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Objective Questions on current events Part 6 2016

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401. Which of the following country that adopted GST in 2015, introduced

an anti-profiteering law besides intensifying enforcement through its

National Pricing Council to protect consumers and ensure businesses didn't

take undue advantage of the levy to charge more and make excessive profits.

a) Malaysia

b) Canada

c) Germany

d) China

402. Which of the following states have opposed the scrapping of the

no detention policy till Class 8th because the dropout rates decreased

very significantly after mass promotions were allowed:

a) Goa,

b) Telangana,

c) Karnataka

d) Maharashtra

e) All the above.

403. The impact of Goods and Services Tax on business, are going to

be on multiple fronts. Which of the following is likely to be its

positive impact:

a) Cheaper and more efficient logistics

b) Lower incidence of tax due to removal of cascading of taxes

c) A higher protection from imports

d) More competitive manufacturing and gains from exports.

e) All the above

404. Currently, the quantum of weighted average of indirect taxes on

60% to 70% of goods and services, is :

a) 27% to 32%

b) 20% to 23 %

c) 16% to 19%

d) 10% to 14%


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405. Inflation based on the consumer price index (CPI) in June, 2016

was

a) 5.77%

b) 6%

c) 4%

d) 4.77%

406. The finance ministry has notified the consumer inflation target for

RBI, until March 31, 2021, at:

a) 4% with an upper tolerance level of 6% and lower limit of 2%

b) 5% with range of plus and minus 2%

c) 3% with range of plus and minus 2%

d) 2% with range of plus and minus 2%

407. There are four specific rights that the Lok Sabha enjoys with

respect to money bill:

a) Article 117 states that a money Bill can only be introduced in

the Lok Sabha,

b) It can be voted upon only in that House,

c) In case of a dispute the Speaker's opinion is final

d) If a money Bill fails, the Lok Sabha has the right to see that the

government falls.

408. Which of the following is correct about `negative interest’ ?

a) The Central Bank of a country resorts to the tactics of ‘negative

interest’, under which rates of interest on money kept with the

bank are very low or is in the negative zone .

b) Through this strategy, the Central Bank discourages commercial

banks from keeping money idle with it. It wants them to withdraw

the money and explore more profitable avenues of earning profits,

thereby lifting national growth.

c) The term came in use after the global financial crisis.

d) Bank of Japan, Danish National Bank, the Swedish Riksbank, the

Swiss National Bank, and the European Central Bank, have all

resorted to negative interest rates since 2014.


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e) All the above.

409. National Infrastructure Investment Fund (NIIF) proposed in the

national Finance Act, 2015

410. The visual identity of the Rio 2016 Games is inspired by the

harmonic diversity and contagious energy of Brazil’s people and Rio

de Janeiro’s exuberant nature. All the elements were created based on

the brands, allowing for integration and alignment.


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411. Graphene, a new-generation carbon material hotly pursued by

corporations in search of the next building block for electronic

gadgets and transform processes in the manufacturing sector.

412. In the proposed Goods and Services Tax,(GST), 55 per cent of the

articles are proposed to be exempt from taxation. Which of the

following will be the negative impact of exemptions :

a) Exemptions break the GST chain.

b) They raise the chances of evasion and create systemic

inefficiencies. This defeats the principle of GST.

c) Due to exemptions the GST rate will remain high because GST

will be successful, only when exemptions are kept to the

minimum, and it subsumes all multiple taxes.

d) All the above.

413. As in August, 2016, investment in India is at :

a) 30% of GDP

b) 35% of GDP

c) 40% of GDP

d) 45% of GDP

414. The General Elections of 2014 brought a single party majority win

after :

a) 30 years

b) 35 years

c) 25 years

d) None of the above

415. The National Payments Corporation of India, set up in 2008 is the

backbone of :

a) Inclusive banking

b) Electronic payments,

c) Retail payments

d) All the above

416. The Development and Growth Agenda of the Government of India

is based on :


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a) Swachh Bharat and Rural electrification schemes

b) Skill India and Make in India,

c) Jan Dhan and Digital India,

d) Direct Benefit Transfer and Aadhaar-linked bank accounts,

e) All the above.

