2. Section 45ZA to 45ZF relate to Nomination in ......
(i) Deposit, (ii) Safe custody, (iii) Locker accounts
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - d
3. After close of business hours by 3.30 hrs. the account holder himself availed payment. At 4.30 p.m. income tax attachment order is received by bank. What would be the liability of paying bank?
a. payment is made in due course and as payment is debit able next day, bank is protected.
b. payment is not in due course since paid after reasonable time.
c. attachment order will be effective after bank's right of lien over the late payment bank
d. should approach the customer to get the order changed to next day.
Ans - b
4. Transferee will not get a better title than that of the transferer in ...... crossing.
(i) Payees account only, (ii) Not Negotiable
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
5. Lien is not a/an ...... of the creditor to retain possession. (i) right, (ii) obligation, (iii) instrument
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
6. Locker operated by A & B with either or survivor instructions. Nomination done by A in favour of X. A dies. Y is the son of A. Payment will be made to
(i) B, (ii) X, (iii) X & Y
a. Only (i)
b. Only (i) and (ii)
c. Only (iii)
d. (i) and (iii)
Ans - a
7. For creating Equitable Mortgage by Deposit of Title Deeds, the property must be situated in ......
(i) Where EM is created, (ii) Any where in India.
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
8. Mr. Ram has a bank account and credited Rs. 5 lakh in it. Subsequently he was arrested on charge of fraud. The police informed the bank not to allow withdrawals from his account. Two days later, bank receives a cheque of Rs. 15,000 favouring Ram's creditor. Bank should ......
a. not to pay cheque
b. return cheque with memo stating A/c holder in jail
c. honour the cheque
d. get police orders for payment
Ans - c
9. Banker's lien is not applicable in case of ......
(i) Safe custody, (ii) debts not due, (iii) Securities left negligently
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - d
10. Sameer issued a cheque at 4:30 p.m. (one hour after close of business hours of the bank) to Ranjit. Ranjit approached the bank and on request got paid the money at 4:45 p.m. as late payment. Sameer reached the bank and stopped payment of cheque issued to Ranjit at 4:50 p.m. on the same day. Who is liable for loss?
a. Payment after business hours is not a payment in due course hence bank is liable, Section 10 N.I. Act.
b. Payment even though after business hours but within banking hours is protected under Section 31.
c. Payment late for today is protected under Section 85.
d. Refused to accept stop payment instructions since late for today.
Ans - a
11. If both duplicate and original drafts are presented in Clearing, Bank should pay ......
(i) original and return Duplicate
(ii) Pay duplicate and return Original
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
12. Which one attracts stamp duty as per Indian Stamp Act?
(i) DPN, (ii) Agreements
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - d
(i) Stamped, (ii) Unstamped
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
2. Section 45ZA to 45ZF relate to Nomination in ......
(i) Deposit, (ii) Safe custody, (iii) Locker accounts
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - d
3. After close of business hours by 3.30 hrs. the account holder himself availed payment. At 4.30 p.m. income tax attachment order is received by bank. What would be the liability of paying bank?
a. payment is made in due course and as payment is debit able next day, bank is protected.
b. payment is not in due course since paid after reasonable time.
c. attachment order will be effective after bank's right of lien over the late payment bank
d. should approach the customer to get the order changed to next day.
Ans - b
4. Transferee will not get a better title than that of the transferer in ...... crossing.
(i) Payees account only, (ii) Not Negotiable
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
5. Lien is not a/an ...... of the creditor to retain possession. (i) right, (ii) obligation, (iii) instrument
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
6. Locker operated by A & B with either or survivor instructions. Nomination done by A in favour of X. A dies. Y is the son of A. Payment will be made to
(i) B, (ii) X, (iii) X & Y
a. Only (i)
b. Only (i) and (ii)
c. Only (iii)
d. (i) and (iii)
Ans - a
7. For creating Equitable Mortgage by Deposit of Title Deeds, the property must be situated in ......
(i) Where EM is created, (ii) Any where in India.
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
8. Mr. Ram has a bank account and credited Rs. 5 lakh in it. Subsequently he was arrested on charge of fraud. The police informed the bank not to allow withdrawals from his account. Two days later, bank receives a cheque of Rs. 15,000 favouring Ram's creditor. Bank should ......
a. not to pay cheque
b. return cheque with memo stating A/c holder in jail
c. honour the cheque
d. get police orders for payment
Ans - c
9. Banker's lien is not applicable in case of ......
(i) Safe custody, (ii) debts not due, (iii) Securities left negligently
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - d
10. Sameer issued a cheque at 4:30 p.m. (one hour after close of business hours of the bank) to Ranjit. Ranjit approached the bank and on request got paid the money at 4:45 p.m. as late payment. Sameer reached the bank and stopped payment of cheque issued to Ranjit at 4:50 p.m. on the same day. Who is liable for loss?
a. Payment after business hours is not a payment in due course hence bank is liable, Section 10 N.I. Act.
b. Payment even though after business hours but within banking hours is protected under Section 31.
c. Payment late for today is protected under Section 85.
d. Refused to accept stop payment instructions since late for today.
Ans - a
11. If both duplicate and original drafts are presented in Clearing, Bank should pay ......
(i) original and return Duplicate
(ii) Pay duplicate and return Original
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - b
12. Which one attracts stamp duty as per Indian Stamp Act?
(i) DPN, (ii) Agreements
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Ans - d