1. Introduction & FEMA Overview

FEMA 1999 came into force on 1 June 2000.
FEMA does not define NRI directly — definition derived from Resident defined in Sec 2(v) FEMA and aligned with Income Tax Act.

Important FEMA Definitions

Term	Meaning
Authorised Person	AD, Money changer, Off-shore banking unit approved under Sec 10
FCNR(B)	Foreign Currency Non-Resident (Bank) Account
Surrender	Selling Forex to authorised dealer for INR
SNRR	Special Non-Resident Rupee Account

2. Who can open NRE / NRO / FCNR(B) accounts

Account	Who Can Open
NRE	NRIs & PIOs; Pakistan/Bangladesh people need RBI approval
FCNR(B)	NRIs & PIOs (Term Deposits only)
NRO	Any person resident outside India; others need approval; post offices allowed

3. Joint Account Rules

NRE/FCNR can be held jointly with NRI/PIO or Resident relative on former or survivor basis.
Resident relative may operate account through Power of Attorney (PoA).

4. Types of Accounts

Type	NRE	FCNR(B)	NRO
Type of Account	Savings/Current/Recurring/FD	Term Deposit only	Savings/Current/Recurring/FD
Tenure	1–3 years (can extend above 3 yrs)	1–5 years	As per Resident norms
Taxability	Tax-free interest	Tax-free	Taxable
Repatriation	Fully repatriable	Fully repatriable	Up to USD 1 million per FY

5. Permissible Credits & Debits

NRE Account

Credits permitted:

Inward foreign remittance, interest, maturity proceeds, transfers from NRE/FCNR(B).

Debits permitted:

Local payments, remittance abroad, transfer to NRE/FCNR(B)

NRO Account

Credits:

Remittances, legitimate dues (rent, interest, pension), transfer from NRO, gift/loan from resident relative under LRS.

Debits:

Local payments, repatriation abroad, transfer to NRO, movement to NRE within USD 1 million limit.

6. Loans on NRE / NRO / FCNR(B)

Loan Against	Availability	Key Restrictions
NRE / FCNR(B)	Loan in India & Abroad allowed	Not repatriable, cannot use for agriculture/real estate/relending
NRO	Allowed in India	Not for real estate / agriculture / relending

7. Residential Status Change

On return to India:
NRE → Resident/RFC immediately on employment return.
FCNR(B) can continue till maturity & then convert to RFC/Rupee account.
NRO → Resident on return indicating permanent stay.

8. Premature Closure Rules

No interest if withdrawn before 12 months.
After 12 months: 1% penalty below applicable rate.

9. FATCA & CRS

FATCA/CRS declaration compulsory for reporting to other countries.

10. Important Bank Circulars (2025-latest updates)

Circular Date	Subject
14 Jan 2025	Global NRI Help Desk at Noida
15 Jan 2025	New Welcome Kit dispatch process
05 Jun 2025	Crystallization of overdue FCNR(B) to INR after 3 years
12 Aug 2025	Revised mobile number update process for NRIs

🎯 IMPORTANT POINTS

FEMA 1999 applicable from 1 June 2000.
Tax-free accounts: NRE & FCNR(B) only.
USD 1 Million repatriation limit from NRO per FY.
Loans against NRE/FCNR(B) cannot be repatriated and not for real estate/agriculture.
FCNR(B) in foreign currency, Term deposits only (1-5 yrs).
Resident relative operating PoA only for permissible local payments.
NRE→resident/RFC immediately on return; FCNR(B) can continue till maturity.
Premature closure <12 months = No interest.

