Business, Economy & Banking Current Affairs MCQs
31. What amount of Goods and Services Tax (GST) revenue shortfall has been released by the Finance Ministry in 12th tranche recently?
[A] Rs. 1000 crore
[B] Rs. 3000 crore
[C] Rs. 6000 crore
[D] Rs. 12000 crore
Show Answer
Correct Answer: C [Rs. 6000 crore]
Notes:
The Union Finance Ministry has recently released the 12th tranche of GST revenue shortfall to the states and Union Territories amounting Rs.6000 crores. The funds have been released to 23 states and 3 UTs.
The funds were arranged using the special borrowing window at a rate of 4.43%. So far, a sum of Rs.72,000 crore has been released by the Centre to the states and UTs through this window.
32. How many new Minor Forest Produce items have been added under “marketing of MFP through MSP” scheme?
Show Answer
Correct Answer: B [14]
Notes:
The Government of India has decided to add 14 new minor forest produce items under the “mechanism for marketing of minor forest (MFP) produce through a minimum support price (MSP)” scheme.
This is aimed to provide remunerative and fair prices for tribal gatherers. The additional items include bamboo shoot, Tasar cocoon, elephant apple, wind dry mushroom etc.
33. Amazon has been in a legal dispute against which company for selling its retail assets to Reliance Retail?
[A] D-Mart
[B] Future Retail
[C] Aditya Birla Retail
[D] K Raheja Corp
Show Answer
Correct Answer: B [Future Retail]
Notes:
Amazon has moved the Delhi High Court against Future Retail for selling its retail assets to Reliance Retail.
Amazon alleges that the ₹24,713 crore worth Future-Reliance deal violates its own contract with the Future Group. The Delhi High Court asked Future retail to maintain status quo. Earlier the Singapore Arbitration gave the Emergency Arbitrator (EA) award in favour of Amazon.
34. As per the Union budget, what is the limit for tax-free interest on Provident Fund Contributions?
[A] Rs 2.5 lakh
[B] Rs 5 lakh
[C] Rs 7.5 lakh
[D] Rs 10 lakh
Show Answer
Correct Answer: A [Rs 2.5 lakh]
Notes:
The Union Budget has proposed to impose tax on the interest income on Provident Fund (PF) accounts contributions exceeding Rs 2.5 lakh a year, from 2021-22.
The Central Board of Direct axes announced that the contributions to Employees’ Provident Fund (EPF) above Rs 2.5 lakh a year will be kept in a separate basket and taxed simar to that of fixed deposits.
35. What is the stake of the Central Government in Tata Communications, which is to be divested?
[A] 10%
[B] 26.12%
[C] 49%
[D] 51%
Show Answer
Correct Answer: B [26.12%]
Notes:
The Central Government has announced that it would sell its entire stake of 26.12% stake in Tata Communications Ltd (TCL).
As many as 11 merchant bankers including some top ones, would present before Department of Investment and Public Asset Management, for buying the stake. TCL was previously called as VSNL, before it was divested with management transfer.
36. Which country was the top trade partner of India in 2020?
[A] United States
[B] China
[C] UAE
[D] Singapore
Show Answer
Correct Answer: B [China]
Notes:
According to the provisional data from the Union Commerce Ministry of India, the two-way trade stood at USD 77.7 billion last year.
With this, China regained its position as India’s top trade partner in 2020, with the higher reliance of India on imported machines. The bilateral trade with the United States stood at USD 75.9 billion. The UAE remains the third trade partner.
37. Which regulator in India has formed a committee to relook its information and security guidelines?
[A] RBI
[B] NABARD
[C] SEBI
[D] IRDAI
Show Answer
Correct Answer: D [IRDAI]
Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) has constituted an internal working group committee to revisit its information and security guidelines.
This has been constituted on the wake of increase in cyberattacks across the globe in financial sector during the covid-19 pandemic.
38. Which organisation has released the Report on Currency and Finance (RCF)?
[A] IMF
[B] Word Bank
[C] RBI
[D] New Development Bank
Show Answer
Correct Answer: C [RBI]
Notes:
The Reserve Bank of India has recently released a report titled Report on Currency and Finance (RCF) for the year 2020-21.
This theme for this year’s report is “Reviewing the Monetary Policy Framework”. The report critically analyses the trends in inflation and inflation target for March 2021 against the prevailing uncertain economic atmosphere.
39. Which body recommends the selection of heads of public sector banks and financial institutions?
[A] Department of Financial Services
[B] Department of Economic Affairs
[C] Banks Board Bureau
[D] Department of Personnel and Training
Show Answer
Correct Answer: C [Banks Board Bureau]
Notes:
Banks Board Bureau, which started operating from 1 April 2016, recommends selection of heads of public sector banks and financial institutions.
Recently, a set of 14 general managers and chief general managers have been appointed as executive directors (ED) in 10 public sector banks. The Banks Board Bureau (BBB) had recommended names of 13 candidates, in September last year.
40. Which Indian public sector bank has incorporated a new wholly owned subsidiary for its credit card business?
[A] Union Bank of India
[B] Punjab National Bank
[C] Indian Bank
[D] Canara Bank
Show Answer
Correct Answer: B [Punjab National Bank]
Notes:
Punjab National Bank has recently incorporated PNB Cards & Services, a wholly owned subsidiary of the bank.
This new entity will carry out non-financial support service related to the credit card business of the bank. PNB Cards & Services has authorised capital of ₹25 crore and paid-up capital of ₹15 crore. The Bank has merged United Bank of India and Oriental Bank of Commerce with itself.
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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