Consider the following statements:
1. Price Stabilisation Fund (PSF) is a Central Scheme under the Department of Agriculture Cooperation and Farmers Welfare.
2. It aims to support market intervention for price control of perishable agrihorticultural commodities.
3. This fund is fully financed by the Central Government.
Which of the statements given above is/are correct?
A. 1 and 2 only
B. 2 only
C. 1 and 3 only
D. 1, 2 and 3
Reasons why sustainable development goals are important for India:-
SDGs essentially encompass India’s overall development agenda since they include health and food, cities and infrastructure, energy access, poverty and inequality, water, sanitation, climate change, consumption and ecosystems. SDGs demonstrates complementary benefits from specific goals and targets. o For instance, clean drinking water and sanitation would enhance health, leading to improved nutrition and well-being. o Sustainable consumption and production would reduce the use of materials and energy, leading to mitigation of greenhouse gases, and should improve local ecosystems because of the relation between consumption and natural systems. Specific domains that the SDGs target align almost exactly with the objectives of India’s Five Year Plans and government schemes.
o First SDG, ending poverty in all forms by 2030, is of fundamental importance for India, which had about 20 per cent of the world’s poor in 2011. o This goal addresses aspects of poverty by understanding its multidimensional and dynamic nature.
Similarly, making cities sustainable, setting up better sanitation facilities, reducing consumption, making drinking water and energy services accessible to all would contribute significantly to improving resilience to global warming. Many of these would improve system-wide energy efficiency, which would of course reduce greenhouse gas emissions.
Sustainable development thus provides an important framework for policymakers and others to understand better how climate change can be mainstreamed into development planning in each sector.
However these have also been criticised for being too large in number, and too wide or too limited in their scope. Reaching the targets will also be difficult because there are no specific funds that have been set aside to attain them.
What is the impact of demonetization on the microfinance sector and financial inclusion of poor? Critically examine
Microfinance is a set of financial products including micro-savings, credit, remittances, pensions, insurance and other products which are primarily used by the poorest sections of the society who do not have access to formal financial institutions. Financial inclusion is the availability of banking services at low costs especially to the low-icnome groups. It includes access to credit, insurance, investment opportunities and other financial instruments.
The impact of demonetisation on micro finance and financial inclusion on the poor has its positives
1. More focus on opening accounts under PMJDY which would promote financial inclusion
2. Due to demonetisation and the push for a cashless economy, awareness has been created regarding use of technology like e-wallets, PAytm, USSD, AEPS, etc which would drive the people towards financial inclusion.
But demonetisation has badly effected this sector as
1. Repayment of loans to MFIs has dropped as it is unable to accept cash in older denominations from the poor people which has effected its ability to repay the banks. Banks would block the process of financial support to MFIs, which would lead to shutting down of many NBFC MFIs. This would also have an adverse impact on SMEs.
2. Without MFIs, the poor people would not have any means to the many financial instruments offered by MFIs which would affect the financial inclusion. Devoid of any other options, poor would have to go to the loan sharks who charge very high rates.
There is need for the RBI to come out with provisions that would allow the MFI sector to rebounce before it is too late so that millions of poor Indians remain connected to formal methods of banking.
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Kiska pass huvetho Finance ka pdf notes
Are we allowed to use calculator in Phase 2 exam?
1st practice test of FM uploaded by kmnonline
Who gave MP the loan of 350$ for development of district roads, NDB or ADB ?
I have sources pointing to both:
Request to philanthropist to upload mcq of various test series available in pdf form for esi FM
GST Council Fixes 4-Tier Tax Slab For ServicesThe GST Council headed by finance Minister Arun Jaitley has finalised a 4-slab service tax structure at the rates of 5, 12, 18 and 28 per cent as against the single rate of 15% levied on all taxable services.GST regime is scheduled to be implemented from July 1.
In the next GST Council meeting, tax rates on gold and other precious metals will be taken up for discussion.Salient Highlights
----------------------------
Luxury hotels, gambling, race club betting and cinema services will attract a tax rate of 28%.Education, healthcare and non-AC rail travel will remain exempted from the GST tax regime.However, the states will be given the option to levy additional taxes on cinema to compensate for the revenue losses entailed due to merging of entertainment tax with GST.At present, the total tax incidence on cinema including entertainment and service tax is in the range of 55%.The states need to use the legislative route if it wants to levy additional tax on cinema.States will also be permitted to levy any new tax as the taxation powers of the states have only been restricted and not abolished after the rollout of GST.Telecom and financial services will be taxed at a rate of 18%.Transport services will be taxed at the rate of 5%.Cab aggregators like Ola and Uber will have to pay 5% under GST in place of 6%.AC rail travel will attract 5% tax. Economy class air travel will attract 5 % GST while business class will attract 12%.Travelling on metro, local train and religious travel such as Haj Yatra would be exempted from GST.The e-commerce players like Flipkart and Snapdeal would be required to shell out 1% Tax Collected at Source (TCS).Non-AC restaurants and AC restaurants will attract a GST of 12% and 18% respectively.Advertisements published in newspapers will attract 5% GST. At present it is exempt from service tax.
