Page 251 - COMBINED QUESTIONS AND ANSWERS - EDITION 2019 - PART II_Neat

(ii) The declared value of the goods closely approximates to the transaction value of
identical or similar goods to unrelated buyer in India
(iii) The declared value of the goods closely approximates to the deductive or computed
value for identical or similar goods
(iv) All of the above
A-989: iv - All of the above
Q-990: The amount of packing credit should not normally exceed
(i) The local cost of manufacture for the exporter
(ii) FOB value of the export contract
(iii) CIF value of the export contract
(iv) The cost of manufacture or FOB value of the export contract whichever is less
A-990: iv - the cost of manufacture or FOB value of the export contract whichever is less
Q-991: The advantage to the exporter of running account facility of packing credit is
(i) Production of letter of credit or firm order is completely waive
(ii) The period of facility need not be adhered to.
(iii) Production of letter credit on firm order is waived immediately they must be
produced within reasonable time
(iv) The rate of interest is low
A-991: iii - Production of letter credit on firm order is waived immediately they must be produced
within reasonable time
Q-992: Pre-shipment advances against export incentives can be covered under
(i) Post shipment export credit guarantee
(ii) Whole turnover post shipment credit guarantee
(iii) Export production finance guarantee.
(iv) Export finance guarantee.
A-992: iv - Export finance guarantee
Q-993: Which one of the following documents are not required for obtaining an export licence?
(i) IEC Number
(ii) Letter of Credit
(iii) Registration cum membership certificate
(iv) Bank account number
A-993: ii - Letter of Credit
Q-994: Which of the following document is not required in connection with an import transaction?
(i) Bill of Lading
(ii) Export General Manifest
(iii) Certificate of Origin
(iv) Shipment advice
A-994: ii - Export General Manifest
Q-995: Which one of the following do not form part of duty drawback scheme?
(i) Refund of Excise duties
(ii) Refund of Customs duties
(iii) Refund of Export duties
(iv) Refund of income dock charges at the port of shipment
A-995: iv - Refund of income dock charges at the port of shipment

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