Sample Letter Of Credit For Development Projects: Fill & Download for Free

For officers there will be questions on economics, banking, finance and general affairs only (the recent events)Please note that the interview for bank placements are conducted by retired bank officials and more than 95 percent questions will be only on the above subjects and rarely one or two questions will be asked in engineering - electronics, information technology, mechanical engineering etc.,In fact the exact qualification meant for bank job is B. Com.The graduate knows about various types of accounting, economics, finance, management accounting etc and he will be more comfortable than others.Please concentrate on the following subjects:Types of accountsTypes of firmsFinancial statementsBalance sheet, profit and loss account, cash flow statement and funds flow statementVarious balance sheet ratiosVarious financial termsRead the following sample questions:Selected Interview QuestionsCandidate: 00101.Why you are willing to join in a bank?I am willing to join in a bank since I hope that I may be having more opportunities to serve the public. Banks have better career opportunities by means of periodical promotions to higher cadre.02.What do you mean by appraisal of gold loans?Gold loans are granted against the security of gold jewellery namely gold chains, necklaces etc., The jewellery apart from gold contains certain amount of copper and stones. Appraiser is a person well versed in the art of appraising the jewellery and on appraisal of the jewellery, he will be finding out the approximate gold content so that the bank may be able to provide loans against the gold content.03.What are the different kinds of term deposits available in a commercial bank?The different kinds of term deposits available in a commercial bank are – fixed deposit, recurring deposit and reinvestment deposit. In the case of fixed deposit, a fixed amount is accepted for a definite period and interest is paid on quarterly basis. In the case of reinvestment deposit which is similar to fixed deposit, interest is paid on maturity since interest is reinvested. In the case of recurring deposit, monthly instalments are accepted for a fixed period.04.What is the minimum period for which a fixed deposit is accepted and the maximum period for which a fixed deposit is accepted?The minimum period for which fixed deposit is accepted is seven days and the maximum period is ten years.05.Whether a fixed deposit can be accepted for a period more than ten years?In the case of deposits in the names of minors on account of settlement of claims, the deposit can be for more than ten years06.What do you mean by FERA?FERA means foreign exchange regulations act and it came into effect from the year 1973. An act to regulate certain payments dealing in foreign exchange, securities, the import & export of currency and acquisition of immovable property by foreigners. Under Section 31 (1) of the Foreign Exchange Regulation Act ( FERA) of 1973, it is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank Of India (RBI) to acquire, hold, transfer or dispose off in any manner (expect by way of lease for a period not exceeding five years) any immovable property in India.07.What do you mean by ECS?ECS means electronic clearing service and the customer can authorize on periodical basis to make payment of certain utility bills like electricity charges, water charges etc., by debiting his account till such time he submits a revocation letter. Similarly, he can authorize corporate to credit the dividends on shares and interest on debentures as and when due to the credit of his account with the bank.08.What is the minimum amount that can be sent through RTGS?The minimum amount that can be sent through RTGS is Rupees two lakhs and there is no maximum limit09.What is the maximum amount that can be remitted through NEFT?There is no or maximum limit for remittances sent through NEFT10.What is the maximum amount that can be sent abroad by any resident individual?Under liberalized remittance scheme, all resident individuals including minors are allowed to freely remit an amount upto US dollars 250000 (or its equivalent freely convertible foreign currency) per financial year11..What is the name of apex bank which is responsible for the development of agriculture in the country?NABARD is the apex bank which is responsible for the development of agriculture in the country.12.What are the different kinds of schemes available in our country aiming towards poverty alleviation?National old age pension scheme; Jawahar Gramin Samruddi Yojana; National Family Benefit scheme; Mahatma Gandhi National Rural Employment Guarantee Scheme; National Maternal Benefit Schemel Annapurna etc.,13.What do you mean by crossing of any cheque?Writing of two parallel transverse lines drawn on the face of the cheque on top left hand corner with or without any words between the lines is known as crossing and it is for the purpose of making payment of the cheque through an account in the name of the payee or holder.14.What are the different kinds of crossing?Two parallel transverse lines drawn on the face of the cheque on top left hand corner of the cheque with any words or without any words is known as general crossing and the the payment can be made to the account of the payee or holder with any bank. In case the name of any bank is mentioned within the two parallel lines, it is known as special crossing and in this case, the payment should be made to the account of the payee or holder with the bank mentioned in the crossing only and not to any other bank.15.What do you mean by CASA?CASA means current and savings and this is applicable to computerized branches linked under core banking solution16.Whose signature is available in Rs. 100/- currency note?The signature of RBI governor is available in Rs. 100 currency note17.What do you know by dividend?Dividend is the return available in the form of money for the investments made by the shareholders in the equity shares and preference shares of any company.18.Bank holidays are declared according to which act?Holidays for banks are declared according to Negotiable Instruments act 1881 by the respective state governments in their states. However, all Sundays, all second and fourth Saturdays have been declared as holidays apart from the holidays permitted for religious and national ceremonies.19.Banks are functioning according to which act?Commercial banks in the country are functioning according to Banking Regulation act 1949 and to some extent as per Reserve Bank of India act 193420.RBI is functioning in the country as per which act?Reserve Bank of India is functioning according to Reserve Bank of India act 1934.Candidate: 00201.What do you mean by a guarantee?Guarantee is an undertaking executed by one person called as guarantor in favour of another person called as beneficiary expressing his intention to make payment in the event of failure of the principal debtor on payment of a debt or failure to perform any contract within the stipulated time or according to the terms of the contract.02.What are the different types of guarantees?The different types of guarantees are financial guarantee, performance guarantee and deferred payment guarantee03.What do you mean by letter of credit?Letter of credit is an undertaking executed by one banker on behalf of its customer to honour bills and documents drawn by another person as per the terms and conditions as mentioned in the letter of credit04.What do you know by packing credit advance?It is the preshipment advance granted by one bank to the exporter for the purpose of procuring raw materials; payment of various duties like customs duty, excise duty; packing charges; shipment charges etc.,05.What do you mean by special crossing?In case the name