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6 097
Repost from CAIIB MADE SIMPLE
Which of the following is true about the contravention of SARFAESI Act?
a) It is not punishable b) It is punishable c) It is punishable only for individuals d) It is punishable only for companies
6 097
Repost from CAIIB MADE SIMPLE
Is there a list of securities to which the Act is not applicable?
a) Yes, there is a list of securities to which the Act is not applicable
b) No, the Act is applicable to all types of securities
c) The Act is applicable only to certain types of securities, but there is no list specifying which securities are exempt
6 097
Repost from CAIIB MADE SIMPLE
What is the procedure for approving the rules made under the Act by the Parliament?
a) The rules are not required to be approved by the Parliament
b) The rules are required to be approved by the Lok Sabha only
c) The rules are required to be approved by the Rajya Sabha only
d) The rules are required to be agreed to by both the Lok Sabha and Rajya Sabha
6 097
Repost from CAIIB MADE SIMPLE
What is the overriding effect of the SARFAESI Act on other laws?
a) The Act has no overriding effect on any other law
b) The Act has an overriding effect on all other laws
c) The Act has an overriding effect on other laws only if their provisions are inconsistent with this Act
d) The Act has an overriding effect on other laws only if they relate to secured creditors
6 097
Repost from CAIIB MADE SIMPLE
What is the protection provided under the SARFAESI Act for action taken in good faith?
a) Section 31A b) Section 32 c) Section 30A d) Section 30D
6 097
Repost from CAIIB MADE SIMPLE
Which of the following authorities can have jurisdiction for matters covered under the SARFAESI Act?
a) Civil court b) Other authorities c) Both a) and b) d) None of the above
6 097
Repost from CAIIB MADE SIMPLE
What legal protection is provided under Section 32 of the SARFAESI Act?
a) Legal protection for action taken in good faith under the Act.
b) Legal protection for all actions taken by banks and financial institutions.
c) Legal protection for actions taken without following proper procedures.
d) Legal protection for actions taken against excluded securitie
6 097
Repost from CAIIB MADE SIMPLE
How can the Reserve Bank enforce the recovery of the recoverable sum?
a) Through the High Court
b) Through the Supreme Court
c) Through the principal civil court having jurisdiction in the area where the registered office or principal place of business of the person in default is situated
d) Through any court of its choice
6 097
Repost from CAIIB MADE SIMPLE
Can the Appellate Authority stay the enforcement of the order passed by the adjudicating authority under section 30A?
a) Yes, but without any terms and conditions
b) Yes, subject to such terms and conditions as it deems fit
c) No, it does not have the power to stay the enforcement
d) None of the above
6 097
Repost from CAIIB MADE SIMPLE
Who or what is the “adjudicating authority” under the SARFAESI Act?
a) The Reserve Bank b) The Central Registry c) A designated officer d) An officer or committee of officers designated by the Central Board of Reserve Bank
6 097
Repost from CAIIB MADE SIMPLE
Who can take cognizance of the offence under the SARFAESI Act?
a) Any court of law
b) The Supreme Court c) The Metropolitan Magistrate or Judicial Magistrate of First Class d) The High Court
6 097
Repost from CAIIB MADE SIMPLE
What is the punishment for contravention or attempted contravention of provisions under the SARFAESI Act or rules made thereunder?
a) Imprisonment for up to 6 months
b) Imprisonment for up to 1 year or fine or both
c) Imprisonment for up to 2 years or fine or both
d) Imprisonment for up to 5 years or fine or both
6 097
Repost from CAIIB MADE SIMPLE
What is the punishment for non-performance of duties by the securitization or reconstruction company or secured creditor?
a) Imprisonment
b) Fine that may extend to Rs. 5000 per day of default c) Community service d) Warning letter
6 097
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