417. The significant financial sector reforms include :

a) Bankruptcy code, which will help banks and companies

redeploy resources locked up in failed projects.

b) Procedural reform to clear imports and exports to boost not just

exports but also investment and manufacture for export.

c) Giving statutory status to the Committee to decide on rate of

inflation

d) All the above

418. In 2016, Assembly Election were held in which of the following :

a) Tamil Nadu and Puducherry,

b) Kerala,

c) Assam

d) Bengal

e) All the above

419. Air pollution status


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420. National Register of Citizens (NRC) project is :

a) to identify the bona-fide Indian citizens in Assam

b) provide for a fool-proof sealing of the Assam-Bangladesh

border through technological vigil and laser walls over the river

Brahmaputra stretch

c) to publish the final updates on 1st January, 2016.

d) 97% survey has been completed.

e) All the above

421. As in May, 2016, the progress on the sealing of the Assam

Bangladesh border is as follows:

a) Sanctioned length of 224 km out of total of 229 km has been

fenced.

b) 44 km of river stretch over Brahmaputra and other rivers is a

challenge

c) Both the above are correct.

422. Which of the following is correct about global life expectancy ,

between the years 2000 and 2015:

a) Increased by 5 years to become 60 years.

b) Decreased by 5 years to become 55 years.

c) Highest male expectancy is in Switzerland at 81.3 years

d) Highest female expectancy is in Japan with 86.8 years.

e) All the above are correct

423. The life expectancy in 2015 is:

a) 66.9 years for men in India

b) 69.9 years for women in India

c) 69.1 years global average for men

d) 73.8 years global average for women

e) All the above are correct.

424. Tsai Ing-wen has been sworn in as First Lady President of :

a) Taiwan

b) Singapore


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c) Indonesia

d) Philippines

425. Which of the following can NOT be done by a ‘ payments bank’ :

a) Accept deposits

b) Convey remittances

c) Make payments to recipients

d) Lend money.

426. Under the Companies Act, 2013, special courts were to be set up in

every state to deal with all company related cases where the accused

is charged with offences punishable by imprisonment of at least two

years. Ministry of Corporate Affairs has designated eight courts as ‘

special courts ‘ for the purpose . These are in :

a) Maharashtra, two in union territories.

b) Jammu & Kashmir,

c) Goa and Gujarat,

d) Madhya Pradesh and Bengal

e) All the above.

427. The national icon list includes which of the following names:

a) Tantia Tope

b) Maharana Pratap

c) Bismillah Khan

d) M S Subbalakshmi.

e) All the above

428.


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429. The first State to achieve total primary literacy in 2016 is

a) Kerala

b) Karnataka

c) Tamil Nadu

d) Nagaland

430.

431. Institute for Economics and Peace (IEP), which produces the

index, The annual index, which measures 23 indicators including

incidents of violent crime, countries' levels of militarisation and

weapons imports, said intensifying conflicts in West Asia were

mostly to blame. But beyond West Asia, the world was actually

becoming more peaceful, researchers behind the index said.


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432. Government savings in 2015, due to direct benefit transfers:

433. US President Barrack Obama was the first sitting US President to

visit the Hiroshima Peace Memorial Museum in June 2016, after 71

years. In the visitor’s book he wrote “We have known the agony of

war. Let us now find the courage, together, to spread peace, and

pursue a world without nuclear weapons.

434. Currently, about 90 countries mine gold. Among the leading ones,

traditionally, six have been large players. Individually, each of these

countries accounted for at least 5% of world production over the

period 1980-2014...

435.

http://epaperbeta.timesofindia.com/Article.aspx?eid=31816&articlexml=Gold-Race-07062016014035


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436. Calcium carbide, is used to ripen mangoes. It may be carcinogenic

that causes cancer after a few years of use.

437. If global food prices double, then India could lose $49 billion in

GDP and China $161 billion, according to a new UN report that said

the world will likely suffer from more volatile food prices due to

rising populations. Here's a snapshot...