of any bank is mentioned within the two parallel lines, it is known as special crossing and in this case, the payment should be made to the account of the payee or holder with the bank mentioned in the crossing only and not to any other bank.06.What do you know by IFSC code ?IFSC means Indian Financial System Code and this is one alphanumeric code consisting of eleven digits of which the four alphabetic digits represent the name of the bank mentioned in abridged form and the next zero is known as control number and the last six numeric digits represent the branch code of the bank.07.Which is called as mother of deposits?Savings deposit is known as mother of deposits. Normally the first time customers will be advised to open savings deposits with the bank branch before availing any other facility with the bank08.Who is a called as natural guardian?Bother mother and father are known as natural guardian for the purpose of opening accounts in the name of minors represented by the guardian.09.Whether grandfathers and grandmothers can be natural guardians?Grand fathers, grandmothers grand grandfathers or grand grandmothers cannot represent as natural guardians on be behalf of the minors10.Which type of credit facility is available to a farmer for raising crops?For raising crops, the farmers are provided with crop loans, Kisan Credit Cards etc.,11.What do you mean by NULM?National Urban Livelihoods Mission (NULM) was launched by the Ministry of Housing and Urban Poverty Alleviation (MHUPA), Government of India in 24th September, 2013 by replacing the existing Swarna Jayanti Shahari Rozgar Yojana (SJSRY).The NULM will focus on organizing urban poor in their strong grassroots level institutions, creating opportunities for skill development leading to market-based employment and helping them to set up self-employment venture by ensuring easy access to credit. The Mission is aimed at providing shelter equipped with essential services to the urban homeless in a phased manner. In addition, the Mission would also address livelihood concerns of the urban street vendors12.What do you mean by Gram Sadak Yojana?The Pradhan Mantri Gram Sadak Yojana called as PMGSY was launched by the Government of India for the purpose of providing connectivity to unconnected habitations as part of a poverty reduction strategy. Government of India is endeavouring to set high and uniform technical and management standards and facilitating policy development and planning at state level in order to ensure sustainable management of the rural roads network.13.What are the salient features of MGNREGA?MGNREGA is known as Mahatma Gandhi National Rural Employment Guarantee act and according to this employment is guaranteed at least one person per household in rural areas. It aims at enhancing the livelihood security of people living in rural areas by guaranteeing hundred days of wage employment during each financial year to a rural household whose adult members volunteers to undertake unskilled manual work14.Which authority is supervising the functions of insurance companies?IRDA – Insurance Regulatory and Development Authority is the authority responsible for supervising the functions of insurance companies in our country15.What is meant by IPO?IPO means initial public offer and this is the first time public offer of equity shares, preference shares or debentures to the public for subscription16.What is meant by ASBA?ASBA means applications supported by blocked amount. Nowadays investors are permitted to remit the amount through ASBA demand drafts drawn in ASBA accounts for the purpose of subscribing shares or debentures through initial public offer and further public offer. When the demand draft is issued, instead of debiting the amount in the account, the amount is blocked till such time the shares or debentures are allotted. On allotment, the entire amount is debited; in the case of partial allotment, the amount is debited equivalent to the value of allotment and in the case of non allotment, the entire amount is allowed for further use. For the intervening period, the depositor earns interest as applicable to the category of deposits.17.What is meant by Performance guarantee issued by any commercial bank?In the case of contracts in favour of governments, the contractors are in a position to provide a bank guarantee by a reputed commercial bank, thereby undertaking to guarantee the government department to compensate the loss on account of failure of performance of the contract by the contractor within the due date or failure to perform the contract as per the terms and conditions of the contract. This is known as performance guarantee.18.What do you mean by packing credit facility issued by any commercial bank?Packing guarantee is known as preshipment advance provided by the commercial bank to the exporter for the purpose of procuring raw materials, packing materials or making payment towards customers duty, excise duty, transportation charges etc.,19.What do you mean by notice money?Notice money is money borrowed for a period of two days and more and upto fourteen days in the call money market.20.Treasury bills are issued by which authority and what are the different kinds of treasury bills available in the country?Treasury bills are issued by central government and state governments for the purpose of mobilizing funds from the public and others towards meeting the cost of various projects. There are three kinds of treasury bills as at present namely – 91 days, 182 days and 364 days. 91 days treasury bills are issued each Friday and the notified amount is Rupees one hundred crores. 182 day treasury bills are issued during alternative Wednesdays which is non reporting week and the notified amount is Rupees 100 crores and 364 days treasury bills are issued on alterntive Wednesdays which is a reporting week and the notified amount is Rupees 500 crores.Candidate: 00301.What do you know by PIN number?PIN number is four digit number expressed in numerical characters. PIN number is used for the transactions done using debit cards and credit cards through automated teller machines and point of sale terminals.02.What do you know by PAN number?PAN number is known as permanent account number. This is used for the purpose of remittance of income tax with income tax department. Tax payers should get one PAN number by sending an application along with relevant documents and by payment of specified sum of money to Income tax department or their agencies. It is ten digit number consisting and alphapetical and numerical characters.03.What are the functions of DICGC?DICGC means Deposit Insurance and Credit Guarantee Corporation and this corporation provides deposit insurance upto an amount of Rupees one lakh per depositor per bank in the event of insolvency of the bank and it also provides small loans guarantee upto certain limits04.What is the role played by ECGC?ECGC provides guarantee support to the exporters of the country in the form of several export guarantees05.Mention the Regional Rural Banks which are functioning in Tamilnadu?The Regional rural banks which are functioning in Tamilnadu are Pandiyan Grama Bank and Pallavan Gramin Bank. Pandiyan Grama Bank has been sponsored by Indian Overseas Bank and pallavan Gramin Bank has been sponsored by Indian bank.06.What do you mean by Mergers and what are the different kinds of mergers?When two independent units merge together to form a single unit, it is known as merger. The mergers can be vertical merger, horizontal merger, reverse merger, consolidation, amalgamation etc.,07.What do you mean by horizontal merger and reverse merger?When the business functions of two units are identical in nature and when the merger takes place between those units, it is known as horizontal merger. New Bank of India merged with