Business, Economy & Banking Current Affairs MCQs
This category comprises 50 random questions from the total 378 Multiple Choice Questions (MCQs) inBusiness, Economy & Banking Current Affairs category published in gktoday from 1 January, 2019 till July 4, 2020.
41. Which Indian technology company announced a strategic partnership with Avaloq, to provide wealth management services?
[A] Wipro
[B] Infosys
[C] HCL
[D] Tech Mahindra
Show Answer
Correct Answer: B [Infosys]
Notes:
Indian Technology major Infosys announced a strategic partnership with Switzerland -based software company Avaloq, to provide wealth management services through digital platforms.
Avaloq is a wealth management software and digital technology provider. As per the agreement, Infosys will be a strategic implementation partner for Avaloq’s wealth management suite of solutions. This partnership will focus on providing industry-based wealth management solutions to their clients.
42. Asian Development Bank (ADB) recently signed a USD 177 million loan agreement with India to upgrade road connectivity of which state?
[A] Madhya Pradesh
[B] Andhra Pradesh
[C] Maharashtra
[D] West Bengal
Show Answer
Correct Answer: C [Maharashtra]
Notes:
The Asian Development Bank (ADB) recently signed a USD 177 million loan agreement with the Government of India to upgrade 450 kilometers (km) of state highways and major district roads in the state of Maharashtra.
The project is expected to improve road connectivity between rural areas and urban centres in the state and enable rural communities to access markets and employment opportunities. The project will also develop a road safety audit framework and strengthen road safety measures.
43. As per the recent change in the definition of MSMEs, what is the investment limit for an enterprise to be classified as a medium enterprise?
[A] Rs 20 crore
[B] Rs 25 crore
[C] Rs 50 crore
[D] Rs 75 crore
Show Answer
Correct Answer: C [Rs 50 crore]
Notes:
The Union Cabinet has approved further changes to the definition of micro, small and medium enterprises (MSMEs).
Earlier, the Union Minister had proposed that Micro units can have up to Rs 1 crore investments and turnover up to Rs 5 crore while Small units can have up to Rs 10 crore investments and turnover up to Rs 50 crore. The investment limit of a medium unit has been increased from Rs 20 crore to Rs 50 crore and the turn over limit from Rs 100 crore to Rs 250 crore. The Cabinet also approved Rs 20,000-crore fund for stressed entities and equity infusion of Rs 50,000 crore.
44. Which global rating agency downgraded India’s sovereign ratings to Baa3?
[A] CRISIL
[B] Moody’s Investors Service
[C] Fitch Ratings
[D] S&P Ratings
Show Answer
Correct Answer: B [Moody’s Investors Service]
Notes:
Global credit ratings agency Moody’s Investors Service has currently degraded India’s foreign currency and local currency long-term issuer ratings to Baa3.
The agency had previously rated India’s ratings as Baa2. The reason for the downgrade of ratings was the high challenges to be faced by the policy-making institutions in enacting and implementing policies for sustainable growth in the country. Moody’s had upgraded India’s ratings to Baa2 in November 2017.
45. Which Indian state has topped in the disbursements to MSMEs under Emergency Credit Line Guarantee Scheme?
[A] Uttar Pradesh
[B] Gujarat
[C] Tamil Nadu
[D] Odisha
Show Answer
Correct Answer: C [Tamil Nadu]
Notes:
The Finance Ministry announced that the public sector banks have disbursed Rs 12,200.65 crore till June 9, under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector.
It also announced that Tamil Nadu has topped in the in the disbursements to MSMEs under ECLGS, with the total disbursement of Rs 1,727 crore, out of the cumulative sanction of Rs 2,637 crore from banks. It was followed by Uttar Pradesh, with disbursement of Rs 1,225 crore.
46. As per the GST Council, what is the maximum late fee for non-filing of GSTR-3B returns for period July 2017 – January 2020, for people with liability?
[A] Rs 100
[B] Rs 500
[C] Rs 1000
[D] Rs 5000
Show Answer
Correct Answer: B [Rs 500]
Notes:
Union Finance Minister Nirmala Sitharaman chaired the GST Council recently. As per the announcement, for all those with no tax liabilities, there is no late fee for failing to file returns between July 2017-Jan 2020.
For persons with tax liability, the maximum late fee for non-filing of GSTR-3B returns for the same period is Rs 500. This includes all returns submitted during July 1- September 30, 2020. For tax payers with turnover up to Rs 5 crore, the rate of interest for late furnishing of GST returns for February to April beyond July 6, is reduced from 18% to 9% per annum, till this September end.
47. Which global institution has estimated that India’s economy will contract by 4% in the financial year 2020-21?
[A] Asian Infrastructure Investment Bank (AIIB)
[B] Asian Development Bank (ADB)
[C] World Bank
[D] International Monetary Fund (IMF)
Show Answer
Correct Answer: B [Asian Development Bank (ADB)]
Notes:
Manila-based Asian Development Bank recently announced that the economy of India would contract by 4% in the financial year 2020-21.
In its earlier outlook released in the month of April, it had estimated that India would grow at 4%. But it has been reduced to -4%. It also projected that the GDP of India would grow at 5.0% in the following year, as compared to 6.2% projected in April. A growth of 0.1% is expected for the whole Developing economies of Asian region.
48. Which fund has been made open to contributions from individuals or institutions, by the Finance Ministry?
[A] National Disaster Response Fund
[B] PM CARES Fund
[C] Consolidated Fund of India
[D] Public Account Fund
Show Answer
Correct Answer: A [National Disaster Response Fund]
Notes:
The Department of Economic Affairs, Finance Ministry has recently announced that there is no objection to the proposal of contributions from individuals or institutions towards the National Disaster Response Fund (NDRF).
The proposal has been accepted based on the Disaster Management Act, 2005. The NDRF was constituted under the same act and it supplements SDRF of a state, when adequate funds are not available in SDRF in case of a severe disaster. The central government may constitute a fund to be called the NDRF for meeting any severe disaster.
49. Which country has the highest aggregate foreign funds in Swiss Banks, as per the Swiss National Bank (SNB)?
[A] United Kingdom
[B] Hong Kong
[C] India
[D] France
Show Answer
Correct Answer: A [United Kingdom]
Notes:
As per the annual banking statistics released by the Swiss National Bank (SNB), the United Kingdom has the highest aggregate foreign funds parked with the Swiss banks.
It is followed by the US and West Indies. The top-5 countries account for more than 50 per cent of the aggregate funds. India has moved down three places to 77th rank at the end of 2019, accounting for 0.06% of foreign funds. The funds parked by Indians fell by 5.8 per cent in 2019 to 899 million Swiss francs (Rs 6,625 crore).
50. The World Bank has approved USD 250 million loan for affordable housing projects of which Indian state?
[A] Odisha
[B] West Bengal
[C] Tamil Nadu
[D] Kerala
Show Answer
Correct Answer: C [Tamil Nadu]
Notes:
The World Bank has approved USD 250 million loan for affordable housing projects of Tamil Nadu. The Government of India, state government of Tamil Nadu and the World Bank has signed legal agreements regarding the project.
Out of the total loan, USD 200 million is approved for First Tamil Nadu Housing Sector Strengthening Programme and USD 50 million for Tamil Nadu Housing and Habitat Development Project. It aims to ease regulatory barriers and encourage private sector participation in affordable housing.
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