438. India’s first space observatory was put into orbit on 28th

September, 2015.

439. World Economic Forum (WEF) The Geneva-based non-profit

group WEF, the high profile task force would focus on the inclusion

of emerging market economies in the global financial system,

technology enabled innovation and the economic cost-benefit of post

crisis regulatory reforms.

440. Dr. B. R. Ambedkar passed away in the year

a) 1956

b) 1955

c) 1957

d) 1959

http://epaperbeta.timesofindia.com/Article.aspx?eid=31816&articlexml=Wholl-Suffer-Most-if-Food-Prices-Rise-27052016018033


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441. The National Waterways Act, 2015, is path breaking due to :

a) Opens up over 10,000 km of waterways for navigation

b) Opens the huge scope of tourism and river cruises

c) Development of river infrastructure and port links, for use of

rivers for commercial and transport economic

d) All the above

442. On 28th May, 2016 status of parties in power is as follows: BJP 9,

Congress 7, others 13

443. Central Water Commission monitors the country's water situation

keeps a watch on 91major reservoirs that feed hydropower plants and

irrigate fields

444. Unique Identity Authority of India (UIDAI ) Aadhaar has been

given statutory backing, and one-billion Aadhaar numbers already

issued makes it the biggest biometric database in the world. Nearly


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95% of the adult population has already been covered under the

UIDAI programme.

445. The National Institutional Ranking Framework, introduced in

2016, is for ranking of which of the following:

a) Educational institutions

b) Hospitals

c) Manufacturing sector

d) Hospitality sector.

446. MCLR (marginal cost of lending rate) MCLR is the benchmark for

loans to new customers with effect from April 1, taking over from the

base rate.

447. Measures such as reducing the penal interest on banks for lending

will increase the flow of cash into the banking system and prompt

financial institutions to offer cheaper credit, thus persuading

companies to invest more, create jobs and shore up uncertain

economic growth.

448. VISA rules have been liberalised in 2016, to boost medical tourism

and tourism, and Visa can now be applied online.


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449. In 2015-16, India’s exports fell for 15 consecutive months but

sectors such as handloom and ready-made garments remained in the

positive. Interest Equalisation Scheme and the Merchandise Exports

from India Scheme (MEIS) was initiated to support declining

exports.

450. Europe Free Trade Association (EFTA) comprises of :

a) Switzerland,

b) Iceland,

c) Norway

d) Liechtenstein.

e) All the above

451. Offshore accounts can be financial tools for more than just the ultra

wealthy, and people use them :

a) to simplify transactions with relatives overseas,

b) or to keep money in places where they travel often

c) or for more distasteful reasons, like to hide money from a soon-

to-be ex-spouse

d) All the above


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452. A few common reasons, for an individual to legally hold an

offshore account:

1. Family: Immigrants often maintain accounts in their home

country to make things simpler to manage when back

home or to help care for relatives who stay behind.

2. Convenience: There are an estimated 8 million Americans

living abroad. That means there are that many people who

might want easy access to local banks to deposit their

paycheque, pay bills or get cash.

3. Asset protection: Some people move assets offshore to

protect them from a lawsuit, divorce or other attack by a

third party.

4. Business: Small business owners, especially Internet-

based ones, can have customers all around the world, and

they may have little or no operations in the country where

the owners live. These businesses often find it much

simpler and cheaper to incorporate the company abroad

where registration fees or taxes are low.

453. At present, India is party to 16 trade agreements bilateral and with

multi-country organisations and is negotiating 17 trade pacts

including those with the European Union, Australia and Canada.

454. Vidarbha region of Maharashtra is a chronically drought-prone,

region and its water storage system is hopelessly inadequate Yet,

water guzzling crops like sugarcane was introduced, resulting in very

critical situation when monsoons failed for two years. Water is used

most inefficiently and wastefully despite the shortage.

455. New green field ports will be coming up at :

a) Vadhavan, near Dahanu in Maharashtra,

b) Colachal near Kanyakumari in Tamilnadu


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c) Sagar Island in West Bengal

d) All the above.

