In India, which Ministry issues the coins of all denominations?
- A.Ministry of External Affairs
- B.Ministry of Home Affairs
- C.Ministry of Mines
- D.Ministry of Finance
Correct answer
Explanation
The correct answer is D, Ministry of Finance. Under the Coinage Act 2011 the Government of India alone has the right to mint coins, and the work is handled by the Department of Economic Affairs in the Ministry of Finance. Coins are struck at the four India Government Mints at Mumbai, Kolkata, Hyderabad and Noida, run by the Security Printing and Minting Corporation of India Limited (SPMCIL), and the Reserve Bank only puts them into circulation as the Government's agent under Section 38 of the RBI Act 1934. The same split explains why the one-rupee note carries the signature of the Finance Secretary, while notes of two rupees and above are issued by the RBI and signed by its Governor. Option A is wrong because the Ministry of External Affairs handles foreign relations. Option B is wrong because the Ministry of Home Affairs handles internal security and police. Option C is wrong because the Ministry of Mines deals with mining and minerals, not coinage. Exam tip: coins and the one-rupee note = Government of India (Finance Ministry); notes of two rupees and above = RBI.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
Show answer
GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.
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