The GMAC website lists watches as one of the restricted items.
Is there any way to keep a tab on the timing as you proceed along the test ?

there's a countdown timer, which lists mm:ss remaining in the current section, in the upper right hand corner of the screen for the duration of the test. i believe the same timer is present on gmatprep tests.
ironically, the issue is precisely the opposite of what you're treating here: most people's problem lies in looking at the timer too often, thereby getting distracted from the test and/or simply wasting small increments of time.

Thanks Ron .
I was under the impression that the timer will only appear 5 mins before the test ends.
I took the test yesterday and realized , that question was stupid .
What it actually meant was the timer would mandatorily appear 5 mins before . At all other times there is an option to minimize the timer.
Managed a 710 . Though not a full time student , I found the to MGMAT material and forums to be very informative.
Will post more details on the appropriate thread .

Excellent - congrats! And no question is a stupid question. :)