2017-Quiz-4: Finance, Business & Economy for Banking Examinations
March 28, 2017 October 27, 2017
1. Recently, the government of India has relaxed the norms for withdrawal of General Provident Fund (GPF). As per the new norms, the employees can withdraw the funds for select purposes after completing how many years in service?
[A] 5 years
[B] 8 years
[C] 10 years
[D] 12 years
Show Answer
Correct Answer: C [ 10 years ]
Notes:
The government has recently relaxed the norms for withdrawal of General Provident Fund (GPF) to enable the central government employees receive payments within 15 days. Employees can also withdraw the fund for select purposes after completing 10 years of service, as against 15 years of service earlier. This reform will help around 50 Lakh central government employees.
2. The GST council has decided a four tier structure of taxation to cover most goods and services. Which of the following is a correct group of these four tiers?
[A] 5%, 10%, 15% and 20%
[B] 5%, 12%, 18% and 22%
[C] 5%, 12%, 18% and 28%
[D] 5%, 13%, 18% and 32%
Show Answer
Correct Answer: C [ 5%, 12%, 18% and 28% ]
Notes:
The GST Council has decided on a four-tier tax structure of 5%, 12%, 18% and 28% to cover most goods and services. Apart from this, a cess will be levied on demerit and luxury goods on top of the peak rate. This cess will be used to create a fund and this fund will be used to compensate the states which face loss of revenue due to GST implementation.
3. Which of the following is main objective of Aadhaar Pay?
[A] To enable peer-to-peer money transaction
[B] To enable merchants to receive digital payments using Aadhaar
[C] To integrate UPI with Aadhaar
[D] To link Jan-Dhan Accounts with Aadhaar number
Show Answer
Correct Answer: B [ To enable merchants to receive digital payments using Aadhaar ]
Notes:
Aadhaar Pay is proposed to be launched in April, 2017 and is meant for merchants to receive digital payments from customers over the counter through Aadhaar authentication.
4. Currently, Aadhaar is NOT being used in India for which of the following purposes?
[A] Identification of beneficiaries under pension schemes and Jan-dhan Programme
[B] Taxation
[C] Identification of MGNREGA beneficiaries
[D] Identification of mid-day meal programme at schools
Show Answer
Correct Answer: A [ Identification of beneficiaries under pension schemes and Jan-dhan Programme ]
Notes:
Only one is correct in the above options. All other three are still in proposed state.
5. The term discovered small field (DSF), which was recently making news is related to which of the following ?
[A] Petroleum Sector
[B] Nuclear Minerals
[C] Quantum Science
[D] None of them
Show Answer
Correct Answer: A [ Petroleum Sector ]
Notes:
Discovered small field (DSF) auction happened recently. The term is related to oil sector.
6. Currently, which of the following states in India generates maximum Hazardous Waste?
[A] Gujarat
[B] Tamil Nadu
[C] Maharashtra
[D] Haryana
Show Answer
Correct Answer: A [Gujarat ]
Notes:The top three states in India that generate the most hazardous waste are:
- Gujarat: 28.76%
- Maharashtra: 25.16%
- Andhra Pradesh: 8.93%
Other major generators of hazardous waste include:
- Chhattisgarh (4.74%)
- Rajasthan (4.38%)
- West Bengal (4.17%)
- Tamil Nadu (4.15%)
In 2022, Gujarat generated over 4.2 million metric tons of hazardous waste, which was more than one third of the total hazardous waste output in India. Gujarat also had the largest number of industries generating hazardous waste in 2021.
7. Which of the following is the main objective of Insolvency Professional Entity?
[A] To implement bankruptcy law under The Insolvency and Bankruptcy Code, 2016
[B] To facilitate speedy recoveries of high value loan defaults
[C] To identify the insolvent individuals
[D] All of above
Show Answer
Correct Answer: B [ To facilitate speedy recoveries of high value loan defaults ]
Notes:
Insolvency Professional Entity is a special body under Insolvency and Bankruptcy Board of India (IBBI) to facilitate speedy recoveries of high value loan defaults.
8. Shankar-6 or Sankar-6 is a variety of which of the following commodities?
[A] Mustard
[B] Cotton
[C] Groundnut
[D] Soyabean
Show Answer
Correct Answer: B [ Cotton ]
Notes:
It is a much traded Cotton variety.
9. What is the current Fund transaction limit under Unified Payments Interface (UPI)?
[A] Rs. 50,000
[B] Rs. 100,000
[C] Rs. 200,000
[D] Rs. 20,000
Show Answer
Correct Answer: B [ Rs. 100,000 ]
Notes:
Under UPI, the current Fund transaction limit is Rs. 1 lakh per transaction and most of the banks charge zero transactions cost.
10. Approximately what fraction of India’s total edible oil demand is met through imports?
[A] 20%
[B] 30%
[C] 50%
[D] 60%
Show Answer
Correct Answer: D [ 60% ]
Notes:
India currently meets around 60 per cent of its edible oil demand of 24 million tonnes (mt) a year through import.
suprity bhattacharya
March 28, 2017 at 9:14 amproper