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Quiz 530: General Awareness Questions

1. Consider the following steps:
  1. Banking Department gets currency from the Issue Department
  2. Government puts the currency in circulation
  3. Central Government Incurs a deficit in its Budget
  4. Government Sells Treasury Bills to Banking Department of RBI

Which among the following is the correct order of the above steps?

[A] 1 2 3 4
[B] 2 3 4 1
[C] 3 4 1 2
[D] 4 3 2 1

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Correct Answer: C [3 4 1 2]
Notes:
We know that there are two important departments in RBI viz. Banking Department and Issuing Department. The banking Department plays an important role in the expansion and contraction of money in the system. Here is how it takes place. When there is a deficit in the Government Budget, it issues bills to RBI’s banking department. The banking department would either pay / credit the government from its own stock of currency or would ask the Issue Department to issue currency for equivalent transfer of eligible assets. The currency is spent (put in circulation) by the Government.
2. At which of the following places, Government Medals are minted?
[A] Kolkata and NOIDA
[B] Devas and Hoshangabad
[C] Nasik and Hyderabad
[D] Mysore and Salboni

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Correct Answer: A [Kolkata and NOIDA]
Notes:
Please note that Postal and Judicial Stamps are printed at Nasik, Government Medals are minted in Kolkata and NOIDA.
3. Consider the following statements:
  1. Not all banks come under the regulation of Right to Information Act
  2.  Not all banks come under the Schedule 2 of RBI

Which among the above statements is / are correct?

[A] Only 1 is correct
[B] Only 2 is correct
[C] Both 1 and 2 are correct
[D] Neither 1 nor 2 is correct

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Correct Answer: C [Both 1 and 2 are correct]
Notes:
The banks which come under the Schedule 2 of RBI are Scheduled Banks. But there are some cooperative banks which are unscheduled, though commercial banking system in India is scheduled. Cooperative Banks don’t come under the RTI act. This was recently made clear by RBI as well as these banks are NOT government by the RBI act.
4. Consider the following statements regarding Open Market Operations in India:
  1. The market for Government securities is well developed in India
  2. RBI has desired capability to buy and sell Government securities.
  3. Open Market Operations alone can effectively carry out the Monetary Control in India

Which among the above statements is / are correct?

[A] Only 2 & 3 are correct
[B] Only 1 and 2 are correct
[C] Only 2 is correct
[D] All are correct

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Correct Answer: C [Only 2 is correct]
Notes:
The first statement is incorrect and this market is not well developed market. The second statement is out rightly correct and RBI has more than desired authority and capability. Third statement is NOT correct as RBI needs to resort to other ways such as LAF. OMO alone are not capable.
5. After the revolt of 1857, via the Government of India Act 1858, the Crown had assumed the direct responsibility for the Government of India. By this act, all legislative, administrative and Financial Powers came to be concentrated in which among the following?
[A] Viceroy and Governor General
[B] Viceroy’s and his council
[C] Secretary of State for India and his council
[D] Viceroy’s Council

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Correct Answer: C [Secretary of State for India and his council]
6. Aichi Target is the outcome of which among the following protocols / summits ?
[A] Kyoto Protocol
[B] Nagoya Protocol
[C] Copenhagen Climate Summit
[D] Bali Communiqué

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Correct Answer: B [Nagoya Protocol]
7. Which among the following is a correct full form of COMESA?
[A] Common Market For Eastern and Southern America
[B] Common Market For Eastern and Southern Africa
[C] Common Market For Eastern and Southern Asia
[D] None of them

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Correct Answer: B [Common Market For Eastern and Southern Africa]
8. Who among the following heads the Trade and Economic Relations Committee (TERC) in India?
[A] Prime Minister
[B] Minister of Commerce
[C] Finance Minister
[D] Finance Secretary

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Correct Answer: A [Prime Minister]
9. On which of the following dates World Press Freedom Day is observed in May ?
[A] May 1
[B] May 3
[C] May 6
[D] May 10

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Correct Answer: B [May 3]
10. Which among the following is the first European Country with which, India has signed a ” Labour Mobility Partnership” MOU ?
[A] Netherlands
[B] Denmark
[C] Denmark
[D] Germany

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Correct Answer: B [Denmark]