Punjab National Bank and both are banking organizations. Industrial Credit and Investment Corporation of India Limited was instrumental in establishing ICICI bank as per LPG norms and subsequently Industrial Credit and Investment Corporation Limited merged with ICICI Bank and when a parent unit gets merged with an ancillary unit, it is known as reverse merger.08.Which are the top two private sector banks in our country?The top private sector banks in our country are HDFC bank limited and ICICI bank limited09.Whether housing loan is a priority sector advance and if so, upto what amount?Housing loans granted are treated as priority sector advances subject to certain conditions. Loans to individuals up to Rupees 28 lakh in metropolitan centres (with population of ten lakh and above) and loans up to Rupees 20 lakh in other centres for purchase/construction of a dwelling unit per family, are eligible to be considered as priority sector provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed Rupees 35 lakh and Rupees 25 lakh, respectively. Housing loans to banks’ own employees are not eligible for classification under priority sector.10.Whether educational loan is a priority sector advance?Loans to individuals for educational purposes including vocational courses upto Rupees 10 lakh irrespective of the sanctioned amount are eligible for classification under priority sector.11.What do you mean by micro, small and medium enterprises?The classification is based on original investment in plant and machinery: For micro enterprises, upto Rs. 25 lakhs for manufacturing units and Rupees 10 lakhs for service units; For small enterprises, for manufacturing units above Rupees 25 lakhs and upto Rs. 5 crores and for service units above Rupees 10 lakhs and upto Rupees 2 crores; For medium enterprises, for manufacturing units above Rupees 5 crores and upto 10 crores and for service units above Rupees 2 crores and upto Rupees five crores12.What do you mean by KYC and name any two important documents which are obtained as per KYC?KYC means know your customer guidelines and these guidelines were prescribed by RBI for new customers who are willing to open accounts with commercial banks and according to KYC, any new customer who is willing to open accounts with commercial banks should submit the photocopy of anyone of the following namely; driving licence, voter id card, AADHAARA card, passport as address proof and photocopy of anyone of the following namely; driving licence, voter id card, AADHAAR card, passport, pancard as identity proof. KYC is antimony laundering device.13.What is the present repo rate and reverse repo rate?The present repo rate is 6.25% and reverse repo rate is 5.75%14.In the case of MICR code, the middle three digits represent what?MICR code consists of nine numerical digits and the middle three numerical digits represent bank name15.PAN number consists of how many alpha characters?PAN number consists of ten digits. The first three alpha characters are random alphapetical characters between AAA to ZZZ; next one alpha character represents the category of the cardholder; the next one alpha character represents the first character of the name of the cardholder; the next four numerical digits are auto generated sequential numbers and the last one single alpha character is a check digit.16.What do you know by biometric automated teller machines?In the case of automated teller machines, the four digit numerical PIN number is used for performing transactions using debit card and credit card. In the case of biometric automated teller machines, instead of PIN numbers, anyone of the following body parts is used – left hand thumb impression; eye retina and voice recognition. In India, the left hand thumb impression is the accepted mode and these kinds of automated teller machines are known as green label automated teller machines.17.What is the criteria by which a bank is considered as largest bank?For the purpose of ranking, a bank is considered to be largest or smallest taking into consideration the business position of the bank; namely – the total deposits and total advances as at the end of March each year.18.What do you mean by commercial paper?Commercial papers are issued by well rated organizations for mobilizing funds from the public and other corporate. They are issued at a discount and they are freely negotiable by endorsement and delivery. The minimum maturity period is seven days and the corporate should have earned credit rating equivalent to P2 issued by CRISIL19.What do you mean by FCNR?FCNR means foreign currency non resident accounts. Non resident Indians and Persons of Indian origin are eligible to invest in this deposit. It is a term deposit accepted in the currencies – US dollar, Sterling Pound, Euro, Japanese Yen, Canadian dollar and Australian dollar. The minimum period of deposit is one year and the maximum period is five years and the deposit is held in foreign currencies and the interest earned is free from income tax.20.What do you mean by Escheat?He is a person who dies without leaving any legal heirs and in this case, his estate will revert to the state government.Candidate: 00401.What do you mean by money laundering?Using the banking channel for the purpose of bringing illegal money is known as money laundering.02.What do you mean by subprime lending?Mass lending by commercial banks to the borrowers without ascertaining the credit worthiness of the borrowers03.What is meant by LPG and who is responsible for introduction of LPG strategy in our country?LPG means liberalization, privatization and globalization and this was coined by Dr. Manmohan Singh, the then finance minister of our country. The salient highlights of the Liberalisation, Privatisation and Globalisation Policy in India are: Foreign Technology Agreements; Foreign Investment; MRTP Act, 1969 (Amended); Industrial Licensing; Deregulation Beginning of privatization; Opportunities for overseas trade; Steps to regulate inflation; Tax reforms; Abolition of License -Permit Raj04.What do you mean by PURA?PURA means providing urban amenities in rural areas. This concept was coined by Dr. A.P.J. Abdul Kalam, the then president of India.05.What do you know by current ratio?It is one equation between current assets and current liabilities. This ratio provides the liquidity position of the organization. When the ratio is more than one it is known as positive current ratio and the unit is having sufficient working capital and when it is less than one, the unit is found to have more current liabilities than current assets and the liquidity position is found to be very weak.06.What do you know about negotiable instruments act?In India, the negotiable instruments act was passed during 1881 which came into force with effect from March 01, 1882. Negotiable instruments means and include promissory note, bills of exchange and cheque payable to order or bearer. Promissory note, bill of exchange, cheque and demand draft are negotiable instruments.07.What do you know by MICR?MICR means magnetic ink character recognition. MICR code is available in MICR bank at the bottom of the cheque or demand draft. It consists of nine numerical digits of which the first three digits represent the centre/city; the middle three digits represent the bank and the last three digits represent the branch of the bank.08.When it comes to rural lending, which are all considered to be priority sector advances?When it comes to rural lending, the loans granted to the following are considered to be priority sector advances – Loans granted to all agriculture related activities; self help group; Differential rate of interest; Loans to SC/ST beneficiaries; Loans provided to doctors for setting up clinics in rural areas; Loans to dealers in fertilizers and pesticides; loans to dealers