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MCQ on Indian Economy

First Five Year Plan started in India in the year?

  • 1952
  • 1956
  • 1950
  • 1951
  • Correct Option: D  [ 1951 ]

    Explanation: 1951-56

The qualification for the Chairman and the members of the Finance Commission are specified in:

  • Finance Act of 1951
  • Finance Act of 1952
  • Finance Act of 1950
  • Finance Act of 1953
  • Correct Option: A  [ Finance Act of 1951 ]

    Explanation:

What is hard currency?

  • A stable currency
  • Arranged in war time
  • Issued by IMF
  • Given by RBI to foreign banks
  • Correct Option: A  [ A stable currency ]

    Explanation:

Who prints and supplies the currency notes in India:

  • State Bank of India
  • United Bank of India
  • Reserve Bank of India
  • United Commercial Bank of India
  • Correct Option: C  [ Reserve Bank of India ]

    Explanation:

The architect of the Second Five Year Plan was :

  • Mahatma Gandhi
  • Subhash Chandra Bose
  • P. C. Mahalanobis
  • None of them
  • Correct Option: C  [ P. C. Mahalanobis ]

    Explanation:

Which of the following is not an asset held by the commercial bank ?

  • Bills of exchange
  • Current account deposits
  • Money lent at short notice
  • Credit balances with the Reserve Bank
  • Correct Option: B  [ Current account deposits ]

    Explanation:

Match the following :
List-I List-II
a. Monetary Policy Committee 1. Union Home Minister
b. GST Council 2. Union Finance Minister
c. NITI Aayog 3. RBI Governor
d. Cabinet Committee on Parliamentary Affairs 4. Prime Minister of India
Select the correct answer using the codes given below.

  • a-2, b-3, c-4, d-1
  • a-3, b-2, c-4, d-1
  • a-3, b-2, c-1, d-4
  • a-2, b-3, c-1, d-4
  • Correct Option: B  [ a-3, b-2, c-4, d-1 ]

    Explanation:

Which is the following is direct tax ?

  • Income tax
  • Excise duty
  • Sales tax
  • None of these
  • Correct Option: A  [ Income tax ]

    Explanation:

Which organisation looks after the credit need of agriculture and rural development in India ?

  • FCI
  • IDBI
  • NABARD
  • ICAR
  • Correct Option: C  [ NABARD ]

    Explanation:

National Development Council was set up in:

  • 1950
  • 1951
  • 1952
  • 1954
  • Correct Option: C  [ 1952 ]

    Explanation: