03

Topic to be discussed : Sources of Revenue, Reserve Bank of India

Sources of Revenue
1. Estimation of National Income in India is carried out by - Central Statistical Oraganisation
_____ 
2. Vivad Se Vishwas scheme (2023) is related to - Direct Tax
 
3. In the Production process, which cost cannot be retrieved - Sunk Cost
 
4. Cascading Tax effect means - Tax on Tax
 
5. Tax leived on personal income is - Direct Tax
 
6. The taxes on properties are collected by - Local governments
____ 
7. The tax revenue from lotteries organised by the Union Government or the state Government goes to
- Central Government


8. In Indian Taxes are - Direct taxes & Indirect taxes
 
9. Paying Income Tax signifies - Rational legal authority
 
10. The tools of fiscal policy of India - Public Expenditure and Public Debt
? 
11. “Ever increasing state activities’ is the law of - Adolph Wagner
“” 
12. Government Taxes are credited to which fund? - Consolidated fund
 
13. Dr.Raja J.Chelliah Tax reforms committee was set up in - September, 1992
 
14. Expenditure tax in India was introduced by - T.T.Krishnamachari
 

 - 99445 11344| - 98942 41422| - 75503 52916|  - 98431 10566| - 97555 52003| - 90433 10773 1

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 Reserve Bank of India
1. ____ is the chairman of central board of directors of RBI. - RBI Governor
____  
2. The Credit Authorisation Scheme (1965) introduced by - Reserve Bank of India
(1965) _____ 
3. Paper Currency system is managed by the ____. - Central Monetary authority
 ____ 
4. Land Developmenmt Banks provide credit to farmers for ____ - Long term needs
____ 
5. The Reserve bank of India was Nationalised on - January 1, 1949
 
6. NABARD has been set up in - 1982 (Sivaraman Committee- 1979)
NABARD -  - 
7. The Reserve Bank of India on _____ issued new Rs.200 denomination bank notes with the Mahatma Gandhi
series, bearing signature of RBI Governor Dr. Urjit Patel. - 25.08.2017
(The Union Minister of Defence, Shri. Rajnath Singh, released the Rs. 100 Commemorative coin on August 18,
2024 on the occasion of the Birth Centenary of Kalaignar M. Karunanidhi)

____  - 25.08.2017
  

8. ______Bank acts as Banker to the Central and State Government in India. - Reserve Bank of India
______ 
9. ______ system of notes- issue is followed by RBI. - Minimum Reserve
RBI  
10. The apex bank of rural credit is NABARD (1982)
 NABARD (1982)
11. _____ is responsible for providing microfinance to self help group. NABARD (1982)
_____ NABARD (1982)
12. The Rural Infrastructure Development Fund (RIDF) (1995-1996) was setup under_____ NABARD
(1995-1996) _____ NABARD
13. _____ bank is called as lender of last resort. - Reserve Bank of India
_____ 
14. Self Help group linked programme was started in (launched by NABARD) - 1992
_____ - 1992
15. _____ was the First Governor of Reserve Bank Of India. - Osborne Smith (25th Governor of RBI
is Shri. Saktikanta Das)
_____RBI 
16. If the RBI wishes to practice Cheap money policy, it may lead to - lower the bank rate


2  - 99445 11344| - 98942 41422| - 75503 52916|  - 98431 10566| - 97555 52003| - 90433 10773

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 04
Topic to be discussed : Reserve Bank of India, Fiscal Policy and Monetary Policy,
Finance Commission, Finance Commission
Reserve Bank of India
16. The Reserve Bank of India has the sole right to issue bank notes of all denomination under the Section _________
of RBI Act. - 22
 
 
17. In India, bank notes of value `500and `1,000 were withdrawn from on the midnight of - 8th November 2016
 
18. 14 major banks were nationalised in India in the year - 1969 (In 1980 six Banks are Nationalised)

19. Who can issue one rupee note of India? - The Ministry of Finanace
 
20. To check inflation Central Bank _______ the cash reserve ratio. - increase
 
21. Which committee has recommended the establishment of National Co-operative Bank of India?
- A.M.Khusro committee (1989)
 
22. __________ defines a Central Bank”, as a bank which controls credit”. - H.A. Shaw
“” H.A. 
23. When was the Industrial Development Bank of India was started in India? - 1964
 

Fiscal Policy and Monetary Policy

1. MRTP (1969) - (The MRTP Act 1969 was replaced by Competition Act in year 2002)
- Control of unfair trade practices

MRTP (1969) -  MRTP 



2. FEMA - (1999) - Maintenance of Foreign exchange (FERA Act - 1973)

FEMA - (1999) (FERA Act - 1973)

3. Industrial Disputes Act (1947) - Promotion of Industrial peace

 

 - 99445 11344| - 98942 41422| - 75503 52916|  - 98431 10566| - 97555 52003| - 90433 10773 1