of springler irrigation and drip irrigation equipments etc.,09.Who is called as an authorized dealer?Authorised dealer is at present known as authorized person. Authorised person is an individual or organization permitted to deal in foreign exchange business in the country.10.What do you know by financial inclusion?Financial inclusion means the following: Providing formal banking services to poor people in urban and rural areas; Promoting the habit of money savings, insurance, pension-investment among poor people; Helping the people in getting loans at reasonable rates from commercial banks so that they do not become victims to local moneylenders11.What are the important initiatives taken through financial inclusion in the country?The following are the important initiatives taken through financial inclusion in our country: Lead banking scheme; No frill accounts; Basic savings bank deposit accounts; JANDHAN accounts; business correspondent and business facilitator facilities; Swabhiman campaign;12.What do you mean by MCLR?MCLR replaces the base rate system. RBI introduced the system with effect from 01.04.2016 in order to determine the base rate by commercial to improve the efficiency of monetary policy transmission. All rupee loans sanctioned and credit limits renewed with effect from 01.04.2016 to be priced with reference to MCLR and it will be an internal benchmark for the banks. It consists of marginal cost of funds, negative carry on account of CRR, operating costs and tenor premium. The marginal cost of funds consists of two components namely; marginal cost of borrowings and return on networth13.What are the major money market instruments?Certificate of deposits; Commercial paper; Inter Bank participation certificates; iner bank term money; Treasury bills; Bills rediscounting and call/notice money14.What are the differences between NEFT and RTGS?Both are two categories of online remittance facilities through CBS enabled branches of commercial banks. The minimum balance that can be sent through RTGS is Rupees two lakhs whereas in the case of NEFT, there is no such limit. The beneficiary gets his funds at real time and it means instantaneously without any loss of time. In the case of the beneficiary gets his funds in between batches15.Who is deciding the rate of interest for savings deposit accounts?Rate of interest for savings deposits is decided by respective commercial banks only and RBI has permitted full freedom in this connection.16.Who cannot open savings deposit accounts?Proprietorship concerns, partnership firms, limited liability partnership firms, private limited companies and public limited companies are not permitted to open savings accounts17.What is meant by memorandum of association?Memorandum of association is the parent document for any company whether it is a private limited company or private limited company. It contains the details of formation of the company, policies, objectives, registered office and more.18.What is known as power of attorney?Power of attorney is an authorization given by one person called as principal in favour of another person called as an agent authorizing the agent to perform certain activities on behalf of the principal and it can be specific power of attorney or particular power of attorney.19.In which currencies FCNR accounts can be opened in our country?FCNR account can be opened in the following currencies namely; US dollars, Sterling Pounds; Euro; Japanese Yen; Australian dollars and Canadian dollars.20.What are the differences between NRE and FCNR?NRE and FCNR accounts are opened by non resident Indians and Persons of Indian Origin in India. NRE accounts are to be opened in rupees whereas FCNR is opened in foreign currencies. NRE accounts can be opened in the form of savings account, current account, reinvestment deposit and fixed deposit whereas, FCNR account is permitted to be opened as fixed deposit or reinvestment deposit. NRE term deposits can be opened for a minimum period of seven days and maximum period of ten years. FCNR accounts can be opened for a minimum period of one year and maximum period of five years.Candidate: 00501.What do you mean by masala bonds?Masala bonds are the bonds issued for rupee denominated borrowings by Indian companies in overseas markets02.What do you mean by secondary market in our country?Secondary market pertains to capital market and it is also known as stock exchange or old issues market. Shares, debentures and bonds can be bought and sold from the stock exchange through registered brokers.03.What do you mean by fund based limits and non fund based limits?The loans provided to the borrowers in the form of term loans, overdrafts, cash credits and bills discounting limits are known as fund based limits since funds are released to the borrowers. Guarantees and letter of credits are non fund based limits since no funds are provided for the time being since they are contingent liabilities.04.What do you mean by off balance sheet items?Guarantees, letter of credits and bills sent for collection for which proceeds are yet to be realized are known as off balance sheet items05.What do you mean by closed ended scheme?This is one form of mutual fund scheme. Like initial public offer, the scheme is open for a certain period only and after which the public cannot invest their amount in the units under this scheme.06.What do you mean by open ended scheme?This is one mutual fund scheme and the units under scheme can be purchased and sold at any time07.What do you mean by overdraft facility granted by a bank?Overdraft is a facility granted by the banks towards meeting the working capital requirements of a borrower. This is provided by means of credit limit over and above the current account balance and the borrower has to pay the interest as and when due.08.What do you mean by collateral security?Collateral security is an additional security provided by the borrower in addition to the primary security. For example, in the case of vehicle loan, the car purchased out of loan is known as the prime security and the insurance policy obtained by the bank from the borrower for the sanction of this loan is known as collateral security.09.In regard to educating a customer, what are the different kinds of information boards displayed in a bank branch?The following boards are available in the bank branches – Working hours and business hours; Interest rates on various deposits; Interest rates for loans; Service charges; Time norms for various services; Details of schemes available in the branch10.Who is the present RBI Governor?The present governor of RBI is Shri Urjit Patel and he is functioning as the governor of RBI since 04th September, 201611.What do you mean by unclaimed deposits?The deposits which are not in operation for more than ten years are known as unclaimed deposits. For the purpose of this classification, the customer induced transactions are only taken into account.12.How many regional centres are available for RBI in the country?Reserve Bank of India has four regional centres at the following places – Chennai, Kolkatta, New Delhi and Mumbai.13.What do you mean by white label automated teller machines?The automated teller machines which are maintained and managed by non bank entities are known as white label automated teller machines. In our country TATA Indicash and Muthoot finance are having such machines installed at various centres.14.What are the advantages of CTS?CTS means cheque truncation scheme. This is used for clearing purpose. Normally commercial banks used to send the physical cheques through their15.What do you mean by certificate of deposits?Certificate of deposits are issued by scheduled commercial banks (except Regional Rural Banks) and all financial institutions within their umbrella