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Question 1 of 5
1. Question
1 pointsQ1) With respect to federal water relations in India, which of the following statements is/ are correct?
- Water is an item in the Concurrent List of the 7th schedule.
- According to Article 262 of the constitution, Parliament can make laws for adjudication of any dispute with respect to inter-State rivers or river valleys.
Select the correct option:
Correct
Inspired by: https://www.civilsdaily.com/news/explained-how-india-intends-to-make-its-dams-safer/
Answer : (b)
- Water is one of the items on the State List.
- Parliament may by law provide for the adjudication of any dispute or complaint with respect to the use, distribution or control of the waters of, or in, any inter-State river or river valley
- Also, Parliament may by law provide that neither the Supreme Court nor any other court shall exercise jurisdiction in respect of any such dispute.
Incorrect
Inspired by: https://www.civilsdaily.com/news/explained-how-india-intends-to-make-its-dams-safer/
Answer : (b)
- Water is one of the items on the State List.
- Parliament may by law provide for the adjudication of any dispute or complaint with respect to the use, distribution or control of the waters of, or in, any inter-State river or river valley
- Also, Parliament may by law provide that neither the Supreme Court nor any other court shall exercise jurisdiction in respect of any such dispute.
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Question 2 of 5
2. Question
1 pointsQ2) What do you understand by the term ‘Rupee Bond’?
Correct
Inspired by : https://indianexpress.com/article/opinion/columns/the-name-is-dollar-bond-foreign-currency-foreign-markets-5873787/
Answer: (a)
- Rupee bonds are issued outside India but denominated in Indian Rupees, rather than the local currency. They are also named as Masala Bonds
- Though these bonds are issued to investors in offshore jurisdictions, still they are denominated in Indian currency.
- These bonds are attractive for foreign investors as they will provide a higher interest rate compared to the standard interest rate prevailing in the market.
- Moreover, it encourages globalization of the Indian Rupee as foreign buyers will deal more in rupees while buying these bonds.
- Currency risk is assumed by the investor and, hence, during the repayment of bond coupon and maturity amount, if rupee depreciates, the Reserve Bank of India (RBI) will realize marginal saving.
Incorrect
Inspired by : https://indianexpress.com/article/opinion/columns/the-name-is-dollar-bond-foreign-currency-foreign-markets-5873787/
Answer: (a)
- Rupee bonds are issued outside India but denominated in Indian Rupees, rather than the local currency. They are also named as Masala Bonds
- Though these bonds are issued to investors in offshore jurisdictions, still they are denominated in Indian currency.
- These bonds are attractive for foreign investors as they will provide a higher interest rate compared to the standard interest rate prevailing in the market.
- Moreover, it encourages globalization of the Indian Rupee as foreign buyers will deal more in rupees while buying these bonds.
- Currency risk is assumed by the investor and, hence, during the repayment of bond coupon and maturity amount, if rupee depreciates, the Reserve Bank of India (RBI) will realize marginal saving.
-
Question 3 of 5
3. Question
1 pointsWhich of the following taxes are subsumed under the Goods and Services tax (GST)?
- Income TaX
- Service Tax
- Customs Duty
- All central surcharges and cesses
- Central Sales Tax
Select the correct option:
Correct
Inspired by : https://indianexpress.com/article/opinion/editorials/gst-red-flags-cag-indirect-taxes-5867648/
Answer: (c)
The GST would replace the following taxes:
(i) Taxes currently levied and collected by the Centre:
- Central Excise duty
- Duties of Excise (Medicinal and Toilet Preparations)
- Additional Duties of Excise (Goods of Special Importance)
- Additional Duties of Excise (Textiles and Textile Products)
- Additional Duties of Customs (commonly known as CVD)
- Special Additional Duty of Customs (SAD)
- Service Tax
- Central Surcharges and Cesses
State taxes that are subsumed are:
- State VAT
- Central Sales Tax
- Luxury Tax
- Entry Tax (all forms)
- Entertainment and Amusement Tax (except when levied by the local bodies)
- Taxes on advertisements g. Purchase Tax
- Taxes on lotteries, betting and gambling
- State Surcharges and Cesses so far as they relate to supply of goods and services
Incorrect
Inspired by : https://indianexpress.com/article/opinion/editorials/gst-red-flags-cag-indirect-taxes-5867648/
Answer: (c)
The GST would replace the following taxes:
(i) Taxes currently levied and collected by the Centre:
- Central Excise duty
- Duties of Excise (Medicinal and Toilet Preparations)
- Additional Duties of Excise (Goods of Special Importance)
- Additional Duties of Excise (Textiles and Textile Products)
- Additional Duties of Customs (commonly known as CVD)
- Special Additional Duty of Customs (SAD)
- Service Tax
- Central Surcharges and Cesses
State taxes that are subsumed are:
- State VAT
- Central Sales Tax
- Luxury Tax
- Entry Tax (all forms)
- Entertainment and Amusement Tax (except when levied by the local bodies)
- Taxes on advertisements g. Purchase Tax
- Taxes on lotteries, betting and gambling
- State Surcharges and Cesses so far as they relate to supply of goods and services
-
Question 4 of 5
4. Question
1 pointsQ4) Corporate Social Responsibility in India is mandated by which of the following laws?
Correct
Inspired by : https://www.livemint.com/opinion/columns/opinion-a-case-against-punishing-non-compliance-of-csr-guidelines-1564734786880.html
Answer: (a)
- The Companies Act, 2013 requires that every company with a net worth of`500 crore or more, or turnover of 1,000 crore or more or a net profit of `5 crore or more during any financial year will constitute a CSR committee.
- Company should spend at least 2% of its average net profits made during the three immediately preceding financial years in pursuance of CSR policy.
- Neither the 2013 Act nor the CSR Rules prescribe any specific penal provision if a company fails to spend the 2% amount. However, the board, in its report, needs to specify the reasons for not spending the specified amount.
Incorrect
Inspired by : https://www.livemint.com/opinion/columns/opinion-a-case-against-punishing-non-compliance-of-csr-guidelines-1564734786880.html
Answer: (a)
- The Companies Act, 2013 requires that every company with a net worth of`500 crore or more, or turnover of 1,000 crore or more or a net profit of `5 crore or more during any financial year will constitute a CSR committee.
- Company should spend at least 2% of its average net profits made during the three immediately preceding financial years in pursuance of CSR policy.
- Neither the 2013 Act nor the CSR Rules prescribe any specific penal provision if a company fails to spend the 2% amount. However, the board, in its report, needs to specify the reasons for not spending the specified amount.
-
Question 5 of 5
5. Question
1 pointsQ5) With reference to the religious practices in India, the “Sthanakvasi” sect belongs to:
Correct
Inspired by : Prelims – 2018
Answer: (b)
Incorrect
Inspired by : Prelims – 2018
Answer: (b)
Results
4 of 5 questions answered correctly
You have reached 4 of 5 points, (80%)