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Weekly Progress & Evaluation Test 19: Cdcs Exam 2019 (April Intake) Preparation Program

The document contains 7 multiple choice questions regarding letters of credit and discrepancies in documents presented under letters of credit. The questions cover topics such as what parties can request a waiver of discrepancies, what constitutes a discrepancy, deadlines for determining document compliance, and whether additional discrepancies can be claimed. Sample answers are provided for each question.

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Abhinav Gupta
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50 views

Weekly Progress & Evaluation Test 19: Cdcs Exam 2019 (April Intake) Preparation Program

The document contains 7 multiple choice questions regarding letters of credit and discrepancies in documents presented under letters of credit. The questions cover topics such as what parties can request a waiver of discrepancies, what constitutes a discrepancy, deadlines for determining document compliance, and whether additional discrepancies can be claimed. Sample answers are provided for each question.

Uploaded by

Abhinav Gupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CDCS EXAM 2019 (April Intake) PREPARATION PROGRAM

Weekly Progress & Evaluation Test 19


01. Which of the following statement(s) is (are) incorrect, except?
i. A bank (issuing/negotiating/nominated) must always quote discrepancies, if found.
ii. An issuing bank must always approach to the applicant for a waiver of discrepancies.
iii. A bank must honor or negotiate if the applicant waives the discrepancies.
iv. An issuing bank or a confirming bank can’t claim a presentation discrepant if it fails to lodge
advice of refusal within five banking days after the date of presentation.
A. (i) only; B. (iii) and (iv)
C. (iv) only; D. (i), (ii), (iii) and (iv)
02. A credit states in the Field of Description of Goods: ‘One set of Diesel Engine of 500 HP’.
The Invoice shows following Description of Goods: ‘One set of Diesel Engine of 500 HP’. The
Certificate of Origin shows following Description of Goods: ‘One set of Diesel Engine of 500
HP, auto driven’. What is the applicable discrepancy (if any) in the given scenario?
A. Certificate of Origin shows merchandise not called for.
B. Certificate of Origin shows additional information which conflict with the credit.
C. Data Conflict between Invoice and Certificate of Origin.
D. No Discrepancy.
03. Which of the following parties, as per UCP600, may approach the applicant for waiver of
discrepancies?
i. Issuing Bank; ii. Confirming Bank
iii. Nominated Bank; iv. Beneficiary
A. (i) only; B. (i) and (ii);
C. (i), (ii) and (iii); D. All of the above
04. A presentation was made to the issuing bank on 13-Jan-2017 which was a Friday.
Saturdays and Sundays are regular days off (non-banking days) for the bank. The bank
remained closed on 18th January 2017 due to a national holiday. What is the latest date for
determining compliance of the documents for the issuing bank?
A. 22-Jan-2017; B. 23-Jan-2017
C. 24-Jan-2017; D. None of the above.
05. Which of the following statement is correct?
A. An issuing bank isn’t allowed to raise additional discrepancies other than those raised at
first notice
B. An issuing bank is allowed to raise additional discrepancies other than those raised at first
notice.
C. An issuing bank is allowed to raise additional discrepancies other than those raised at first
notice but within five banking days after the day of receipt of the documents.
D. An issuing bank is not allowed to raise additional discrepancies other than those raised at
first notice after five banking days from the day of receipt of the documents.
06. A documentary credit indicates that documents must be presented within 15 days after the
date of shipment, but also indicates ‘stale documents are acceptable’. Which of the following
statements is true when examining the documents?
A. The reference to presentation within 15 days after the date of shipment overrides the
reference to stale documents being acceptable.
B. The reference to presentation within 15 days after the date of shipment is overridden by the
reference to stale documents being acceptable.
C. ‘stale documents are acceptable’ is a non-documentary condition, so be disregarded.
D. The reference to presentation within 15 days after the date of shipment isn’t overridden by
the reference to stale documents being acceptable.
07. A credit states in Filed 50 (applicant): “ABC Co. Ltd., 20/3 Panthapath Link Road, Dhaka,
Bangladesh”. The credit requires the BL to notify the applicant. The BL presented shows in
Notify Party field ‘ABC Co. Ltd., 20/3 Panthapath Link Road, Karwan Bazar, Dhaka, Bangladesh,
Phone:02-989890’. Is the presentation complying?
A. Yes; B. No

CDCS MENTOR e-mail: [email protected]


Md. Mohiuddin; Cell: 01716308384 Page 1 www.facebook.com/groups/cdcs.mentor.bd/

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