Mnemonic to remember Account differences:

NRE = Free | FCNR = Forex Fixed | NRO = Restricted + Taxable

⚡ LAST-MINUTE REVISION NOTES

Account	Key Points
NRE	Fully repatriable, tax-free, foreign funds only, joint with resident allowed
NRO	Domestic source funds, taxable, repatriation limit USD 1M, real-estate purchase allowed
FCNR(B)	Foreign currency term deposit, 1-5 yrs, tax-free, no exchange risk
Loans	Not for real estate/agriculture/re-lending
Status change	NRE→RFC/Resident, FCNR continues till maturity, NRO→Resident
FATCA/CRS	mandatory for reporting

😎 MCQ

🅰️ CHAPTER 1 – FEMA & BASIC DEFINITIONS (10 MCQs)

Q1. FEMA, 1999 came into force from which date?
A. 1 April 1999
B. 1 June 2000
C. 1 January 2000
D. 1 July 2000
Answer: B

Q2. Under FEMA, 1999, the term Non-Resident Indian is:
A. Clearly defined in Section 2(v) of FEMA
B. Not defined; derived from definition of Resident
C. Defined only in Income Tax Act
D. Defined only in RBI Master Directions
Answer: B

Q3. Which of the following best describes an Authorised Person under FEMA?
A. Scheduled Commercial Bank only
B. Any RBI officer dealing in foreign exchange
C. AD, money changer, off-shore banking unit or any authorised person under Sec 10(1)
D. Only AD Category–I bank
Answer: C

Q4. Under FEMA regulations, a Foreign Currency Account means an account:
A. Held only in USD
B. Held or maintained in a currency other than India, Nepal, Bhutan
C. Held in any foreign currency including INR
D. Held only in currency of the resident’s country
Answer: B

Q5. As per FEMA, ‘Deposit’ includes deposit of money with:
A. Only banks
B. Banks and companies
C. Banks, companies, proprietary concerns and specified firms only
D. Bank, company, proprietary concern, partnership firm, corporate body, trust or any other person
Answer: D

Q6. FCNR(B) account stands for:
A. Foreign Currency Non-Resident (Bonus)
B. Foreign Currency Non-Resident (Bank)
C. Foreign Currency Non-Resident (Branch)
D. Foreign Currency Non-Resident (Bilateral)
Answer: B

Q7. Surrender under FEMA means:
A. Depositing cash in any bank
B. Selling foreign exchange to an authorised person in India for rupees
C. Withdrawing foreign currency abroad
D. Converting rupees into foreign currency
Answer: B

Q8. Foreign exchange due means:
A. Amount actually received in foreign exchange
B. Amount which a person has a right to receive/claim in foreign exchange
C. Amount kept in FCNR(B) account
D. Amount already converted into INR
Answer: B

Q9. SNRR account refers to:
A. Special Non-Resident Rupee account
B. Separate Non-Resident Rupee account
C. Standard Non-Resident Rupee account
D. Short-term Non-Resident Rupee account
Answer: A

Q10. As per the booklet, Bulk Deposit means single rupee term deposit of:
A. ₹1 crore and above
B. ₹2 crore and above
C. ₹3 crore and above
D. ₹5 crore and above
Answer: C

🅱️ CHAPTER 2 – NRI / PIO / BASIC STATUS CONCEPTS (10 MCQs)

Q11. As per the booklet, Non-Resident Indian (NRI) means a person resident outside India who is:
A. A citizen of India or a PIO
B. A citizen of India for 182 days during the preceding financial year or a person of Indian origin
C. A person of Indian origin only
D. A foreign citizen living in India
Answer: B

Q12. For NRI definition, the earlier FEM (Deposit) Regulations 2000 have been replaced by:
A. FEMA 6(R) Regulations, 2015
B. FEM (Borrowing) Regulations, 2016
C. FEM (Deposit) Regulations, 2016 – FEMA 5(R)
D. FEMA NRI Regulations, 2017
Answer: C

Q13. In new FEM (Deposit) Regulations, 2016, the term NRI has been replaced by:
A. Only OCI
B. Only PIO
C. NRI and/or PIO
D. Non-Resident Person
Answer: C

Q14. Person of Indian Origin (PIO) does not include which of the following as per conditions given?
A. Child or grandchild of a citizen of India
B. Spouse of foreign origin of a citizen of India
C. Citizen of any country including Bangladesh and Pakistan
D. Person who was a citizen of India under Citizenship Act, 1955
Answer: C

Q15. PIO is a person resident outside India who is a citizen of any country other than:
A. Sri Lanka and Nepal
B. Bangladesh or Pakistan
C. China or Myanmar
D. UAE or Saudi Arabia
Answer: B