456. Unified Payments Interface (UPI) will allow people to send and

receive money across banks just through a single identification

without sharing financial information.

457.

458. Insolvency and Bankruptcy Code, 2015 seeks to bring a host of

regulatory changes to build a robust and faster insolvency resolution

mechanism, including:

a) Setting up of an Insolvency and Bankruptcy Board of India.

b) Employees and workmen will have first right during

liquidation of assets under the law followed by secured

creditors.

c) The key features of the code includes hasten debt recoveries

and restructurings by setting a deadline of 180 days to decide

the fate of a company that defaults.

d) If, however, 75% of creditors agree on a revival plan, that

term can be extended by 90 days.

e) A debtor could be jailed for up to five years for concealing

property or defrauding creditors under the new law.


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459. Major schemes of the Government


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460. New Bank for BRICS

461.

462. An international legal framework called the Comprehensive

Convention on International Terrorism, has been developed under the

auspices of :

a) The United Nations

b) The United States of America

http://epaperbeta.timesofindia.com/Article.aspx?eid=31816&articlexml=BALANCING-ACT-BRICS-May-Set-up-Ratings-Agency-16052016015021


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c) The European Union

d) The ASEAN

463.

464. The Losar Festival, marking the beginning of the Buddhist New

year, is held in the region of :

a) Leh Ladakh

b) Bhutan

c) Sikkim

d) Darjeeling region of Bengal

465. Corn based snacks are gaining popularity because:

a) Have less fat content and zero trans fat

b) They are cheaper

c) They are light in weight and easy to carry


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d) They are tastier and blend very well with other ingredients.

466. The World Happiness Report is published by:

a) Government of Bhutan

b) Government of Sweden

c) United Nations Sustainable Development Solutions Network

d) There is no such report.

467. The Gross National Happiness Index concept was introduced by

a) Bhutan

b) Sweden

c) United Nations

d) There is no such index

468. As in 2016, Indian has only the Genetic Engineering Appraisal

Committee, under M/o Environment. An independent and science

focussed regulator is needed to make better food technology, become

an integral part of India's food management plan. An independent

regulator was proposed in the Biotechnology Regulatory Authority of

India Bill that is yet to be passed.

469. Black Money (Undisclosed Foreign Income and Assets) and

Imposition of Tax Act, 2015: from July 1, 2015 to December 31,

2015, 644 people disclosed Rs. 4,164 crore and paid the penalty

amount of Rs. 2,428 crore . Under the disclosure scheme, amnesty

was not given by the government in 2016, because :

a) PM Modi had already declared that he would not allow

anyone to indulge in corrupt practices.

b) the previous government had already made a commitment

to the Supreme Court that there would be no amnesty after

the voluntary disclosure scheme of 1997.


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c) The government after 2014 had a clear majority in the Lok

Sabha, and changed the policy of previous governments that

did not have clear majority.

d) None of the above.

470. Voluntary disclosure scheme is not for those who have received

notices from Income Tax department

471. The total number of tax havens in the world, as in 2016 is:

a) 80

b) 10

c) 2

d) 20

472. P Notes are Participatory Notes that are:

a) Issued by Government of India to raise funds for development

b) Issued by Banks against mortgages

c) Issued by large Business Houses for bulk shares

d) Issued by registered Financial Investment Institutes to overseas

investors who invest in Indian Stocks, without registering

themselves or revealing their identity.


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473. A Report on `seismic hazard micro zonation of Delhi',

highlighting vulnerability of specific areas in the city has been

brought out in 2016, by :

a) The Ministry of Earth Sciences

b) Ministry of Environment

c) National Disaster Management Authority

d) Ministry of Urban Development

474. FDI in Defence Sector

475. The Reserve Bank of India, stated that the combined fiscal deficit

of the Centre and states was 7.2% of GDP in 2015, which is an

alarming rate for a country with a debt GDP ratio of 67%.

476. Bengal's total debt stock was over 36% of its net domestic product,

the highest among non-special-category states during 2013-14, while

it was lowest in Chhattisgarh at 13%...


