SSC GK Questions 2026

Under the standard ISO 9362 a BIC has four characters identifying the institution, two identifying the country on the ISO 3166 list, and two identifying the location, which makes eight.

The nostro account itself lies in the books of the foreign correspondent and is denominated in foreign currency.

Vostro means yours, and from the Indian bank's point of view the account is your account with us. Such accounts are held in Indian rupees, and the foreign bank uses them to make and receive payments in India.

Nostro means ours, and the full sense is our account with you.

SWIFT transmits standardised, secure messages such as an instruction to pay a beneficiary or to issue a letter of credit.

SWIFT is headquartered at La Hulpe, in the outskirts of Brussels, and it is therefore incorporated under Belgian law and supervised by a committee of central banks with the National Bank of Belgium as the lead overseer.

The word Society is the key, because SWIFT is a cooperative society owned by its member financial institutions rather than a company or a public authority.

CIF stands for cost, insurance and freight: the seller pays the cost of the goods, contracts and pays for the freight to the named destination port, and takes out marine insurance for the buyer's benefit.

In March 2018 the Reserve Bank discontinued the issuance of letters of undertaking and letters of comfort for trade credit relating to imports into India.

The Export-Import Bank of India was established under an Act of Parliament passed in 1981 and commenced operations in 1982, taking over the international financing business of the Industrial Development Bank of India.

Packing credit is a pre-shipment advance given against a confirmed export order or a letter of credit, so that the exporter can procure raw material, manufacture, process and pack the consignment.

Here the export credit received by the middleman or manufacturer is used as the security for a second, usually smaller, credit issued in favour of the supplier of the goods or the raw material.

It lays down that the surety's liability is coextensive with that of the principal debtor unless it is otherwise provided by the contract, which is why a bank that gives an unconditional guarantee can be called upon for the whole amount without the creditor first exhausting its remedies against the…

On the day a guarantee is issued no money leaves the bank. The bank lends only its name, earns commission as fee income, and records the amount as a contingent liability that will become a real outflow only if the beneficiary invokes the guarantee and the bank has to pay.

Section 126 of that Act defines a contract of guarantee as a contract to perform the promise or discharge the liability of a third person in case of his default, and names the three parties: the surety who gives the guarantee, the principal debtor whose default is covered, and the…

Article 3 of UCP 600 states this in so many words, and Article 10 adds that an irrevocable credit can be amended or cancelled only with the agreement of the issuing bank, the confirming bank if any, and the beneficiary.

Article 14(b) of UCP 600 gives the issuing bank, a confirming bank and any nominated bank a maximum of five banking days following the day of presentation to determine whether the presentation is complying.

The applicant is the importer or buyer, who approaches its own bank, asks it to issue a credit in favour of the overseas seller, agrees the terms and documents that will be required, and pays the issuing commission.

The Uniform Customs and Practice for Documentary Credits is the International Chamber of Commerce code that banks worldwide incorporate into their letters of credit.

Three islands were renamed in 2018: Ross Island became Netaji Subhas Chandra Bose Dweep, Neil Island became Shaheed Dweep and Havelock Island became Swaraj Dweep, the words Shaheed and Swaraj being the names Netaji himself had used for the islands during the Second World War.