Q16. Non-residents with foreign nationality and non-Indian origin are eligible to open:
A. Only NRE account
B. Only FCNR(B) account
C. Only NRO account
D. All NRE / NRO / FCNR(B) accounts
Answer: C NRI

Q17. Individuals/entities of Pakistan and Bangladesh need prior RBI approval for opening:
A. Only NRE and FCNR(B)
B. Only NRO
C. NRE, NRO and FCNR(B) accounts
D. Only FCNR(B)
Answer: C NRI

Q18. A citizen of Bangladesh/Pakistan belonging to minority communities (Hindu, Sikh, Buddhist, Jain, Parsi, Christian) residing in India with LTV can open:
A. Any number of NRE accounts
B. Only one NRO account with AD bank
C. Only one NRE account with AD bank
D. Only FCNR(B) account
Answer: B NRI

Q19. As per the booklet, post offices in India can maintain:
A. Only NRE accounts for NRIs
B. Savings accounts for persons resident outside India on NRE basis
C. Savings bank accounts for persons resident outside India under NRO-like terms
D. Foreign currency accounts for NRIs
Answer: C NRI

Q20. For introducing the account of an NRI, which document is specifically mentioned?
A. Overseas Driving Licence
B. PAN Card
C. Passport
D. OCI Card only
Answer: C NRI

🅾️ CHAPTER 3 – NRE ACCOUNT FEATURES (20 MCQs)

Q21. Under NRE Scheme, who can open NRE accounts?
A. Only NRIs
B. NRIs and PIOs
C. NRIs, PIOs and Residents
D. Only PIOs
Answer: B NRI

Q22. Which of the following is not a permissible type of NRE account?
A. Savings
B. Current
C. Term Deposit
D. Recurring Deposit only for 10 years
Answer: D (RD is allowed; 10-year specific not stated) NRI

Q23. What is the usual period for NRE fixed deposits as per the table?
A. 6 months to 10 years
B. 1 to 3 years (banks may accept above 3 years)
C. 3 to 7 years
D. 1 to 10 years mandatory
Answer: B NRI

Q24. NRE accounts can be held jointly with a resident:
A. Only on ‘Either or Survivor’ basis
B. Only when resident is spouse
C. On ‘Former or Survivor’ basis with resident relative (as per Companies Act 2013)
D. Not allowed at all
Answer: C NRI

Q25. Which among the following is a permissible credit to NRE account?
A. Local cash deposit from resident friend
B. Inward remittance from outside India in foreign exchange
C. Proceeds of rupee loan
D. Agricultural income in India
Answer: B NRI

Q26. Current income like rent, dividend, pension, interest etc. of an NRI can be:
A. Credited to NRO account only
B. Credited to NRE account as permissible credit (if repatriable)
C. Not credited to any NRI account
D. Credited only to FCNR(B) account
Answer: B NRI

Q27. Income in NRE account is:
A. Fully taxable as per slab
B. Taxable with TDS @30%
C. Exempt from income tax and balances exempt from wealth tax
D. Taxable but wealth tax exempt
Answer: C NRI

Q28. Minimum amount for Baroda NRE (Rupee) Term Deposit (TD201/202/203) is:
A. ₹500
B. ₹1,000 and in multiples of ₹100
C. ₹10,000 and in multiples of ₹1,000
D. ₹5,000
Answer: B NRI

Q29. Maximum balance allowed in NRE Term Deposit (as per product feature snippet) is:
A. ₹1 crore
B. ₹10 crore
C. No upper limit
D. USD 1 million only
Answer: C NRI

Q30. Minimum and maximum period of the NRE term deposit (as per Baroda TD snippet) is:
A. 6 months – 60 months
B. 12 months – 120 months
C. 1 month – 10 years
D. 3 months – 36 months
Answer: B NRI

Q31. Additional interest to Senior Citizen NRE depositors is:
A. +0.25%
B. +0.50%
C. +1.00%
D. Not payable
Answer: D NRI

Q32. Additional interest to Staff / Ex-staff on NRE term deposits is:
A. 0.50% above normal rate
B. 1% above normal rate
C. 2% above normal rate
D. Not payable
Answer: D NRI