limits. Individuals, corporate, companies, trusts, funds and associations can invest in certificate of deposits and they are issued for a minimum period of seven days and maximum period of twelve months in the case of commercial banks and in the case of financial institutions the minimum period is one year and maximum three years, Minimum amount for investment is Rupees one lakh and in multiples of Rupees one lakh.16.RBI is called by which names – mention four names?RBI is called by the following names – banker to banker; lender of the last resort; custodian of banks; banker to government;17.What do you mean by ways and means advances?Ways and means advances were introduced as per an agreement between Reserve Bank of India and Government and they are temporary overdraft facilities provided by RBI to central government and state governments and the purpose is to bridge the time interval of mismatch the government expenditure and receipts. The duration of the limit is ten days for central government and 14 days for state government departments.18.Who is banking ombudsman and by whom he is appointed?Banking Ombudsman is an arbitrary authority who resolves the complaints received from the customers of commercial banks in regard to bank related issues.19.What do you mean by EEFC account?Exchange Earner’s Foreign Currency account is an account maintained in an account maintained in foreign currency with an authorized dealer ; i/e/ a bank dealing in foreign exchange. Professionals, exporters, trainers etc., who are in receipt of foreign exchange for the services extended by them in foreign countries can invest the amount in EEFC account and the account will be in the form of current account and no interest is paid for the balance held in EEFC account.20.What do you know by NBFC?NBFC means non banking finance companies. It is a company registered under Indian Companies act 1956 and presently 2013 engaged in the business of providing loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire purchase, insurance business, chit fund business etc.,Candidate: 00601.What do you mean by arbitrage?It is the process of purchase of one security from one market and selling the same security for earning a profit at the same time at another market.02.What do you mean by Bonus shares?It is the free allotment of shares in certain proportion to the existing shares held by the shareholders of a company and this is a means of providing reward to the investors for their contribution to the growth of the organization by capital investment03.What do you mean by Bull?It is a term given to a speculator on stock exchange who buys the securities in expectation of a rise in the prices. The market is called as bullish when there is a domination of buyers over the sellers04.What is known as dematerialization?Dematerialisation is the process by which shares in the physical form are cancelled and they are issued in electronic form. The certificates are known as demat shares. This process eliminates the time and manpower involved in transfer and registration of shares from the seller to the buyer05.What do you mean by moorat trading?It is the auspicious trading on a special day, say Diwali during some specified hours.06.What do you mean by rights issue?It is the issue of new shares to the existing shareholders in a fixed ratio to those already held at a price which is generally below the market price of the old shares.07.What do you mean by futures?It is a standard contract issued on an agreement to buy or sell an asset at a certain price at a certain time in future. It is an obligation on the buyer to purchase the underlying instrument and the seller to sell it.08.What do you mean by forward?The forward is a contract that is traded off the stock exchange and it is self regulatory and has certain flexibility unlike future which are traded at stock exchange only and it do not have flexibility of quantity and quality of commodity to be delivered and these are regulated by Securities Exchange Board of India, Reserve Bank of India or other agencies.09.What do you mean by factoring?Factoring is an arrangement in which short term domestic receivables on sale of goods or services are sold to a company called as factor and this scheme came into existence during 1991 based on the report of Kalyanasundaram Committee10.What do you mean by forfeiting?Forfaiting represents the purchase of obligations, which fall due at some future date and arise from the delivery of goods in export transactions, without recourse to the previous holder of the obligations.11.What do you mean by leasing?A lease is a contract where the owner of the assets transfers the right to another person to use the assets against the payment of fixed lease rentals. In the case of one lease contract, there are two parties namely – the lessor or the owner and the lessee or user. The lessor remains owner and the leased property remains with the possession of the lessee.12.What do you mean by debt market?It is a market wherein the debt instruments are issued to the public by any company for investment and such debt instrument bears a fixed interest rate payable half yearly on specific dates and principal amount repayable on particular date on redemption. Debentures are normally secured/charged against the asset of the company in favour of debenture holder. The following are some debt instruments – debenture; bond; zero coupon bond; convertible bond; security receipts etc.,13.What do you mean by greenshoe option?It is an option provided by Securities and Exchange Board of India to a company which is coming out with one initial public offer to the public. By this option, the company can retain certain portion of the applications received through IPO in case of oversubscription.14.What do you mean by equity market?Equity market consists of investment by the public in different kinds of shares issued by the company and by subscribing for the shares, the investors are expressing their willingness to stand as owners of the company. The equity market consists of equity shares, preference shares, rights shares, bonus shares etc.,15.What do you mean by sweat equity?Directors and employees contribute intellectual property rights to the company in the form of providing technical know-how captured by way of research or contributed by way of strategy software developed for the company or adding profit and economic value. To compensate the directors and employees, the concept of sweat equity has come into existence.16.What do you mean by participatory notes?A participatory note is a financial derivative instrument issued against an underlying security and it allows the holder, to get dividend or capital gains earned from the underlying security although some of the holders may not be eligible to trade in stock markets in India.17.What do you mean by book building?Book building is the process to assess the demand for a particular public issue of various prices, based on which the issue is priced and sold to the investors.18.What do you mean by sensex?It is a stock market index provided by Bombay Stock Exchange for the information of the investors. The positive or negative variation in the index provides an insight for investment or dis-investment to the general public and especially the investors in the stock market. It is based on the market capitalization of top thirty shares earmarked by BSE19.What do you mean by Nifty?It is a stock market index provided by National Stock Exchange for the information of the investors. The positive or negative variation in the index provides an insight for the investment or dis-investment to the general public and especially the investors who are participating in stock market trading. It is based on the market capitalization of top fifty shares earmarked by NSE20.What do you mean by swap?A swap is a contract that binds two counterparties to exchange the different streams of payments over the specified period at specified rate.

