History of India



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Indian Economy: Current


40. Inclusive growth as enunciated in the Eleventh Five Year Plan does not include one of the following : 
(a) Reduction of poverty 
(b) Extension of employment opportunities 
(c) Strengthening of capital market 
(d) Reduction of gender inequality

Answer: (c)
Explanation: See Eleventh Five Year Plan objectives

Source: Multiple sources    

41. Which one of the following is not a feature of Limited Liability Partnership firm? 
(a) Partners should be less than 20 
(b) Partnership and management need not be separate 
(c) Internal governance may be decided by mutual agreement among partners 
(d) It is corporate body with perpetual succession

Answer: (d)
Explanation: A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations.
The Limited Liability Partnership Act 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009.
The salient features of the LLP Act, 2008 are as under:-
1.     The LLP has an alternative corporate business vehicle that would give the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on an agreement.
2.     The LLP Act does not restrict the benefit of LLP structure to certain classes of professionals only and would be available for use by any enterprise which fulfills the requirements of the Act.
3.     While the LLP has a separate legal entity, liable to the full extent of its assets, the liability of the partners would be limited to their agreed contribution in the LLP. Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful business decisions or misconduct.
4.     LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20, LLP Act makes a mandatory statement where one of the partner to the LLP should be an Indian.
5.     Provisions have been made for corporate actions like mergers, amalgamations etc.
6.     While enabling provisions in respect of winding up and dissolutions of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act.
7. The Act also provides for conversion of existing partnership firm, private limited company and unlisted public company into a LLP by registering the same with the Registrar of Companies (ROC)
8.     Nothing Contained in the Partnership Act 1932 shall effect an LLP.
9.     The Registrar of Companies (Roc) shall register and control LLPs also.

Source: http://en.wikipedia.org/wiki/Limited_liability_partnership#India    

42. With reference to India, consider the following: 
1. Nationalization of Banks 
2. Formation of Regional Rural Banks 
3. Adoption of villages by Bank Branches 
Which of the above can be considered as steps taken to achieve the "financial inclusion" in India ? 
(a) 1 and 2 only 
(b) 2 and 3 only 
(c) 3 only 
(d) 1, 2 and 3 

Answer: (d)
Explanation: Financial Inclusion should include access to financial products and services like,

  • Bank accounts – check in account

  • Immediate Credit

  • Savings products

  • Remittances & Payment services

  • Insurance - Healthcare

  • Mortgage

  • Financial advisory services

  • Entrepreneurial credit

Financial Inclusion: Steps taken

  • Co-operative Movement

  • Setting up of State Bank of India

  • Nationalisation of banks

  • Lead Bank Scheme

  • RRBs

  • Service Area Approach

  • Self Help Groups

Source: Pushing Financial Inclusion – Issues, Challenges and
Way Forward: A Presentation by Dr. K.C.Chakrabarty, Deputy Governor, RBI At 20th SKOCH Summit 2009, Mumbai on July 17, 2009

http://www.rbidocs.rbi.org.in/rdocs/content/docs/IRDGCS170709.ppt    



43. Which one of the following was not stipulated in the Fiscal Responsibility and Budget Management Act, 2003 ? 
(a) Elimination of revenue deficit by the end of the fiscal year 2007-08 
(b) Non-borrowing by the central government from Reserve Bank of India except under certain circumstances 
(c) Elimination of primary deficit by the end of the fiscal year 2008-09 
(d) Fixing government guarantees in any financial year as a percentage of GDP

Answer: (c)
Explanation: The FRBM Act, 2003 (as amended), which became effective from July 5, 2004 mandates the Central Government to eliminate revenue deficit by March, 2009 and to reduce fiscal deficit to an amount equivalent to 3 per cent of GDP by March, 2008.

  • Reduction of revenue deficit by an amount equivalent of 0.5 per cent or more of the GDP at the end of each financial year, beginning with 2004-05.