Q33. Permissible debits to NRE account include all EXCEPT:
A. Local disbursements
B. Remittance outside India
C. Transfer to other NRE / FCNR(B) accounts
D. Personal foreign currency cash withdrawal from abroad
Answer: D (not mentioned; others specifically permitted) NRI

Q34. In India, loans against NRE term deposits may be given to:
A. Only to the NRE account holder
B. Only to third parties
C. Both account holder and third parties, subject to margin
D. Not allowed in India
Answer: C NRI

Q35. Loans in India against NRE/FCNR(B) deposits cannot be:
A. Used in India
B. Repatriated outside India
C. Used by third parties
D. Availed without margin
Answer: B NRI

Q36. Under auto-renewal clause for certain NRE term deposits, a matured deposit (period ≥1 year) is auto-renewed:
A. For same original period
B. For one year at prevailing rate if no instructions
C. For three years at original rate
D. Not auto-renewed
Answer: B NRI

Q37. For deposits of ₹1 crore and above, premature closure requires:
A. No notice, simple penalty 1%
B. 31 days prior notice & penalty 1.5% on applicable rate
C. 7 days’ notice & penalty 0.5%
D. RBI permission
Answer: B NRI

Q38. NRE accounts on change of residential status (NRI → Resident) should be:
A. Closed immediately
B. Converted to NRO only
C. Designated as resident accounts or funds transferred to RFC account at option of holder
D. Kept as NRE till maturity always
Answer: C

Q39. On premature withdrawal of NRE deposit before completion of 12 months, interest payable is:
A. As per savings rate
B. 1% less than applicable rate
C. NIL
D. Half of contracted rate
Answer: C NRI

Q40. Conversion of NRE deposit into RFC account on return to India is allowed:
A. Without penalty even before 1 year
B. Without penalty only if deposit has run at least 1 year
C. Without penalty; bank may pay interest ≤ RFC savings rate if deposit <1 year
D. Not allowed at all
Answer: C NRI

🅲 CHAPTER 4 – NRO ACCOUNT FEATURES (15 MCQs)

Q41. NRO account can be opened by:
A. Only NRIs and PIOs
B. Any person resident outside India for bonafide rupee transactions
C. Only foreign nationals of non-Indian origin
D. Only persons of Indian origin
Answer: B NRI

Q42. Individuals/entities of Pakistan nationality/origin and entities of Bangladesh origin for NRO accounts:
A. Need no approval
B. Need RBI prior approval
C. Need Ministry of Finance approval
D. Need Indian Embassy approval
Answer: B

Q43. Which of the following is not a permissible type of NRO account?
A. Savings
B. Current
C. Term Deposit
D. FCNR(B) term deposit
Answer: D (FCNR(B) is a separate scheme) NRI

Q44. Permissible credits to NRO account include:
A. Inward remittances from outside India
B. Local rupee gifts from resident
C. Legitimate dues in India (rent, interest, etc.)
D. All of the above
Answer: D

Q45. Rupee gift/loan by a resident to NRI/PIO relative can be credited to:
A. NRE account only
B. NRO account, within LRS limits
C. FCNR(B) account
D. Not allowed
Answer: B

Q46. Taxability of income in NRO account:
A. Fully exempt
B. Exempt up to ₹2 lakh
C. Taxable
D. Exempt from income tax but not wealth tax
Answer: C NRI

Q47. Permissible debits from NRO account include:
A. Local payments
B. Remittance of current income abroad
C. Transfer to NRO accounts
D. All of the above
Answer: D NRI

Q48. Transfer from NRO to NRE account is permitted:
A. Without limit
B. Not permitted at all
C. Within overall ceiling of USD 1 million per financial year, subject to payment of taxes
D. Only with RBI approval up to USD 50,000
Answer: C NRI

Q49. Loans against NRO deposits in India:
A. Cannot be granted
B. Can be granted to account holder or third party subject to norms and margin
C. Allowed only for agriculture
D. Allowed only for real estate
Answer: B NRI

Q50. Loan against NRO deposits cannot be used for:
A. Business purposes
B. Relending / agricultural / plantation activities / investment in real estate
C. Meeting medical expenses
D. Education purpose
Answer: B NRI

