Indian Economy - General Knowledge Questions and Answers

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Paper currency Act was passed in India in?

A)

1951


B)

1989


C)

1950


D)

1861



Correct Answer :

1861


Explanation :

The Paper Currency Act of 1861 conferred upon Government of India the monopoly of Note Issue bringing to an end note issues of Private and Presidency Banks.

Government of India continued to issue currency notes till the Reserve Bank of India was established on 1st April, 1935.

In 1982 the RBI’s responsibility with respect to regional rural bank was transferred to?

A)

ARDC


B)

NABARD


C)

SBI


D)

PACS



Correct Answer :

NABARD


Explanation :

National Bank for Agriculture and Rural Development (NABARD) was established on July 12, 1982.

Before NABARD came into existence, Agriculture Refinance and Development Cell of RBI was regulating control and supervision of RRBs.

Which of the following is not included in redistribution policies geared to reduce inequalities in wealth in India?

A)

Regressive tax policies


B)

Laud reforms


C)

Overall rural development policies


D)

Progressive tax policies



Correct Answer :

Regressive tax policies


Explanation :

Regressive tax – is that tax in which the rate of tax goes down as the income increases. It increases the economic inequalities. Indirect taxes are slightly regressive.

The budget deficit is?

A)

Difference between all revenue receipts and revenue expenditure


B)

Difference between exports income and import income


C)

Difference between all capital receipts and capital expenditure


D)

Difference between total receipts and total expenditure



Correct Answer :

Difference between total receipts and total expenditure

Devaluation of currency will be more beneficial if ?

A)

Inflation remain constant


B)

Price of exports remain constant


C)

Prices of imports remain high


D)

Prices of exports remain high



Correct Answer :

Price of exports remain constant

Which of the following is not included in national or union debt?

A)

LIC


B)

Long term government bonds


C)

Short term government bonds


D)

National saving certificate



Correct Answer :

National saving certificate

In context to indian economy BOP stands for?

A)

Backlog of Payment


B)

Balance of Price


C)

Bill of Payment


D)

Balance of Payment



Correct Answer :

Balance of Payment

The basic objective of the Twenty Point Programme(TPP) launched in July 1975 was?

A)

to improve the quality of life of poor people


B)

to implement and monitor the economic reform in India


C)

to provide for economic stability of the country


D)

to scrutinize already implemented economic plans



Correct Answer :

to improve the quality of life of poor people


Explanation :

Twenty Point Programme (TPP) was launched by the Government of India in the year 1975 and restructured in 1982, 1986 and again in 2006.
The objective of the program is meant to give a thrust to schemes relating to Poverty Alleviation, Employment Generation in Rural Areas, Housing, Education, Family Welfare & Health, Protection of
Environment and many other dimensions having a bearing on the quality of life, especially in the rural areas.

The Gandhian plan was formulated by ?

A)

N R Sarkar


B)

Jaiprakash Narayan


C)

M N Roy


D)

Sriram Narayan Agarwal



Correct Answer :

Sriram Narayan Agarwal


Explanation :

Shriman Narayan (1912 - 1978) was ex-governor of the Indian state of Gujarat. He was a great supporter of the philosophies of Mahatma Gandhi.In the spirit of Gandhian economic thinking, he wrote the book 'The Gandhian Plan for Economic Development of India',which was published in 1944 .

Which of the following taxes is classified under Direct taxes in Indian Taxation System?

A)

Excise Duty


B)

Service Tax


C)

Excise duty


D)

Professional Tax



Correct Answer :

Professional Tax


Explanation :

Taxes in India can be categorized as direct and indirect taxes.

Direct taxes are levied on individuals and corporate entities and cannot be transferred to others. These include income tax, wealth tax, capital gains tax, Professional tax and gift tax.

Indirect taxes are not directly paid by the assessee to the government authorities. These are levied on goods and services and collected by intermediaries (those who sell goods or offer services). Here are the most common indirect taxes in India are- value added tax (VAT), customs duty, excise duty and service tax

Which of the following is a Direct tax?

A)

Excise duty


B)

Customs duty


C)

Service tax


D)

Wealth tax



Correct Answer :

Wealth tax


Explanation :

Taxes in India can be categorized as direct and indirect taxes.

Direct taxes are levied on individuals and corporate entities and cannot be transferred to others. These include income tax, wealth tax, capital gains tax, Professional tax and gift tax.

Indirect taxes are not directly paid by the assessee to the government authorities. These are levied on goods and services and collected by intermediaries (those who sell goods or offer services). Here are the most common indirect taxes in India are- value added tax (VAT), customs duty, excise duty and service tax

The Reserve Bank of India was established in?

A)

1949


B)

1947


C)

1927


D)

1935



Correct Answer :

1935


Explanation :

The Reserve Bank of India was established on 1 April 1935 to answer the economic problems after the First World War. The bank was established based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission.

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