Experience at Pipara & company!! Let me tell you about myself first. I am going to complete second year of articleship at Pipara in this august 2018. So basically, I feel I am the right person to answer this question.Let’s start from beginning!I cleared my IPCC in May 2016 and was searching firms for my articleship. I may have given more than 15–20 interviews in various firms of Ahmadabad. Including small firms as well as medium firms.I was selected at most of the firm as my score and my interview was pretty well.All the interviews were normal but there was something different at Pipara...InterviewI applied at Pipara and had call from Pipara & Co that my interview has been scheduled at 2:15 PM (I still remember time and day.. it was Saturday). I went there. Waited till 2:15 and to my surprise that one of the senior Partner of the firm was present over there at scheduled time to take an interview. I was really impressed with the particularity of the firm. I realized one thing that day.. This firm values articles and this small act actually substantiate that they value time as money.. No firm till this time was this much particular about time and interview…Interview started… He asked me Why Pipara..and I replied in a way that he couldn't control his laughter… Later on he started asking technical questions and sections of companies Act. I frankly replied that I don’t remember sections of companies Act. Then what! He moved to Sections of Income Tax Act, again I replied I don’t remember. But I got call that day evening that I have been selected based on my answers on technical questions and I was bit astonished but way more happy.All the procedures were carried out duly within time.InductionIt is the policy of the Pipara to give induction to new articles for 7 days. Purpose of the induction was to make the articles familiar with the firm and give them basic knowledge about audit and tax and system and working of the firm.(From Diary maintained by me)First projectLet me tell you a secret, after a week, I was allotted a client having operation in whole India having a turnover around 30,000 Crore. Want to know what was the project about..? It was the first forensic audit project for me. I was there for 2 months and learned a great ways of collecting data, analyzing data, making inquiries in a proper way and many more things. We completed the first assignment with a great findings and everyone was appreciating our work.Statutory AuditAfter a two months, I was back to Ahmedabad. I was given statutory audit of company for a while. Immediately when the work load at statutory audit department was reduced, I was transferred to ROC department. I must say this is the best part of being at Pipara.U would never feel like disguised unemployed…ROCAt ROC, I had exposure of Companies Act. Checking various compliances applicable to companies, preparation of minutes of board meetings and Filling of various stautory forms. This short term at ROC gave me basic idea of the procedural aspects at ROC.Risk AssessmentAfter weeek - two week I was given a client based on Delhi producing edible oils having turonver of 1200 Crores. Our objective was to assess the risk of the company in its existing situation. And suggest counter measures to overcome the same. This was something different then general audit and accounting and compliances. A field of business consultancy.Statutory AuditOnce again back to statutory audit. The basic thing which is to be done by each and every article. The area which is only for our fraternity.Due DiligenceOne fine day, I had call from Naman Sir (Senior Partner). He started the communication with the discussion of my exposures in different fields and offered me one more oppurtunity of a project at Pune with him for due dilligence. And u know the best part was... It were only me and Him handling the whole project… It was more like a dream..!! Out of 30 more articles he chose me..!! That day I realized one more thing. It's not just interview where senior partner is involved.. But they are involved in the whole evaluation process of the articles.. Even after knowing the fact that articles are with them for not even 3 years.. They work for their progress, they evaluate them and provide them the opportunities on the basis of their caliber.. They are professionals thinking about fraternity and not businessman who evaluates the employee by their duration of serving..Finally the day arrived and we left for Pune.. The biggest thing i learnt in that project from sir was communication.. How to communicate with client, when to say, what to say, how to say such that your point is conveyed and the other party accepts the same and understands it in totality…Actually the tour with sir was basically not the tour with sir for me.. At no point of time after 6, i felt that he is my sir. He was more like a friend to me.. With whom i hanged out and explored the new city… From 10 to 6, we used to work very hard. But after 6 we visited different places of City then dinner with Sir and great discussions and debates on various topics and this whole 6 days were amazing!!! Unforgetable!!Though you are article, Sir makes you feel special every time he gets chance for it.On this trip, I got an answer to the very first question I had in my mind about Pipara.. The question i had before entering the interview room.. Why is he himself taking interview of all the articles..?? I asked him the same. Nd his answer was.. Kaival, I don't wish that any article enter into my organization without knowing the rules of my organization.. As you know our firm is different as compared to others.. We r bit disciplined about time, dress up, working ethics and confidentiality. I don't wish anyone who does not want to or is not capable of handling the same enters in our organization. I feel this investment of mine is utmost required for both articles and organization’s development.Bank Statutory AuditAfter getting back to Ahmedabad, I got opportunity to go for Bank Statutory audit. In 7 days time, again I explored new area of audit.. learned to audit books of banks, verification of sanction letter, verifying mortgage deed etc.Internal Audit of Medical University and HospitalAfter Bank audit, I got an oppurtuninty for audit of medical university having more than 2000 students and hospital. Again new area of audit.. Totally different scope of audit, working requirements and a great exposure as an article..Internal AuditAfter statutory audit, Bank audit, audit of non-profitable organization… I was then exposed to internal audit. From processes starting from indent of purchase to receipt from debtors. We analysed risk associated with each processs, selected sample as per risk and prepared report with proper correction in Internal Control System of Company.Forensic AuditAfter exploring all the above fields, I again got an oppurtunity of a forensic audit of a company producing and exporting rice to various parts of the world having turover of 1000 crores at North India. Nd know what.. Immediately after that assignment i was shifted to south india for another assignment of forensic audit of textile industry…Nd here my 2nd year is about to end.. The organization is very clear that this is the time to concentrate on studies.. So now no more outstations and forensic assignments are allocated to me.. Naman sir himself proposed me with choice to opt for internal audit or statutory audit.. This firm thinks a lot for it's employees and articles…At last i would conclude that yess Pipara don't allow you to take your phone inside the office without special permission, yess your each and every half day is calculated but man u r given credit for all your outstations.. Pipara is not allowing phones because they understand that it's drug for today’s generation and getting rid of that is utmost required for your career. If you feel that their little attempt to make you ready for corporate culture, get rid of your addiction of phone, making you professional not only in terms of knowledge but also in terms of ethics and etiquettes is their strictness and pressure to articles then you must definitely never come to Pipara and Co. LLP. I can assure you from my experience that you would be never undervalued at Pipara.. You will definitely get what you deserve.. And articleship is not about technical exposure.. Its all about your overall development and grooming . What Pipara does at its best.