Q51. When NRI becomes resident again, NRO account:
A. Must be closed
B. Should be designated as resident account on return for uncertain stay
C. Converted automatically to NRE
D. Converted to FCNR(B)
Answer: B

Q52. When a resident Indian becomes a person resident outside India, his existing resident account should be:
A. Closed
B. Converted to NRE
C. Designated as NRO account
D. Designated as FCNR(B)
Answer: C NRI

Q53. In terms of PoA on NRO account in favour of a resident, operations are restricted to:
A. Any type of transactions including gifts abroad
B. Withdrawals for permissible local payments in INR and remitting current income
C. Opening new accounts
D. Granting loans
Answer: B NRI

Q54. NRO account can be held jointly with:
A. Only NRIs
B. Residents on ‘former or survivor’ basis
C. NRIs / PIOs and residents
D. Only PIOs
Answer: C (NRIs/PIOs; and residents on former or survivor basis) NRI

Q55. Period for NRO fixed deposits is:
A. 1–3 years only
B. Not less than 1 year and not more than 5 years
C. As applicable to resident accounts
D. Exactly 5 years
Answer: C NRI

🅳 CHAPTER 5 – FCNR(B) & RFC ACCOUNTS (15 MCQs)

Q56. FCNR(B) account can be opened by:
A. Residents only
B. NRIs and PIOs
C. Only foreign nationals
D. Only Indian companies
Answer: B NRI

Q57. FCNR(B) is maintained in:
A. Indian Rupees
B. Foreign Currency
C. Dual currency (INR + FC)
D. Only USD and GBP
Answer: B (Foreign currency non-resident) NRI

Q58. Type of FCNR(B) account:
A. Savings and Current
B. Term Deposit only
C. Savings, Current, Term Deposit
D. Recurring Deposit only
Answer: B NRI

Q59. Period for FCNR(B) deposits is:
A. 6 months to 10 years
B. Not less than 1 year and not more than 5 years
C. Exactly 3 years
D. 1 month to 3 months
Answer: B NRI

Q60. FCNR(B) deposits on change of residential status (NRI → Resident) may be:
A. Closed immediately without interest
B. Allowed to continue till maturity at contracted rate, if account holder desires
C. Compulsorily converted to NRO
D. Compulsorily converted to resident savings
Answer: B

Q61. On maturity of FCNR(B) deposit after status becomes resident, ADs should:
A. Convert into resident rupee deposit or RFC account, at option of holder
B. Remit abroad
C. Convert into NRO deposit
D. Keep in suspense account
Answer: A

Q62. RFC account stands for:
A. Resident Foreign Currency account
B. Rupee Foreign Currency account
C. Reservation Foreign Credit account
D. Resident Foreign Convertible account
Answer: A NRI

Q63. RFC account is meant for:
A. Any resident
B. Resident who earlier was NRI and returned to India
C. Only foreign tourists
D. Only Indian companies
Answer: B (inferred from context: resident foreign currency for returning NRIs)

Q64. NRE accounts on return of account holder to India for employment may be:
A. Transferred to RFC account at option of holder
B. Converted into NRO only
C. Closed without interest
D. Converted to FCNR(B)
Answer: A NRI

Q65. Conversion of NRE deposit into FCNR(B) before maturity is:
A. Free of penalty
B. Subject to penal provision relating to premature withdrawal
C. Not allowed
D. Allowed only with RBI approval
Answer: B NRI

Q66. For premature withdrawal of NRE term deposit for conversion to RFC account (after return to India):
A. Normal penalty always applies
B. No penalty; bank may pay interest ≤ RFC savings rate if deposit <1 year
C. No interest payable at all
D. RBI approval required
Answer: B NRI

Q67. Crystallization of inoperative/overdue FCNR(B) deposits into INR is mandated after:
A. 1 year from maturity date
B. 2 years from maturity date
C. 3 years from maturity date
D. 5 years from maturity date
Answer: C

Q68. After crystallization of overdue FCNR(B) into INR, converted amount must be kept in:
A. NRO account of customer
B. NRE savings account
C. Office account number XXXX0013231002 until instructions received
D. Suspense GL only
Answer: C NRI

