Banking GK Questions 2026

An excess grant is asked for when money has actually been spent on a service during a financial year in excess of the amount granted for it; the demand is made after the year is over, and by convention the Public Accounts Committee first examines the excess and recommends its…

Article 110(3) provides that if a question arises whether a bill is a money bill, the decision of the Speaker of the House of the People is final, and the Speaker certifies the bill as such when it is transmitted to the Rajya Sabha and when it is presented to…

Article 267(1) allows Parliament by law to establish a Contingency Fund of India in the nature of an imprest, placed at the disposal of the President, out of which he may make advances to meet unforeseen expenditure pending authorisation by Parliament; the fund is held on his behalf by the…

A token cut is moved to ventilate a specific grievance within the sphere of responsibility of the Government of India, and its form is that the amount of the demand be reduced by one hundred rupees; the sum is symbolic and the purpose is the discussion it forces.

Under Article 109 a money bill passed by the Lok Sabha goes to the Rajya Sabha, which must return it within fourteen days with or without recommendations; if it is not returned in that period the bill is deemed to have been passed by both Houses in the form in…

The Prime Minister is paid like other ministers out of the voted expenditure, so the amount appears in a demand for grant that the Lok Sabha can reduce or refuse; it is not charged expenditure.

Article 112 requires the President to cause a statement of the estimated receipts and expenditure of the Government of India for every financial year to be laid before both Houses of Parliament, and the Constitution calls that statement the Annual Financial Statement; in ordinary speech it is the Budget.

The committee headed by the industrialist Baba Kalyani submitted its report on the special economic zone policy in 2018, arguing that the zones should be judged by the economic activity and employment they create rather than by exports alone, and recommending a new framework of employment and economic enclaves serving…

A supply to a developer or a unit of a special economic zone for authorised operations is a zero-rated supply, so the supplier either pays the tax and claims a refund or supplies under a letter of undertaking without paying it, and in either case the credit of the tax…

The central obligation of a zone unit is a positive net foreign exchange earning, that is the value of its exports must exceed the value of its imports, measured over a block of five years counted from the date the unit begins production, and not year by year.

Under the Act of 2005 proposals for a zone go to the Board of Approval in the Department of Commerce, which the Commerce Secretary chairs and on which the revenue, finance and other departments are represented; below it each notified zone has a Development Commissioner and a Unit Approval Committee…

The Export Credit Guarantee Corporation, founded in 1957 and first called the Export Risks Insurance Corporation, insures an Indian exporter against the commercial risk of a buyer failing to pay and the political risk of war, exchange restrictions or a ban in the buyer's country, and it also guarantees the…

The Export-Import Bank of India was set up in 1982 under the Export-Import Bank of India Act of 1981, as the country's apex institution for financing and promoting foreign trade; it lends to exporters, finances overseas buyers of Indian goods and operates the lines of credit extended by the Government…

The Directorate General of Foreign Trade works under the Department of Commerce in that ministry; it issues the importer-exporter code without which no one can trade across the border, administers the Foreign Trade Policy, and exercises powers under the Foreign Trade (Development and Regulation) Act of 1992.

The earlier merchandise exports scheme was held to be inconsistent with world trade rules because it gave an incentive directly on exports, so it was replaced by a scheme that only refunds the duties and taxes embedded in an exported product which no other scheme refunds.

The law deems a special economic zone to be outside the customs territory of India for trade operations, duties and tariffs, which is why a supply from the rest of the country into the zone is an export and a sale from the zone into the rest of the country…

The Special Economic Zones Act was passed by Parliament in 2005 and was brought into force in February 2006 together with the Special Economic Zones Rules, giving the zones a single law of their own in place of a chapter of the trade policy.

The Kandla export processing zone, set up in 1965 beside the port of Kandla, was the first such zone in Asia, and it was later converted into a special economic zone under the Act of 2005.

The Kiel Canal, opened in 1895, cuts across the base of the Jutland peninsula in northern Germany and lets ships pass from the North Sea to the Baltic without sailing round Denmark; it is one of the busiest artificial waterways in the world.

Enclosed by the United States, Mexico and the island of Cuba, the Gulf of Mexico is the largest gulf on earth, and it is the nursery of the hurricanes that strike the American coast as well as the home of the warm Gulf Stream.