Octroi refers to
Answer: A
Octroi is a tax.
It was a levy by a local body on goods entering its area for use or sale, collected at checkposts on the town's boundary. Maharashtra was the last state to abolish it, in 2017, when GST subsumed such levies.
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When did RBI become a state owned institution?
Answer: B
The RBI became state-owned in 1949.
It had been set up in 1935 as a shareholders' bank on the Hilton Young Commission's recommendation. The Reserve Bank (Transfer to Public Ownership) Act brought it fully into government hands from 1 January 1949.
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If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits
Answer: C
Total deposits would neither increase nor decrease.
The deposits of the banking system as a whole depend on the cash base and the reserve ratio, not on how many banks share the business. Merging them changes only the internal transfers between banks; the aggregate credit creation is unchanged.
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Who was the father of Operation Flood ?
Answer: C
Dr Verghese Kurien was the father of Operation Flood.
He built the Amul co-operative at Anand and, as chairman of the National Dairy Development Board, ran Operation Flood from 1970. William Gaud coined the term green revolution; Norman Borlaug and M.S. Swaminathan led it.
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Core industries include
Answer: C
Core industries are the critical industries.
The eight core industries - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - supply inputs to the rest of the economy and carry about 40 per cent of the weight of the index of industrial production, which is why their output is watched as a leading indicator.
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Indian Railways earn the Maximum Revenue from
Answer: B
Indian Railways earn most from freight.
Goods traffic supplies about two-thirds of revenue while carrying a smaller share of the traffic units, and it cross-subsidises passenger fares, which are held below cost. Coal is by far the largest single commodity carried.
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In India, barter exchange is still in practice in
Answer: A
Barter is still practised in parts of Calcutta.
Pockets of direct exchange survive in old commodity markets and in some tribal periodic markets, where goods are traded against goods rather than money - but such exchange requires a double coincidence of wants, which is why money displaced it almost everywhere.
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Chairman of Tax Reform committee was
Answer: D
The Tax Reforms Committee was chaired by Raja Chelliah.
Appointed in 1991, it recommended fewer and lower rates on a broader base, and its work underlies the reduction of the peak income tax rate to 30 per cent and of customs duties from over 300 per cent.
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Operation Flood Programme was introduced in
Answer: B
Operation Flood began in 1970.
Run by the National Dairy Development Board under Verghese Kurien, it linked village milk producers to urban markets through a chain of co-operatives on the Amul pattern. It made India the world's largest milk producer and is called the White Revolution.
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Durgapur, Bhilai and Rourkela plants were set up during the _______ plan.
Answer: B
They were set up during the Second Plan.
Rourkela with German help, Bhilai with Soviet and Durgapur with British were all built between 1955 and 1959, giving effect to the Mahalanobis strategy of building heavy industry first.
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