Q69. After crystallization, balances of FCNR(B) must be transferred to DEAF as per:
A. Section 35A of BR Act, 1949
B. Section 26A of BR Act, 1949
C. Section 42 of RBI Act
D. Section 10 of FEMA
Answer: B NRI

Q70. Before crystallization of overdue FCNR(B), branches must:
A. Immediately transfer to DEAF
B. Make reasonable efforts to contact depositor from overdue date and inform about impending conversion
C. Close account without informing customer
D. Seek RBI approval for each case
Answer: B

🅴 CHAPTER 6 – LOANS, PoA & REPATRIATION (15 MCQs)

Q71. Loans in India against NRE/FCNR(B) deposits are:
A. Not allowed
B. Allowed with no limit, subject to usual margin requirements
C. Restricted to ₹10 lakh only
D. Allowed only to account holder
Answer: B

Q72. Loans in India against NRO deposits:
A. Not allowed
B. Allowed to account holder or third party, subject to norms and margin
C. Allowed only to third party
D. Allowed without margin or purpose restriction
Answer: B NRI

Q73. Loan amount against NRO deposits cannot be used for:
A. Education purposes
B. Business in India
C. Relending, agricultural/plantation activities or investment in real estate
D. Personal needs
Answer: C NRI

Q74. In case of loans to third party against NRE/FCNR(B) deposits, there should be:
A. Higher rate of interest
B. Direct or indirect foreign exchange consideration to depositor
C. No direct or indirect foreign exchange consideration to depositor
D. RBI approval every time
Answer: C

Q75. Loan to NRE depositor in India can be repaid by:
A. Adjusting deposits
B. Inward remittances from abroad
C. From NRO account balances
D. Any of the above
Answer: D

Q76. When loans are availed against NRE/FCNR(B) deposits, facility of premature withdrawal of such deposits:
A. Remains unaffected
B. Is available only with higher penalty
C. Is not available
D. Available with RBI permission
Answer: C

Q77. Loans outside India against NRE/FCNR(B) deposits may be granted by:
A. Any foreign bank
B. ADs may allow their branches/correspondents outside India
C. Only RBI
D. Only foreign subsidiaries of Indian companies
Answer: B

Q78. Operations by PoA in favour of resident on NRE account are restricted to:
A. Borrowing in India
B. Selling foreign currency abroad
C. Withdrawals for permissible local payments or remittance to account holder through normal banking channels
D. Opening new NRE accounts
Answer: C

Q79. Repatriation from NRE account:
A. Is not allowed
B. Is allowed but limited to USD 1 million
C. Is fully repatriable of principal and interest
D. Only interest is repatriable
Answer: C (NRE is fully repatriable as per FAQ table) NRI

Q80. NRO account repatriation is:
A. Fully repatriable
B. Not repatriable at all
C. Repatriable for current income; capital up to USD 1 million per FY
D. Only interest is repatriable
Answer: C

Q81. The term “loan” in the context of loans against NRE/FCNR(B)/NRO deposits includes:
A. Only fund-based working capital limits
B. Only non-fund based facilities
C. All types of fund-based and non-fund based facilities
D. Only term loans
Answer: C

Q82. Loans in India against NRE/FCNR(B) deposits cannot be used for:
A. Personal needs in India
B. Investment in real estate, agriculture, plantation or relending (as per general FEMA restrictions)
C. Education in India
D. Business in India
Answer: B (purpose restrictions similar to NRO context are flagged in text) NRI

Q83. When NRE account holder becomes resident, NRE account must be:
A. Closed immediately without alternative
B. Designated as resident account or funds moved to RFC account
C. Converted to NRO account compulsorily
D. Continued indefinitely as NRE
Answer: B

Q84. NRO accounts may be designated as resident accounts when:
A. NRI leaves India
B. NRI returns to India for any purpose indicating intention to stay in India for an uncertain period
C. NRI returns for holidays only
D. NRI closes all NRE accounts
Answer: B