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4. Wealth Tax - - Reducing the concentration of economic power
 
5. Repo rate means - Rate at which the RBI is willing to lend to commercial banks

6. Why certain expenditure are called Non- plan expenditure? - expenditures not included in the five year plan
 
7. The Fiscal Responsibility and Budget Management (FRBM) Act was consituted on - 17th January 2000
 
8. The main aim of deficit financing is - Economic Development
 
9. Fiscal policy in Indian is formulated by - Ministry of Finance
 
10. “A State in which the value of money is falling and prices are rising is called” - Inflation
“” 
11. The policy of the government with regard to its revenue and expenditure is called - Fiscal Policy
 

Finance Commission
1. The First State Finance Commission was consituted in - 1994
 - 1994
2. _____ was the Chairman of the fifteenth Finance Commission. - N.K. Singh
_____  N.K. 
3. The Chairman of the 13th Finance Commission is ____ - Vijay Kelkar
____ 
4. ______is responsible to produce desirable effect on public Revenue and expenditure; and also responsible to avoid
undesirable effect on the national income, production and employment. - Fiscal Policy
______
 
5. ______ consituted under Article 280 of the Constitution. - Finance Commission
______  
6. Fiscal Reform Facility was introduced by the Central Government through which Financial Commission? XII
 XII
7. What is the Period for the 14th Finance Commission has made its recommendations? - 2015 - 2020
 - 2015 - 2020
8. _____ was the Chairman of the 16th Finance Commission. - Arvind Panagaria
_____   

2  - 99445 11344| - 98942 41422| - 75503 52916|  - 98431 10566| - 97555 52003| - 90433 10773

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 05
Topic to be discussed : Resource sharing between Union and State Governments, Goods
and Service Tax
Resource sharing between Union and State Governments
1. Nayak Committe (1991) - Availability of Credit to SSI
(1991)
2. Tarapore Committe (1997) - Capital Account Convertibility
(1997) 
3. Rajamannar Committe (1969) - Centre- State realtion
 (1969) 
4. Arjun Sen Gupta Committe (2004) - Unorganised Sector
(2004) 
5. Pre - budget economic survey is authored by a team led by - Chief Economic Advisor


6. The distribution of net proceeds of taxes to be shared between the Union and the States is decided by
- Finance Commitee


7. Which tax contributed the maximum share in Tamilnadu’s total Tax Revenue in 2013 - 14? - General Sales Tax
 
8. Government launched “Zero defect - Zero effect” scheme to - Promote MSME sector in India
“Zero-defect - Zero Effect”  MSME 
9. In which year, all tax revenues of centre have become shareable among the centre and states - 2000 AD
 2000 AD
10. Name of the committee emphasised the need for substantial disinvestment in India in Public Sector Enterprises
- Rangarajan Committee
 
11. Which state attracted the largest value of investments from Foreign Direct Investment Proposals filed in 2011-12?
- Odisha


12. Which is the biggest nationalised enterprise? - Indian Railways
 

 - 99445 11344| - 98942 41422| - 75503 52916|  - 98431 10566| - 97555 52003| - 90433 10773 1

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13. The sectors are classified into public sector and private sector on the basis of - Ownership of Enterprises
 
14. Grants-in-aid to the states by the Centre are provided with the objective of
- augmenting financial resources of the states
 
15. Which is a feature of Tamil Nadu Economy? - High urbanisation
 
16. Who among the following control the entire financial system of the country at both the level central and state is?
- Comptroller and Auditor General of India



Goods and Service Tax

1. “The Centre would levy and collect the IGST on all inter-state supply of goods and services”. What does “I” in IGST
stands for? - Integrated
IGST“I” 
 
2. In India goods and services tax was implemented on - July 1, 2017
 
3. The Chairman of Goods and Services Tax (GST) council of India is - Union Finance Minister
______  
4. Goods & Service Tax (GST) ______ based on destination - Consumption of Goods & Services
(GST) ______  
5. Goods and Service Tax (GST) is a ______ - Indirect Tax
(GST)  ______ 
6. _______ was the World’s First Country/s to implement the GST Law in the year 1954. - France
 
7. _______ committee proposed GST in India? - Kelkar Task Force Committee(2002)
_______ GST  
8. Components of GST are of - 3 types
_______ GST  
9. The Goods and Service Tax and passed in Parliament on - 29th March 2017
 
10. The concept of Goods and Services Tax (GST) was originated from - Canada
 
11. What is the rate of GST imposed on tea? - 5%
GST)? 
12. Which of the following states has shown the declining trend in the (GST) Goods and Service Tax for the year 2019-
2020? - Maharastra, West Bengal and TamilNadu



2  - 99445 11344| - 98942 41422| - 75503 52916|  - 98431 10566| - 97555 52003| - 90433 10773

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