The 'demonetization' of high-value currency notes in 2016 included notes of which denominations? MCQ with Answer and Explanation

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The 'demonetization' of high-value currency notes in 2016 included notes of which denominations?

A. Rs 1,000 and Rs 2,000

B. Rs 100 and Rs 1,000

C. Rs 500 and Rs 1,000

D. Rs 100 and Rs 500

Answer: Option C

Solution (By JKSSB Mock Tests)

Demonetization in November 2016 invalidated old Rs 500 and Rs 1,000 notes.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is an example of a progressive tax system feature?

A. Higher tax burden on lower income groups

B. Tax rate independent of income

C. Same tax rate for all income levels

D. Higher tax rate on higher income slabs

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Correct Answer: Option D

Explanation:
A progressive tax system imposes higher marginal tax rates on higher income levels, increasing the average tax rate as income rises.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Pradhan Mantri Jeevan Jyoti Bima Yojana' provides:

A. health insurance

B. life insurance

C. vehicle insurance

D. crop insurance

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Correct Answer: Option B

Explanation:
PMJJBY provides life insurance cover.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' was implemented in India from which date?

A. 1 April 2017

B. 1 January 2017

C. 1 July 2017

D. 1 April 2016

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Correct Answer: Option C

Explanation:
GST was implemented on 1 July 2017.

This question belongs to: Economy GK Economy Set 1

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