Static Quiz 30 October 2023
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Static Quiz 30 October 2023 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements regarding cess and surcharge
1. A cess imposed by the central government is a tax on tax, levied by the government for a
specific purpose.
2. Surcharge is a charge on any tax, charged on the tax already paid.
Which of the statements given above is/are correct?CorrectCorrect Answer : C
All the above statements are correct.IncorrectCorrect Answer : C
All the above statements are correct. - Question 2 of 5
2. Question
Consider the following statements regarding Monetary policy
1. Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy
and it is explicitly mandated under the Reserve Bank of India Act, 1934.
2. The Financial Market Committee (FMC) determines the policy interest rate required to
achieve the inflation target.
Which of the statements given above is/are correct?CorrectCorrect Answer : A
The Financial Market Committee (FMC) meets daily to review the liquidity conditions so as
to ensure that the operating target of monetary policy (weighted average lending rate) is kept
close to the policy repo rate.IncorrectCorrect Answer : A
The Financial Market Committee (FMC) meets daily to review the liquidity conditions so as
to ensure that the operating target of monetary policy (weighted average lending rate) is kept
close to the policy repo rate. - Question 3 of 5
3. Question
Consider the following statements regarding priority sector lending
1. Total Priority Sector for Domestic commercial banks is 40 per cent of Adjusted Net Bank
Credit (ANBC).
2. Total Priority Sector for Foreign banks with less than 20 branches is 32 per cent of Adjusted
Net Bank Credit (ANBC).
Which of the statements given above is/are correct?CorrectCorrect Answer : A
IncorrectCorrect Answer : A
- Question 4 of 5
4. Question
Consider the following statements regarding RTGS System
1. It is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS)
basis which settles transactions in batches.
2. The RTGS system is primarily meant for large value transactions.
Which of the statements given above is/are correct?CorrectCorrect Answer : B
What is RTGS System?
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-by- order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time; ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction-by- instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. Hence, statement 1 is incorrect.IncorrectCorrect Answer : B
What is RTGS System?
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-by- order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time; ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction-by- instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. Hence, statement 1 is incorrect. - Question 5 of 5
5. Question
Consider the following statements regarding Indian Gold Coin
1. The Indian Gold Coin is part of Indian Gold monetization program.
2. The coin will be the first ever national gold coin will have the national emblem of Ashok
Chakra engraved on one side and the face of Mahatma Gandhi on the other side.
3. The Indian gold coin will be of 24 karat purity and 999 fineness.
Which of the statements given above is/are correct?CorrectCorrect Answer : D
IncorrectCorrect Answer : D