  • Reduction of fiscal deficit by an amount equivalent of 0.3 per cent or more of the GDP at the end of each financial year, beginning with 2004-05.

  • No assumption of additional liabilities (including external debt at current exchange rate) in excess of 9 per cent of GDP for the financial year 2004-05 and progressive reduction of this limit by at least one percentage point of GDP in each subsequent year.

  • No guarantees in excess of 0.5 per cent of GDP in any financial year, beginning with 2004-05.

  • Specifies four fiscal indicators to be projected in the medium term fiscal policy statement. These are, revenue deficit as a percentage of GDP, fiscal deficit as a percentage of GDP, tax revenue as percentage of GDP and total outstanding liabilities as percentage of GDP.

  • For greater transparency in the budgetary process, rules mandate the Central Government to disclose changes, if any, in accounting standards, policies and practices that have a bearing on the fiscal indicators. The Government is also mandated to submit statements of receivables and guarantees and a statement of assets, at the time of presenting the annual financial statement, latest by Budget 2006-07.

  • The rules prescribe the form for the quarterly review of the trends of receipts and expenditures. The rules mandate the Central Government to take appropriate corrective action in case of revenue and fiscal deficits exceeding 45 per cent of the budget estimates, or total non-debt receipts falling short of 40 per cent of the budget estimates at the end of first half of the financial year.

Source: http://indiabudget.nic.in/es2004-05/chapt2005/chap27.pdf

   


44. The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following : 
1. Development of infrastructure facilities. 
2. Promotion of investment from foreign sources. 
3. Promotion of exports of services only. 
Which of the above are the objectives of this Act ? 
(a) 1 and 2 only. 
(b) 3 only 
(c) 2 and 3 only 
(d) 1,2 and 3

Answer: (a)
Explanation: The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005. The draft SEZ Rules were widely discussed and put on the website of the Department of Commerce offering suggestions/comments. Around 800 suggestions were received on the draft rules. After extensive consultations, the SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February, 2006, providing for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments. The main objectives of the SEZ Act are:
(a) generation of additional economic activity
(b) promotion of exports of goods and services;
(c) promotion of investment from domestic and foreign sources;
(d) creation of employment opportunities;
(e) development of infrastructure facilities
Source: http://sezindia.nic.in/about-introduction.asp

   


45. With reference to Indian economy, consider the following statements : 
1. The Gross Domestic Product (GDP) has increased by four times in the last 10 years. 
2. The percentage share of Public Sector in GDP has declined in the last 10 years. 
Which of the statements given above is/are correct ? 
(a) 1 only 
(b) 2 only 
(c) Both 1 and 2 
(d) Neither 1 nor 2

Answer: (b)
Explanation: See Economic Survey
Source: See Economic Survey

46. In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years ? 
(a) Service tax 
(b) Personal income tax 
(c) Excise duty 
(d) Corporation tax 

Answer: (c)
Explanation: See Economic Survey
Source: See Economic Survey

   


47. With reference to the National Rehabilitation and Resettlement Policy, 2007, consider the following statements : 
1. This policy is applicable only to the persons affected by the acquisition of land for projects and not to the involuntary displacement due to any other reason. 
2. This policy has been formulated by the Ministry of Social Justice and Empowerment. 
Which of the statements given above is/are correct ? 
(a) 1 only 
(b) 2 only 
(c) Both 1 and 2 
(d) Neither 1 nor 2

Answer: (a)
Explanation: The National Rehabilitation and Resettlement Policy, 2007 has been formulated by the Department of Land Resources, Ministry of Rural Development.
Source: Multiple sources

   


48. Consider the following statements : 
1. The Union Government fixes, the Statutory Minimum Price of sugarcane for each sugar season. 
2. Sugar and sugarcane are essential commodities under the Essential Commodities Act. 
Which of the statements given above is/are correct ? 
(a) 1 only 
(b) 2 only 
(c) Both 1 and 2 
(d) Neither 1 nor 2 

Answer: (c)
Explanation: The EC Act, 1955 gives powers to control production, supply, distribution etc. of essential commodities for maintaining or increasing supplies and for securing their equitable distribution and availability at fair prices. Using the powers under the Act, various Ministries/Departments of the Central Government have issued Control Orders for regulating production/distribution/quality aspects/movement etc. pertaining to the commodities which are essential and administered by them.
The Essential Commodities Act is being implemented by the State Governments/UT Administrations by availing of the delegated powers under the Act. The State Governments/UT Administrations have issued various Control Orders to regulate various aspects of trading in Essential Commodities such as foodgrains, edible oils, pulses kerosene, sugar etc. The Central Government regularly monitors the action taken by State Governments/UT Administrations to implement the provisions of the Essential Commodities Act, 1955.
The items declared as essential commodities under the Essential Commodities Act, 1955 are reviewed from time to time in the light of liberalized economic policies in consultation with the Ministries/Departments administering the essential commodities. At present the list of essential commodities contains 15 items.
Source: http://www.fcamin.nic.in/Events/EventDetails.asp?EventId=600&Section=Acts%20and%20Rules&ParentID=0&Parent=1&check=0

   


49. An objective of the National Food Security Mission is to increase the production of certain crops through area expansion and productivity enhancement in a sustainable manner in the identified districts of the country. What are those crops ? 
(a) Rice and wheat only 
(b) Rice, wheat and pulses only 
(c) Rice, wheat, pulses and oil seeds only 
(d) Rice, wheat, pulses, oil seeds and vegetables 

Answer: (b)
Explanation: The National Development Council (NDC)in its 53rd meeting held on 29th May, 2007 adopted a resolution to launch a Food Security Mission, under Ministry of Agriculture, comprising rice, wheat and pulses to increase the production of rice by 10 million tons, wheat by 8 million tons and pulses by 2 million tons by the end of the Eleventh Plan (2011-12). Accordingly, A Centrally Sponsored Scheme, 'National Food Security Mission', has been launched from 2007-08 to operationalize the above mentioned resolution. 1.2 The National Food Security Mission will have 3 components (i)Rice (ii) Wheat &(iii) Pulses.
Source: http://nfsm.gov.in/Default.aspx

   


50. In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by 
(a) Union Ministry of Finance 
(b) Union Finance Commission 
(c) Indian Banks' Association 
(d) None of the above 

Answer: (d)
Explanation: The interest rate on savings accounts in all the nationalized commercial banks is fixed by the Reserve Bank of India. At present it is 3.5% per annum.
Source: http://www.rbi.org.in/home.aspx

51. With reference to the institution of Banking Ombudsman in India, which one of the statements is not correct ? 
(a) The Banking Ombudsman is appointed by the Reserve Bank of India 
(b) The Banking Ombudsman can consider complaints from Non-Resident Indians having accounts in India 
(c) The orders passed by the Banking Ombudsman, are final and binding on the parties concerned 
(d) The service provided by the Banking Ombudsman is free of any fee

Answer: (c)
Explanation: ‘Appellate Authority’ means the Deputy Governor in charge of the Department of the Reserve Bank implementing the Scheme.
Source: http://rbidocs.rbi.org.in/rdocs/Content/PDFs/67933.pdf

   


52. In the context of governance, consider the following: 
1. Encouraging Foreign Direct Investment inflows 
2. Privatization of higher educational Institutions 
3. Down-sizing of bureaucracy 
4. Selling/offloading the shares of Public Sector Undertakings 
Which of the above can be used as measures to control the fiscal deficit in India? 
(a) 1, 2 and 3 
(b) 2, 3 and 4 
(c) 1, 2 and 4 
(d) 3 and 4 only

Answer: (d)
Explanation: Multiple Sources
Source: Multiple Sources


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