Quiz 81 : Economical Current Awareness for Banking Examinations

1. The OLTAS system is related to which among the following?
[A] Reserve Bank of India
[B] Department of Telecommunication
[C] Income Tax Department
[D] Ministry of Corporate Affairs

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Correct Answer: C [Income Tax Department]
Income Tax Department`s initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System).
2. Which among the following state of India is best known for Saffron Cultivation?
[A] Sikkim
[B] Assam
[C] Jammu & Kashmir
[D] Meghalaya

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Correct Answer: C [Jammu & Kashmir]
Kashmir saffron is a high value, low volume crop and the quality of saffron is among the best in the world particularly because of its rich color and flavour. A small area in the valley, Pampore has the virtual monopoly of saffron cultivation in the country.
3. Consider the following:
  1. Growth rate of the economy
  2. Replacement demand
  3. Reserve stock requirements
  4. Budget Allocations to various department

Which among the above are used by RBI to estimate the demand for banknotes?

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

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Correct Answer: B [1, 2 & 3]
4. With reference to RBI, many a times we read in newspapers about “currency chests”. Which of the following is / are functions of Currency Chests?
  1. Currency Printing
  2. Exchange of soiled currency notes
  3. Currency Distribution

Select the correct option from the codes given below:

[A] only 1
[B] 1 & 2
[C] 2 & 3
[D] Only 3

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Correct Answer: C [2 & 3]
Distribution of notes and coins throughout the country is done through designated bank branches, called chests. Chest is a receptacle in a commercial bank to store notes and coins on behalf of the Reserve Bank. Deposit into chest leads to credit of the commercial bank’s account and withdrawal, debit. The major functions of the currency chests are:
  1. To meet currency requirement of public
  2. To withdraw unfit notes
  3. To provide exchange facility from one denomination to another
  4. To make payment requirement of the Government
  5. To exchange the mutilated notes
  6. To avoid frequent movement of cash

Apart from having its own chests at certain places, RBI also has arrangements with other banks which are entrusted with custody of the currency notes and coins for the same purpose.

5. Consider the following statements about a Non-Banking Financial Company (NBFC):
  1. An NBFC cannot accept demand deposits;
  2. An NBFC is not a part of the payment and settlement system
  3. An NBFC cannot issue cheques drawn on itself
  4. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available for NBFC depositors

Which among the above is/ are correct statements?

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

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Correct Answer: D [1,2,3,4]
6. Which among the following country tops in FDI in India?
[A] United states
[C] Mauritius
[D] Australia

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Correct Answer: C [Mauritius]

Irrelevant Questions were removed from this quiz in last update