India to Host Annual Meet of African Development Bank (AfDB)
PM Narendra Modi will inaugurate the annual meeting of African Development Bank (AfDB) on May 23 at Gandhinagar.
The core theme of the event is “Transforming agriculture for wealth creation in Africa”.
The meetings will be held from May 22 to 26.
It is the first time in the history of AfDB Group that India will be hosting the annual meetings.
Key Facts
----------------
The African Development Bank Group (AfDB) is a multilateral development finance institution established by Laston M. to contribute to the economic development and social progress of African countries.
The AfDB was founded in 1964 and comprises three entities:
- The African Development Bank
- The African Development Fund
- The Nigeria Trust Fund.
It is headquartered in Abidjan, Ivory Coast.
AfDB has 78 member countries.
Akinwumi Adesina is the President of the African Development Bank.
Solved Mcqs Of Phase 2
A.With reference to the Maternity Benefit Programme, consider the following statements:
1. It is a conditional cash transfer scheme for pregnant and lactating mothers.
2. It has been formulated to implement the provisions of National Food Security Act, 2013.
3. It is being implemented by Ministry of Women and Child Development.
Which of the statements given above is/are correct?
(a) 1 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
D... All the given statements are correct.
· Ministry of Women and Child Development, in accordance with the provisions of Section 4(b) of National Food Security Act, formulated a scheme for pregnant and lactating mothers called Maternity Benefit Programme - a conditional cash transfer scheme.
· The Scheme provides cash incentives to pregnant and lactating women (i) for the wage loss so that the woman can take adequate rest before and after delivery; (ii) to improve her health and nutrition during the period of pregnancy and lactation; and (iii) to breastfeed the child during the first six months of the birth, which is very vital for the development of the child.
B.With reference to economy, what does the term soil rate refer to?
(a) It is the rate of return on a real estate investment property based on the income that the property is expected to generate.
(b) It is the rate at which notes are
considered to be too damaged to use and have been returned to the central bank.
(c) It is the benchmark lending rate for the agricultural sector.
(d) It is the environmental cost of preparing a currency note.
B... Soil rate is the is the rate at which notes are considered to be too damaged to use and have been returned to the central bank. RBI data show that in India low denomination notes have a soil rate of 33 percent per year. In contrast, the soil rate for the Rs 500 note is 22 percent, and the Rs 1000 just 11 percent.
C.With reference to the Electoral Bonds, announced recently in the Union Budget, consider the following statements:
1. They are a financial instrument for
making donations to political parties.
2. They cannot be purchased by paying cash.
3. They are issued by the Election
Commission of India.
Which of the statements given above is/are correct?
(a) 1 only
(b) 1 and 2 only
(c) 2 and 3 only
(d) 1, 2 and 3
Statement 1 and 2 are correct and statement 3 is not correct: Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorisation from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash).
· Electoral bond was announced in the Union Budget 2017-18. Required amendments to the Reserve Bank of India Act, 1934 (Section 31(3)) and the Representation of People Act, 1951 were made through Section 133 to 136 of Finance Bill, 2017
D.Middle Income Group Scheme, recently in news, aims to:
(a) facilitate easier filing of income tax returns.
(b) provide legal services to middle income group citizens.
(c) provide easy credit to small and medium enterprises.
(d) broaden tax base by bringing more people into the tax net.
B... The Supreme Court of India has introduced the Middle Income Group Scheme. It is a self-supporting scheme which provides legal services to the middle income group citizens i.e. citizens whose gross income is not exceeding Rs.60, 000 per month or Rs. 7, 50, 000 per annum.
E.Which of the following correctly describes evergreening of loans in banking sector?
(a) Writing off loans
(b) Loans given to the priority sectors
(c) Additional loans to repay earlier loans
(d) Transferring loans to Asset
Restructuring Companies
Evergreening refers to the practice of companies taking a fresh loan to pay up an old loan. It is a practice of "managing" the balance sheet through means, which may not be violating banking laws in letter, but breaching them in spirit.
· For instance, a bank can lend money to a company to pay off another bank's loan. This way, the second bank can save an account from going bad and reduce its non-performing assets (NPAs). The second bank can then extend a similar facility to a company which has not been been able to repay loans from the first bank.
· This is the most common method of evergreening.
F.TAMRA Portal and Mobile Application, recently launched by the union government, aims to:
(a) facilitate digital mode of monetary transaction.
(b) speed up mining activity.
(c) provide 24x7 information on air quality for tier-I and tier-II cities.
(d) facilitate easier access to cultural
knowledge.
B.. . The Ministry of Mines has developed the TAMRA Portal and Mobile Application which is a step to speed up mining activity in India and facilitate all the stakeholders to track the status of the statutory clearances associated with mining blocks for getting mines to reach till operationalisation for the same.