A2AAs others have said here, get a book, start coding. You need a project, something you are interested in. It should not be massive, but should not be too small either. Though small isn’t too bad, if it is small you will need more than one project, and the next one should be bigger than the first.Buy this book on Amazon:Mark Myers: 9781497408180: Amazon.com: BooksEnroll in Community JavaScript CourseRealize that it was a waste of your time and money but at least you get 3 more credits towards graduation.Read the book while sitting at your keyboardtype every exercise you read about, type do not copyexperiment with every exercise, change at least one thingHere is your homeworkConsider starting with the traditional CS learning exercise. Typically this begins with a basic address book, and builds out to something more complex like a grade tracker for a teacher. The beauty of this is that it builds on itself, and does so in a way that you can gradually expand your knowledge and capability.Exercise 1 - Scalar Variables - Create a script with the following contentsvar a = 2; var b = 3; c = a + b;  if ( c == 5 ) {  console.log("C is 5"); } You can create simple scripts like that on:JSFiddle - Create a new fiddleExercise - Modify your program to print a different message when c is greater than 5 and a third message if c < 5. Run your program modifying the operator to use -, /, *, %, //, and **.JavaScript data types and data structuresExercise 2 - ListsJavaScript - ArrayStart with the following code.var colors = ['red','orange','yellow','green','blue','purple']; Print the number of colors in the list.Sort the listCreate a new list with the values of the length of each color name.Use a for loop to print each color name on a new lineUse a nested for loop to print each letter of each color name on a new line, separating the words with a blank line.Exercise 3 - ObjectJavaScript - Object LiteralsUsing the initial list above, create an object literal(hash/dictionary) that contains the color name as the key and the length as the value.Iterate through the dictionary and remove all color entries with a length < 5Iterate over the initial list of colors, printing true or false if the color is found in the dictionary.Exercise 4 - StringsJavaScript - Stringvar text = "The quick brown fox jumped over the lazy log."; Print the number of characters are in the stringPrint the position of “jumped” within the stringPrint the position of “box” within the stringCreate a list of the words in the stringCreate a new string with the words separated by the | character using the list of wordsUse a for loop to count the number of “e” characters in the string.The following exercises will require using NodeJS, which you should become familiar with. NodeJS is an environment that lets you run JavaScript code outside of the browser.Exercise 5 - Basic I/ONode.js v7.10.0 Documentation - ReadlineBuild a small program which asks you a question, listens for your answer, and compares it to the correct answer.This will help you get through the first bit of how to construct a basic python program, how to do basic I/O, and how to interact with your code.Exercise 6 - Read the questions from a text file where the questions are stored one per line. Prompt the user for a name. Store the responses to the questions in a text file, with the user name at the beginning of the line followed by a tab, followed by the answer.Node.js v7.10.0 Documentation - File SystemLearning how to read and write files is fundamental to programming.Exercise 7 - Create a second program that will allow you to search for the answers from a specific user. Use a list to store the previous answers for searchThis adds a bit more complexity to the first two exercises requiring you to be able to sort through data and find the data you are looking for.Exercise 8 - Modify the code from the last exercise, to use a dictionary of lists to store the answers from each user.Using dictionaries to store/access keyed data. Containers of containers, complex data structures.Exercise 9 - Create a program to generate a sample file matching the answer output, that allows you to create a set of data with an arbitrary number users answers using the for loop. The number of answers should be a command line argument. Generate an answer file with 100,000 random answers.Node.js v7.10.0 Documentation - Command Line InterfaceJavaScript random() MethodThis exercise will help you to understand the process of building mock data for testing. It should introduce you to command line arguments.Exercise 9b - Compare the time required to search using programs from Exercise 7 and 8, using your data file from 9, try different answer file sizes 10,000 10,000,000.Increased understanding of container types and uses.Exercise 10 - Create a class, Question. Read the original Question file, and create a Question object for each Question. Place the Questions in a list and store the list using a JSON.3 ways to define a JavaScript class (https://www.phpied.com/3-ways-to-define-a-javascript-class/)JavaScript JSONBegin using Classes to represent coding constructs. Introduction to storing data in a portable format using JSON.Exercise 11 - Repeat Exercise 6, but this time use the JSON Question file. Create an Answer object to encapsulate the Answer data. The code to prompt the user for an answer should become a method on Question, and should return an answer object. The Answer objects should be placed in a dict by user and stored as JSON.Reading in data, using methods, returning objects, parsing JSON.Exercise 12 - Modify the code to read the previous answer file, append new answers provided, and store the file.Reading, Modifying and storing data.Exercise 13 - Create a Person object, include Id, First, Last Name, Birthdate. Create a Student object that inherits from Person object and adds fields for Id, Person Id and Major. Using what you learned above write a program that will allow you to create a Student object with all data populated. (Do not worry about storing yet).Inheritance and the prototype chainIntroduction to inheritance. Constructing objects.Exercise 13b - Implement a comparison method to compare two Person objects. Overload that method in Student to compare two Students. The overloaded method should call the parent method then implement additional logic.JavaScript Inheritance and Method Overriding (https://www.andrewzammit.com/blog/javascript-inheritance-and-method-overriding/)Overloading methods, implementing operators on objects.Exercise 13c - Implement a toJson() method to provide a JSON string of the Person and Student objects. Implement the toString() method to provide a pretty print version of the objects.Overloading methods, implementing operators on objects.Exercise 13d - Create a constructor that builds a Student object given a JSON string version of the object.JavaScript constructors, prototypes, and the `new` keyword (https://content.pivotal.io/blog/javascript-constructors-prototypes-and-the-new-keyword)Class methods, Factory methodsExercise 13e - Create a getter method “name” that returns the