Q85. While doing remittances outside India from these accounts, one must always consider:
A. Only exchange rate
B. Limits & conditions of repatriability
C. RBI reference rate only
D. SWIFT charges
Answer: B NRI

🅵 CHAPTER 7 – FATCA / CRS (10 MCQs)

Q86. FATCA stands for:
A. Foreign Account Tax Compliance Act
B. Foreign Asset Tax Collection Act
C. Foreign Authority Tax Compliance Act
D. Foreign Asset Transfer Control Act
Answer: A NRI

Q87. FATCA is a US tax regulation brought by:
A. SEC
B. US Treasury alone
C. US Government through IRS (similar to IT Dept India)
D. Federal Reserve
Answer: C NRI

Q88. Primary goal of FATCA is:
A. To promote US exports
B. To detect and prevent offshore tax evasion by US persons
C. To control foreign remittances
D. To promote NRI investment in USA
Answer: B NRI

Q89. CRS stands for:
A. Customer Reporting System
B. Common Reporting Standard
C. Central Reporting System
D. Core Reporting Standard
Answer: B NRI

Q90. CRS was developed by:
A. G20 & OECD countries
B. World Bank alone
C. WTO
D. IMF
Answer: A NRI

Q91. CRS on Automatic Exchange of Information (AEOI) was presented to G20 leaders at Brisbane on:
A. 1 January 2014
B. 16 November 2014
C. 26 January 2015
D. 15 August 2014
Answer: B NRI

Q92. Main purpose of CRS is to:
A. Promote trade
B. Combat offshore tax evasion and stashing unaccounted money abroad through mutual exchange of information
C. Help in NRI account opening
D. Restrict foreign currency loans
Answer: B NRI

Q93. Why is Bank of Baroda required to take FATCA–CRS declaration from NRI customers?
A. For marketing purposes
B. Because India has signed Inter-Governmental Agreement for FATCA and MCAA for CRS, and bank is a reporting entity
C. Only for KYC
D. Only for RBI internal reporting
Answer: B

Q94. FATCA–CRS data cleaning exercise circular (BCC:BR:117:328 dated 05.06.2025) emphasises correctness of:
A. Only customer name
B. Only PAN and Aadhaar
C. Customer details like Name, Father’s Name, Gender, DOB, Nationality, Occupation, NRI Flag, Country of Residence/Tax Residency, TIN structure etc.
D. Only passport number
Answer: C

Q95. Under FATCA–CRS data cleaning, branches must pay special attention to:
A. SWIFT codes
B. Correct TIN structure as per OECD portal and its updation in Finacle
C. Cheque series
D. Locker rent
Answer: B

🅶 CHAPTER 8 – BOB NRI CIRCULARS & OPERATIONAL GUIDELINES (5 MCQs)

Q96. Global NRI Help Desk at Contact Centre, Noida was set up as per Circular:
A. BCC:BR:117:44 dated 14.01.2025
B. BCC:BR:117:327 dated 05.06.2025
C. BCC:BR:117:492 dated 12.08.2025
D. BCC:BR:113:39 dated 16.01.2021
Answer: A

Q97. Purpose of Global NRI Help Desk is:
A. Only to market NRI deposits
B. Single point of contact for NRI customer complaints/queries via email, integrated with Siebel CRM for tracking
C. Issuing debit cards
D. Handling treasury operations
Answer: B

Q98. Modification in Welcome Kit dispatch for NRI customers (circular BCC:BR:117:48 dated 15.01.2025) provides that items will be dispatched by vendor to:
A. Respective branch directly
B. RBI
C. Welcome Kit Cell, Gift City, Gandhinagar
D. Customer’s overseas address only
Answer: C

Q99. As per revised mobile number registration/change/deletion process (BCC:BR:117:492 dated 12.08.2025), when customer is abroad in country where BOB presence exists, documents are uploaded through:
A. Email to branch
B. Courier to RLBO
C. NSTS portal by overseas branch
D. Only mobile app
Answer: C

Q100. Under revised mobile number process, after completion of change request, system will:
A. Block account
B. Send SMS to customer and maintain existing 24-hour cooling period
C. Refuse foreign transactions
D. Require physical visit to base branch
Answer: B NRI

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NRI Account Summary