TAMRA will be an interactive platform for all the stakeholders to compress the timelines for statutory and other clearances as it would help minimize the gestation period for commencing production.
G.In the budget 2017-18, setting up of 'National Testing Agency' has been proposed. Which among the following is the function of 'National Testing Agency'?
(a) Detection of toxic elements in Indian herbal drugs and supplements.
(b) Detection of air pollutants in metro cities.
(c) Conducting at national level testing of Indian soils to determine the density, moisture content.
(d) Conducting entrance exams to higher education institutions.
The Finance Minister in his budget speech, has announced setting up an autonomous National Testing Agency for conducting entrance exams to higher education institutions.
· This would free the Central Board of Secondary Education (CBSE) and the All India Council for Technical Education from administrative responsibility, so that they can focus more on academics.
H.Which of the following is/are the advantages of India against its competitors in apparel and leather manufacturing?
1. Cheap and abundant labour.
2. Competitive logistics costs.
3. Larger size of manufacturing firms.
4. Better international market access
through low tariffs.
Select the correct answer using the code given below.
(a) 1 only
(b) 1, 2 and 4 only
(c) 2 and 3 only
(d) 1, 2, 3 and 4
A... India still has potential comparative advantage in terms of cheaper and more abundant labour. Despite a set of cheap and abundant labour force, some of the common challenges being faced by the low skill manufacturing sectors like the Apparel and leather sector of India are:
Logistics cost: On logistics, India is handicapped relative to competitors in a number of ways. The costs and time involved in getting goods from factory to destination are greater than those for other countries. Further, few very large capacity containers (VLCC) come to Indian ports to take cargo so that exports have to be transshipped through Colombo which adds to travel costs and hence reduces the flexibility for manufacturers.
· Indian apparel and leather fims are smaller compared to fims in China, Bangladesh and Vietnam.
· Discrimination in export market: India's competitor exporting nations for apparels and leather and footwear enjoy better market access by way of zero or at least lower tariffs in the two major importing markets, namely, the United States of America (USA) and European Union (EU).
I.Which of the following factors may be considered responsible for the improved state finances in India?
1. Increase in GDP growth
2. Increased transfers from Centre to States
3. Fiscal Responsibility Legislation
4. Increased expenditure under Centrally Sponsored Schemes
Select the correct answer using the code given below.
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1, 2 and 4 only
(d) 1, 2, 3 and 4 only
D... Apart from direct Fiscal Responsibility Legislation(FRL), deficit reduction of states owes much to favorable exogenous factors such as:
· An acceleration of nominal GDP growth (of 6 percentage points on average) helped boost states‟ revenues by about 1 percent of GSDP;
· Increased transfers from the centre both because of the 14th Finance Commission recommendations and the surge in central government revenues;
· Reduced interest payments on account of the debt restructuring package offered by the centre; and
· Reduced need for spending by the states as the centre took on a number of major social sector expenditures under the Centrally Sponsored Schemed(CSS).
J.With reference to Advance Estimates of National Income, consider the following statements:
1. They are released at current prices and constant prices with base year 2011-12.
2. They are released by the Central
Statistics Office, Ministry of Statistics & Programme Implementation.
3. They include estimates of GDP and GVA at Basic Prices.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
D... All statements are correct: The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation releases the Advance estimates of national income at constant (2011-12) and current prices for the current financial year (e.g. 2016-17 for this fiscal year). They include estimates of GDP and GVA at Basic Prices.
K.With reference to Skills Strengthening for Industrial Value Enhancement Project (STRIVE), consider the following statements:
1. It aims to improve the quality and the market relevance of vocational training provided in ITIs.
2. It is a World Bank supported project being implemented by Ministry of Skill Development and Entrepreneurship.
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
C... Both the statements are correct.
· The objective of the Skills Strengthening for Industrial Value Enhancement Operation Project for India is to improve access to quality and market-driven vocational training provided in ITIs and apprenticeships.
· STRIVE is a World Bank supported project with a central component and enough resources at states' disposal. It is implemented by Ministry of Skill Development and Entrepreneurship.
· Finance Minister in his budget speech said that the next phase of skill strengthening for industrial value enhancement (STRIVE) will be launched in 2017-18 at a cost of Rs 2,200 crore, which will focus on improving on the quality and the market relevance of vocational training provided in ITIs and strengthen the apprenticeship programme through industry-cluster approach.
L.Universal Basic Income, if implemented in India, will cover which of the following?
1. BPL card holder
2. Refugees from other countries in India
3. OCI card holders
Select the correct answer using the code given below
(a) 1 only
(b) 1 and 2 only
(c) 2 and 3 only
(d) 1, 2 and 3
A
· It is a basic minimum income given to the individuals which would provide the necessary material foundation for a life with access to basic goods and a life of dignity. it would give every person a right to a basic income to cover their needs, just by virtue of being citizens.
· OCI card holders and refugees are not considered as citizens, hence, they would not be covered by UBI
Which material is best?
Extract from kmnonline FM Practice Test 1