Business, Economy & Banking Current Affairs MCQs
21. What is the new name for Libra cryptocurrency?
[A] Namib
[B] Deim
[C] Dollar
[D] Digito
Show Answer
Correct Answer: B [Deim]
Notes:
Facebook-backed Libra cryptocurrency has been renamed as “Deim” which means “Day” in Latin.
The Libra Association has made this decision in order to gain approval from regulators and to increase its publicity. The new Deim crypto currency is proposed to be launched in early 2021, which would be backed by USD.
22. As per the Centre for Economics and Business Research (CEBR), India will become the third largest economy in which year?
[A] 2025
[B] 2027
[C] 2030
[D] 2035
Show Answer
Correct Answer: C [2030]
Notes:
As per the Centre for Economics and Business Research (CEBR), Indian economy will grow by 9 per cent in 2021 and by 7 per cent in 2022.
It also forecasted that India will overtake the UK to become the world’s fifth largest economy in 2025. As per their forecast, India will Germany in 2027 and Japan in 2030 to become the third largest economy in the world.
23. What is the expansion of ‘IUC’, which was recently seen in the news recently?
[A] Internet usage charges
[B] Intermediate usage charges
[C] Interconnect usage charges
[D] Interconnect utility charges
Show Answer
Correct Answer: C [Interconnect usage charges]
Notes:
As per the Telecom Regulatory Authority of India (TRAI), the Interconnect usage charges (IUC) has been made zero from January 1, 2021.
IUC is the charge paid by a telecom company, for every call made from its network to different service providers. Prior to this move, the telecom company has been paying 6 paise per minute as the IUC.
24. Which organization has launched a portal regarding tax evasion, foreign undisclosed assets and benami properties?
[A] Reserve Bank of India
[B] Enforcement Directorate
[C] Central Board of Direct Taxes
[D] Central Board of Indirect Taxes and Customs
Show Answer
Correct Answer: C [Central Board of Direct Taxes]
Notes:
The Central Board of Direct Taxes (CBDT) has launched a dedicated portal for receiving and processing complaints related to regarding tax evasion, foreign undisclosed assets and benami properties.
This step is seen a move to enhance e-governance and to involve public participation to abolish tax evasion.
25. Which Indian public sector bank has raised Rs 1,000 crore by issuing Basel III-compliant bonds?
[A] State Bank of India
[B] Union Bank of India
[C] Punjab National Bank
[D] HDFC Bank
Show Answer
Correct Answer: B [Union Bank of India]
Notes:
Union Bank of India announced that it has raised Rs 1,000 crore by issuing Basel III-compliant bonds on a private placement basis.
The bank issued perpetual bonds in the nature of debentures, which qualify as the Additional Tier 1 Capital of the bank. The public sector bank also announced that it will raise Rs 205 crore by issuing Basel III compliant bonds later this week.
26. NaBFID, the new bank which is proposed to be set up, is to finance which sector?
[A] Agriculture
[B] Infrastructure
[C] MSMEs
[D] Fishery
Show Answer
Correct Answer: B [Infrastructure]
Notes:
The National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 is to be introduced in the Budget session.
The government is set up a National Bank for Financing Infrastructure and Development (NaBFID), which will facilitate the infrastructure financing of the country. The developmental financial institution (DFI) will act as a principal financial institution and development bank to support infrastructure projects.
27. Which multi-national company is to start its first manufacturing line in India, along with a subsidiary of Foxconn?
[A] Apple
[B] Amazon
[C] Google
[D] Alibaba
Show Answer
Correct Answer: B [Amazon]
Notes:
Global E-commerce giant Amazon has announced that it is set to begin manufacturing devices in India. This is the first Amazon manufacturing line in India.
Amazon will begin manufacturing with Cloud Network Technology, a subsidiary of Foxconn, in Chennai. Beginning later this year, the programme aims to manufacture several lakhs of Fire TV Stick devices every year, generating additional jobs in the country.
28. Which private sector bank has launched WhatsApp Banking facility recently?
[A] RBL Bank
[B] Yes Bank
[C] Axis Bank
[D] IDBI Bank
Show Answer
Correct Answer: C [Axis Bank]
Notes:
India’s leading private sector bank Axis Bank has recently launched WhatsApp Banking facility, to resolve the queries of consumers 24×7.
This new facility will allow customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details. It also enables them to get their queries answered in real-time.
29. What is the name of NPCI’s grievance redressal app developed on BHIM UPI?
[A] UPI Suraksha
[B] UPI Seva
[C] BHIM Seva
[D] UPI Help
Show Answer
Correct Answer: D [UPI Help]
Notes:
India’s umbrella entity for digital payments – the National Payments Corporation of India (NPCI) has launched the app “UPI-Help” on BHIM UPI.
This application is a grievance redressal application for users of BHIM application. It enables the users to verify the status of transactions and initiate complaints in case of payment failures.
30. What is the name of the tax non-resident e-commerce operators / service providers?
[A] Equalisation Levy
[B] GST
[C] Corporation Tax
[D] Tobbin Tax
Show Answer
Correct Answer: A [Equalisation Levy]
Notes:
Equalisation Levy also called the Google Tax is the taxation on non-resident e-commerce operators / service providers.
The collection of Equalisation Levy in India stood at Rs.2057 crore for FY 2020-21 and has doubled in comparison to the previous years. The increase in equalisation levy comes at the backdrop of US proposing retaliatory tariffs of up to 25 per cent on Indian goods like shrimps, basmati rice.
The above questions are part of Daily Current Affairs 20 MCQs Series in GKToday's Academy Android Application. This series can be subscribed in the app only for Rs. 750/- for entire year.
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