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477. Indian economy , as in 2016, is inter wined with global economy to

the extent that :

a) The correlation has risen from 0.2 to 0.42

b) The correlation has risen from 0.2 to 0.4

c) The correlation has risen from 0.2 to 0.24

d) None of the above

478. The total percentage of registered voters who pay tax is :

a) 4.5%

b) 80%

c) 7.5%

d) 5.4%

479. India’s Fertiliser subsidy accounts for

a) Rs. 73,000 crore

b) Rs 83,000 crore

c) Rs 70,000 crore

d) Rs 80,000 crore

480. The State Assembly Elections of April May 2016, had which of the

following as used / provided for the first time:

http://epaperbeta.timesofindia.com/Article.aspx?eid=31816&articlexml=State-Debt-11032016018040


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a) The choice of symbol for NOTA (None of the above)

b) Special polling stations for women

c) Special polling stations for leprosy patients and differently

enabled

d) All the above

481. The Setu Bharatam project envisages construction of 208 new

bridges across all level railway crossings on national highways, and

reconstruction of 1,500 old bridges, by 2019. This project will cost

Rs. 50,800 crore and will ensure road safety.

482. Net neutrality issue: Telecom Regulatory Authority of India (Trai)

had recently weighed in on the side of net neutrality and barred

discriminatory pricing of data services. It has exempted data services

offered on a closed user network, or intranet, from the regulation,

leading to demands for clarification. The decision led Face book to

withdraw its Free Basics programme, which offered free Internet

access to a limited number of websites.

483.


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484. Delhi Jal Board’s new rules for rainwater harvesting effective from

31st August, 2012


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485.

486. Place of Effective Management in respect of Multi National

Companies

487. Falling passenger traffic on railways:


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488.


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489. Federal Bank of United States of America


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490. Piracy cases 2010 to 2015


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491. 26% women are working persons against 53 % working men


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492.

493. Goods and Services Tax is expected to :

http://epaperbeta.timesofindia.com/Article.aspx?eid=31816&articlexml=GST-What-When-How-08082016019043


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a) Eliminate cascading prevalent in the current central and state tax

regimes

b) to widen the input tax credit pool

c) a move to the concept of transaction value for supply of goods

and services

d) Increase the compliance requirement for service sector

e) All the above.

494. After the Constitutional Amendment for GST is enacted by 50% of

State legislatures, the Parliament will have to enact the Integrated

GST (IGST) mechanism for transfer of credits to relevant states,

along with Central GST Act. All States will need to enact their State

GST Acts.

495. GST Network (GSTN) is the online system to link the data base on

taxation across the country. GST is to be end to end digital, set to an

Open Application Programming Interface (API) on India’s largest

digital platform. It is based on futuristic technology platform , that

will support seamless interface and operational integration of diverse

business applications.

496. GST is based on the 1971 Nobel Prize winning concepts of :

a) optimal taxes that ought to be zero on all intermediate goods.

b) Avoiding taxes on intermediate inputs to production as these

distort and bias the allocation of factor inputs.

c) Optimal efficiency calls for tax set offs, right along the

production value chain,

d) the indirect taxes should be payable only on the value added at

each stage of output,

e) the final incidence of taxation should be on consumption.


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497. Malaysia, that adopted GST in 2015, has taken which of the

following precautions:

a) It has established the National Pricing Council

b) It has promulgated an anti profiteering law against excessive

profits

c) It has attempted to prevent the businesses from taking undue

advantage of the levy to charge more

d) All the above.

498. In which of the following way(s) are Digital goods different from

brick and mortar goods:

a) Digital goods do not have tangibility

b) Digital goods are not products of a production process

c) Digital goods cannot be exchange or sold for currency

d) Digital goods cannot be taxed

499. Services differ from goods for the reason that:

a) Services are intangible by nature

b) In services, provisioning and consumption are almost

simultaneous events.

c) Services cannot be stock transferred or stocked.

d) All the above

500. Which of the following are seen as technology of the future :

a) Unified Payment Interface,

b) cloud computing,

c) IP telephony and biometric authentication

d) All the above.

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