concatenation of first and last names. Create a setter that splits a “full name” into first and last name.Getters and SettersExercise 13f - Write a Student Object compare function to enable sorting of Student objects. Read the student objects, Sort and store them in the new sorted order.Array.prototype.sort()Sorting.Exercise 14 - Use SQL lite to create a Person and Student tables mimicking your objects from Exercise 9. Modify Exercise 9 to create and store records.sqlite3mapbox/node-sqlite3SQL IntroductionSQL CREATE TABLE StatementIntroduction to SQL databases.Exercise 15 - Create a Course object containing Course Id, Name and Description. Create a StudentCourse object containing Student Id, Course Id, and Grade. Create corresponding tables in SQL lite. Modify your program to allow creation and storage of course objects.SQL INSERT INTO StatementBuilding on SQL experience, and more complex objects.Exercise 16 - Add a list of Courses to your Student class. Modify your program to allow adding a Course to a Student. Read Course list from the database. Store the courses added to the Student as StudentCoursesSQL SELECT StatementRelationships, increasing complexity.Exercise 17 - Modify your program to allow updating the grade for any Student in any Course. Search using Select for Students in your database. Select from the sources for that Student to find the course you want to update the grade for, store the upgraded grade.SQL UPDATE StatementSearching the database, updating records in the database.Exercise 18 - Add functionality to produce a report of all grades for all students in a selected course.SQL INNER JOIN KeywordReporting from a SQL source.Exercise 19a - Install Express.To this point your code has all been console driven. This is an antiquated way of accessing an application. We don’t want to learn to much at one time, but now it is time to move to the web. Depending on your other experience this can be a very daunting task, or a few minutes work. However, it is important for developers to have an understanding of how the underlying systems the work on work together.Node.js web application frameworkExercise 19b - Create a NodeJS Express project.init | npm DocumentationExpress "Hello World" exampleExpress basic routingAt the end of this you should be able to start the development server and make a simple request.Exercise 19d - Connect Node.JS to nginxUsing nginx as a reverse proxy in front (http://www.nikola-breznjak.com/blog/javascript/nodejs/using-nginx-as-a-reverse-proxy-in-front-of-your-node-js-application/)of (http://www.nikola-breznjak.com/blog/javascript/nodejs/using-nginx-as-a-reverse-proxy-in-front-of-your-node-js-application/) your Node.js application - Nikola Brežnjak blog (http://www.nikola-breznjak.com/blog/javascript/nodejs/using-nginx-as-a-reverse-proxy-in-front-of-your-node-js-application/)Hardening node.js for production part 2: using nginx to avoid node.js loadNginx works with Node.JS to improve performance through caching and serving static assets.At the end of this you should have a production setup of Node.JS Express, on which to continue your JavaScript learning experience.Exercise 20 - Connect Express to MongoDBMongoDB Hosting: Database-as-a-Service by mLabCreate a free MLab AccountMongoose ODM v4.10.2Complete the first example on that page, connected to your MLab account.Exercise 20b - Repeat Using Handlebarshandlebarsexpress-handlebarsExercise 21 - Repeat Exercises 5–18 using Node.JS/Express and MongoDB framework.This is really many steps, but it is basically transitioning to the Web HTTP IO model that is the foundation for all web applications. This time instead of just making objects, you will make models to represent your entities, controllers to route requests and prepare models for display, and views to display them and allow user interaction.Exercise 22 - Modify some portion, or portions of your Express app to use an AJAX request instead of a full page reload.The modern web is moving towards Single Page Applications (SPA). Nearly every SPA application has a server side component for persisting data. Node.JS and Express are quite capable of providing this server side complement to a SPA. Further many traditional apps can be given an enhanced UI using SPA/AJAX techniques to make the application more responsive to user interaction.Exercise 23 - Write a procedural function to return the n-th element of the Fibonacci sequenceThe Fibonacci sequence is the sequence where the next number is the sum of the previous two numbers, beginning with 0 and 1.[0, 1, 1, 2, 3, 5, 8, 13, 21, …] Exercise 24 - Write a recursive function to return the n-th element of the Fibonacci sequenceThe Fibonacci sequence can also be defined as the sequence of numbers where f(n) = f(n-1) + f(n-2), where f(0) = 0 and f(1) = 1.Exercise 25 - Write a generator to iterate over the Fibonacci sequenceIterators and generatorsLearn to use a generator.Exercise 25b - Recursive callbacks to iterate over the Fibonacci sequenceUnderstand JavaScript Callback Functions and Use Them (http://javascriptissexy.com/understand-javascript-callback-functions-and-use-them/)Learn to use a callbacksExercise 26 - Write a function that returns a function f(n) = x^n, where n is defined by the caller.Introduction to functional programmingJavaScript Functions that Return Functions (https://davidwalsh.name/javascript-functions)I.E. Such that the following would workfunction f(...) {  ...  return function() {  ...  } } var square = f(2) var cube = f(3) area_of_30cm_square = square(30) volume_of_30cm_box = cube(30) Exercise 27 - Write a function that Curries another function.Currying in JavaScript – Kristina Brainwave – Medium (https://medium.com/@kbrainwave/currying-in-javascript-ce6da2d324fe)Exercise 28 - Write a function that takes a function as an argument and executes that functionImplementing call back functions.Exercise 29 - Write a coroutine that returns the largest value it has been sent.Write Modern Asynchronous Javascript using Promises, Generators, and Coroutines (https://medium.freecodecamp.com/write-modern-asynchronous-javascript-using-promises-generators-and-coroutines-5fa9fe62cf74)Introduction to coroutines.Exercise 30 - Write a program that determines if a word is contained in the works of Shakespeare. Given a word check each document in the works and report which documents contain the word.This will teach directory traversal, more involved file io, and lays the groundwork for additional Exercises.Download the complete works of Shakespeare from this page in gzipped format:The Collected Works of Shakespearehttp://www.cs.usyd.edu.au/~matty/Shakespeare/shakespeare.tar.gzExercise 31 - Modify Exercise 24a to use asynchronous IO if not already, to allow concurrent IO and speed up the process.https://blog.risingstack.com/node-hero-async-programming-in-node-js/Exercise 32 - Write a program that takes a URL as an argument, uses the request library to request a web page and stores the contents of the page in a file.request/requestWeb requestsExercise 33 - Write a program that makes a search request to the Wikipedia API and returns a list of pages matching a given search string.API:Search - MediaWikiWikipedia Endpoint: https://www.mediawiki.org/api/rest_v1/?specUsing Rest APIsExercise 34 - Build a web page that has a form to submit a URL, and uses an AJAX request to your Node Express application to retrieve a shortened URL from the Google URL shortener API, and displays the shortened URL on the page.Get Started | URL ShortenerUsing OAuth, Submitting and retreiving data using REST apis, Writing AJAX request handlersSummaryPerhaps you know some or all of this, you didn’t really indicate your experience level. If this is not helpful to you, perhaps it will be helpful to someone else who finds it and is looking to grow their Python knowledge.