Indian Economy Mixed Quiz: Set 16

It is the foundation of the whole tax system, because it means the executive cannot demand money from a citizen without a law passed by the competent legislature.

Rural cooperative credit societies were the microfinance structure already in place when India became independent.

Statement A is correct: Article 280 provides that the Commission shall consist of a Chairman and four other members appointed by the President.

This law makes the right to work a legal guarantee: every rural household whose adult members are willing to do unskilled manual work is entitled to at least 100 days of wage employment in a financial year.

The Bombay Stock Exchange is the oldest stock exchange in India and in Asia.

It is a private sector joint venture, not a public sector insurer. SBI Life was set up in 2001 as a partnership between the State Bank of India and BNP Paribas Cardif of France.

GST was rolled out at a midnight session of Parliament and the date is now observed every year as GST Day.

The National Bank for Agriculture and Rural Development was set up on 12 July 1982.

The Finance Commission is constituted by the President under Article 280, and it therefore makes its recommendations to the President.

The Foreign Exchange Management Act was passed in 1999 and came into force on 1 June 2000, replacing the Foreign Exchange Regulation Act of 1973.

It inserted Article 246A, Article 269A and Article 279A and made the sharing of taxing power between the Union and the states possible, so that both could tax the same supply.

Consumer theory studies how a household decides to spend its money among the goods and services available to it. The idea rests on three things: the wants of the consumer, the prices of goods, and the income in hand, which is the budget constraint.

Fiscal deficit measures the whole amount the government must borrow in a year, because it compares everything it spends with everything it earns from taxes, non-tax revenue, recovery of loans and disinvestment, leaving borrowing out of the receipts side.

IBM and Coca-Cola wound up their Indian operations in 1977 rather than dilute their holdings to 40 per cent. The Foreign Exchange Regulation Act, passed in 1973, required foreign companies to cut their equity in Indian subsidiaries to that level and to obtain permission for most dealings in foreign exchange.

Under it the President constitutes the GST Council, which is chaired by the Union Finance Minister and includes the Union Minister of State for Finance and a minister nominated by each state.

Sericulture is the rearing of silkworms to produce raw silk. Mulberry or other host plants are grown, the worms are fed on the leaves until they spin cocoons, and the cocoons are then boiled and reeled into thread.

Article 243-I, inserted by the seventy-third Constitutional Amendment of 1992, requires the Governor of a State to constitute a Finance Commission at the expiration of every fifth year to review the financial position of the Panchayats and to recommend how taxes, duties, tolls and fees should be divided between the…

The definition of goods and services tax inserted by the hundred and first amendment expressly excludes it, so states continue to levy state excise and value added tax on liquor, and it is a major source of their own revenue.

The State Finance Commission owes its existence directly to the Constitution: Article 243-I, added by the seventy-third Amendment, requires the Governor to constitute it every fifth year for the Panchayats, and Article 243-Y extends the arrangement to the Municipalities.

It is levied and collected by the Government of India on inter-state supplies under Article 269A, and the proceeds are apportioned between the Union and the state where the goods or services are consumed, which is what makes GST a destination-based tax.