ECONOMIC

Question 1

money market instrument

Answer 1

t bill
bill of exchange
call money
notice money

Question 2

Future Market -

Answer 2

Where parties
write contract today to buy/sell
something at specific price on a
future date

Question 3

Spot Market -

Answer 3

if bought & sold
for immediate delivery.

Question 4

Universal Exchange”

Answer 4

If there was a supermall where all
these products were available in
one place it will be called
“Universal Exchange”. SEBI
permitted BSE & NSE to launch
such thing (2018)

Question 5

laws related to black money

Answer 5

Prevention of Money Laundering Act, 2002

Benami Transactions Prohibition Act, 1988
Lokpal and Lokayukta Act
Prevention of Corruption Act, 1988
The Undisclosed Foreign Income and Assets
(Imposition of Tax) Bill, 2015

Question 6

tax evasion

Answer 6

person hides tax money without legal loopholes
its illegal

Question 7

tax avoidance

Answer 7

person hides tax money using legal loopholes
its not illegal but unethical

Question 8

Legal tender’

Answer 8

the money that is recognised
by the law of the land, as valid for payment of
transactions and debts.

Question 9

who issue bank note and under which act

Answer 9

RBI, under rbi act 1934

Question 10

which bank note ae legal tender

Answer 10

all bank note are legal tender issued by rbi in India

Question 11

India’s First
Swadeshi bank. Founder

Answer 11

Central Bank of India
Sorabji
Pochkhanawala and its first chairman was Sir
Pherozeshah Mehta

Question 12

first Indian bank to open a
branch outside India,

Answer 12

Bank of India

Question 13

SCHEDULED COMMERCIAL BANKS are registerd under? and are mentioned in ?

Answer 13

BRA 1949
schdule 2 of RBI

Question 14

how many bank in India fall in Global bank category

Answer 14

only 1 bank - SBI
chine (18)
USA 12

Question 15

what is nature of GST council and what it promotes?

Answer 15

its federal in nature and
promotes cooperative federalisim.

Question 16

what is Fiscal Deficit?

Answer 16

BD+ Borrowing

Question 17

Budget Deficit

Answer 17

BE-BR

Question 18

Primary deficit,
what does Primary means ?

Answer 18

it means main/ real deficit
FD- ROI on Past borrwoing

Question 19

what does deficit financing means?
when it occur?
is it temporary or permanent?

Answer 19

it means to solve deficit problem
when gov E > R
defict financing is temporary arrangment

Question 20

can FD = deficit financing

Answer 20

yes,
it means- it FD is 50rs then we will do DF of 50 only. to avoid any extra burden