Indian Economy Mixed Quiz: Set 58

Nigerseed is one of the oilseeds covered by MSP, it is grown mainly in the kharif season, and tribal communities use its oil for cooking.

Section 22 of the Reserve Bank of India Act, 1934 confers on the Reserve Bank the sole right to issue banknotes in India, and the Issue Department of the Bank keeps this function separate from its banking business.

Mission Indradhanush was launched in December 2014 to bring every child under two years and every pregnant woman under full immunisation against vaccine-preventable diseases.

Necessities and luxuries are matched correctly, but an inferior good has a negative income elasticity, not a positive one. Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income.

The correct answer is B, the State List, where cooperative societies appear as entry thirty-two, which is why every State has its own cooperative societies Act and its own registrar of cooperative societies.

The scheme fixed a uniform maximum premium for the farmer: two per cent of the sum insured for kharif food and oilseed crops, one and a half per cent for rabi food and oilseed crops, and five per cent for annual commercial and horticultural crops, with the balance of the…

The one rupee note is issued by the Government of India under the Coinage Act and carries the signature of the Finance Secretary, while every other denomination is a banknote issued by the Reserve Bank under Section 22 of its Act and carries the signature of the Governor.

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 correct answer is B, Part IXB, made up of Articles 243ZH to 243ZT, which the Constitution (Ninety-seventh Amendment) Act, 2011 inserted to lay down rules on the board of a cooperative society, its five-year term, reservation of seats, audit and elections.

The classification runs in a sequence: an account that has just become non-performing is sub-standard for the first twelve months, after which it becomes doubtful, and it is called a loss asset when recovery is no longer expected.

Section 24 of the Reserve Bank of India Act, 1934 permits banknotes of denominations up to ten thousand rupees, so a note of a higher value would need an amendment of the Act by Parliament.

Regional Rural Banks were set up from 1975 on the recommendation of a working group chaired by M. Narasimham, to provide credit to small and marginal farmers, agricultural labourers and rural artisans, and the Regional Rural Banks Act followed in 1976.

The National Bank for Agriculture and Rural Development began work on 12 July 1982 on the recommendation of the Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development, chaired by B. Sivaraman, and it has its head office at Mumbai.

It is the standing inter-ministerial committee that examines the concession agreement, the risk sharing and the financial structure of a central sector PPP proposal before approval, and its chair is the Secretary of the Department of Economic Affairs, with the secretaries of Expenditure, Legal Affairs, NITI Aayog and the sponsoring…

An amendment of the Reserve Bank of India Act in 1956 replaced the proportional reserve system with the Minimum Reserve System, under which the Bank must hold assets worth two hundred crore rupees against the note issue, of which gold must be not less than one hundred fifteen crore rupees…

It is the micro-finance scheme under which women borrow small sums at a concessional rate of interest, so the rebate in interest is built into the scheme itself.

The correct answer is C, the Primary Agricultural Credit Society, the body of farmer members in a village or a group of villages that lends directly to the cultivator for seed, fertiliser and other short-term needs.

The mint of an Indian coin can be read from the small mark placed below the year of minting, and a five-pointed star stands for the Hyderabad mint.

NABARD began the programme as a pilot, linking a few hundred self-help groups to banks so that a group with a record of regular saving and internal lending could borrow as a single account, and it has grown into the largest microfinance programme in the world measured by households reached.

Bharatiya Reserve Bank Note Mudran Private Limited was set up in 1995 as a wholly owned subsidiary of the Reserve Bank and runs the two banknote presses at Mysuru in Karnataka and Salboni in West Bengal.