Insights Static Quiz -19, 2018
0 of 5 questions completed Questions:INSIGHTS IAS QUIZ ON STATIC SYLLABUS - 2018
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Question 1 of 5
1. Question
Consider the following statements:
- Monetary Policy Committee (MPC) is entrusted with the task of fixing the repo rate to contain inflation within the specified target level
- Monetary Policy Committee (MPC) has complete control over monetary policy decisions.
Which of the above statements is/are correct?
Correct
Solution: c)
The Monetary Policy Committee (MPC) is a committee of the Central Bank in India (Reserve Bank of India), headed by its Governor, which is entrusted with the task of fixing the benchmark policy interest rate (repo rate) to contain inflation within the specified target level. Monetary Policy Committee is defined in Section 2(iii)(cci) of the Reserve Bank of India Act, 1934 and is constituted under Sub-section (1) of Section 45ZB of the same Act. The MPC replaces the current system where the RBI governor, with the aid and advice of his internal team and a technical advisory committee, has complete control over monetary policy decisions. A Committee-based approach will add lot of value and transparency to monetary policy decisions.
For more: http://www.arthapedia.in/index.php?title=Monetary_Policy_Committee_(MPC)
Incorrect
- Solution: c)
The Monetary Policy Committee (MPC) is a committee of the Central Bank in India (Reserve Bank of India), headed by its Governor, which is entrusted with the task of fixing the benchmark policy interest rate (repo rate) to contain inflation within the specified target level. Monetary Policy Committee is defined in Section 2(iii)(cci) of the Reserve Bank of India Act, 1934 and is constituted under Sub-section (1) of Section 45ZB of the same Act. The MPC replaces the current system where the RBI governor, with the aid and advice of his internal team and a technical advisory committee, has complete control over monetary policy decisions. A Committee-based approach will add lot of value and transparency to monetary policy decisions.
For more: http://www.arthapedia.in/index.php?title=Monetary_Policy_Committee_(MPC)
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Question 2 of 5
2. Question
Which of the following committee was appointed in 2005 by the union government to work on a blueprint for a international financial centre(IFC) in Mumbai which could compete with London, Tokyo and Singapore?
Correct
Solution: d)
Mistry, based in the UK, was appointed by former finance minister P Chidambaram in 2005 to work on a blueprint for a global financial centre in Mumbai which could compete with London, Tokyo and Singapore. The reason why Frankfurt, Paris and Tokyo are not as successful IFCs as London is, he said, because they are not as global.
Incorrect
Solution: d)
Mistry, based in the UK, was appointed by former finance minister P Chidambaram in 2005 to work on a blueprint for a global financial centre in Mumbai which could compete with London, Tokyo and Singapore. The reason why Frankfurt, Paris and Tokyo are not as successful IFCs as London is, he said, because they are not as global.
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Question 3 of 5
3. Question
With reference to the Financial Stability and Development Council (FSDC), consider the following statements:
- It is headed by the Governor of RBI
- It monitors the issues of financial literacy and financial inclusion
Which of the above statements is/are correct?
Correct
Solution: b)
The Financial Stability and Development Council (FSDC) has been constituted vide GOI notification dated 30th December, 2010. The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.
The Council deals, inter-alia, with issues relating to financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates. No funds are separately allocated to the Council for undertaking its activities.
Incorrect
Solution: b)
The Financial Stability and Development Council (FSDC) has been constituted vide GOI notification dated 30th December, 2010. The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.
The Council deals, inter-alia, with issues relating to financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates. No funds are separately allocated to the Council for undertaking its activities.
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Question 4 of 5
4. Question
With reference to the Atal Pension Yojana (APY), consider the following statements:
- APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS)
- The minimum age of joining APY is 18 years and maximum age is 40 years
Which of the above statements is/are correct?
Correct
Solution: c)
The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme. Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years.
Incorrect
Solution: c)
The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme. Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years.
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Question 5 of 5
5. Question
Base erosion and profit shifting (BEPS) refers to tax planning strategies used by multinational companies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity. This project is headed by
Correct
Solution: c)
Base erosion and profit shifting (BEPS) refers to tax planning strategies used by multinational companies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity.[1]The project headed by the OECD[2] was initiated by the G20 in 2012. BEPS concerns strategies which aim to move profits to where they are taxed at lower rates and expenses to where they are relieved at higher rates. The result is a tendency to associate more profit with legal constructs and intangible rights and obligations, and reduce the share of profits associated with substantive operations involving the interaction of people with one another. “While these corporate tax planning strategies may be technically legal and rely on carefully planned interactions of a variety of tax rules and principles, the overall effect of this type of tax planning is to erode the corporate tax base of many countries in a manner that is not intended by domestic policy.
Incorrect
Solution: c)
Base erosion and profit shifting (BEPS) refers to tax planning strategies used by multinational companies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity.[1]The project headed by the OECD[2] was initiated by the G20 in 2012. BEPS concerns strategies which aim to move profits to where they are taxed at lower rates and expenses to where they are relieved at higher rates. The result is a tendency to associate more profit with legal constructs and intangible rights and obligations, and reduce the share of profits associated with substantive operations involving the interaction of people with one another. “While these corporate tax planning strategies may be technically legal and rely on carefully planned interactions of a variety of tax rules and principles, the overall effect of this type of tax planning is to erode the corporate tax base of many countries in a manner that is not intended by domestic policy.