Five Year Plans started in 1951.
- True
- False
Answer: True
The First Five Year Plan covered the period 1951-1956.
GK Questions
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NITI Aayog replaced?
- Finance Commission
- Planning Commission
- CAG
- ECI
Answer: Planning Commission
Formed on January 1, 2015, via a cabinet resolution.
Finance Commission constituted under Article?
- 280
- 275
- 265
- 110
Answer: 280
Appointed by the President of India every 5 years.
FRBM Act was enacted in ___.
- 40
- 2003
- durable (or capital / physical)
- two
Answer: 2003
Fiscal Responsibility and Budget Management Act.
Primary deficit = Fiscal deficit - Interest payments.
- True
- False
Answer: True
Shows the borrowing requirement excluding past interest obligations.
Revenue deficit relates to?
- Capital account
- Current account
- Both
- Neither
Answer: Current account
Occurs when revenue expenditure exceeds revenue receipts.
Fiscal deficit = Total expenditure - ___.
- Total receipts excluding borrowings
- IDA
- durable (or capital / physical)
- Unfunded
Answer: Total receipts excluding borrowings
It indicates the total borrowing requirement of the government.
Corporation tax is a direct tax.
- True
- False
Answer: True
It is directly levied on the net profits of corporations.
Progressive tax rate ___ with income.
- Decreases
- Increases
- Remains same
- Fluctuates
Answer: Increases
Higher income groups pay a higher percentage of tax.
GST is a ___ tax.
- indirect
- trust (or confidence / faith)
- final
- banks
Answer: indirect
Levied on the supply of goods and services.
Direct tax burden can be shifted.
- True
- False
Answer: False
The incidence and impact fall on the exact same person.
Fiscal policy is managed by?
- RBI
- Ministry of Finance
- SEBI
- NITI Aayog
Answer: Ministry of Finance
Deals with government taxation and expenditure.
Base rate system replaced?
- PLR
- BPLR
- MCLR
- RLLR
Answer: BPLR
Benchmark Prime Lending Rate.
Bank rate is for ___ term lending.
- long
- Refinery Products
- Net Factor Income from Abroad (NFIA)
- 1998
Answer: long
No collateral is required unlike the repo rate.
OMO involves buying/selling govt securities.
- True
- False
Answer: True
Open Market Operations are used to manage system liquidity.
SLR is maintained in?
- Cash only
- Liquid assets
- Gold only
- FDs
Answer: Liquid assets
Cash, gold, or approved government securities.
CRR is maintained as a percentage of ___.
- below
- 1999
- NDTL
- gig
Answer: NDTL
Net Demand and Time Liabilities.
Reverse repo is higher than repo rate.
- True
- False
Answer: False
Reverse repo rate is always kept lower than the repo rate.
Repo rate is rate at which RBI?
- Borrows from banks
- Lends to banks
- Lends to public
- Buys bonds
Answer: Lends to banks
Short-term lending to banks against approved securities.
RBI's monetary policy committee has ___ members.
- two
- Commerce and Industry
- low (or zero / no)
- six
Answer: six
3 members from RBI and 3 external members nominated by Govt.