The 'Goods and Services Tax' on life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana is:

A. exempt

B. 5%

C. 18%

D. 0%

Answer: Option A

Solution (By JKSSB Mock Tests)

PMJJBY premium is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a component of the Human Development Index?

A. Gender equality only

B. Only income inequality

C. Only environmental sustainability

D. Life expectancy, education and per capita income

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Correct Answer: Option D

Explanation:
HDI is a composite index based on three dimensions: a long and healthy life (life expectancy), knowledge (education) and a decent standard of living (GNI per capita).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Liberalised Remittance Scheme' of RBI allows resident individuals to remit up to how much per financial year?

A. USD 10,000

B. USD 25,000

C. USD 1,00,000

D. USD 2,50,000

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Correct Answer: Option D

Explanation:
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permitted transactions.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Financial Development' and growth literature?

A. Finance is completely neutral for real activity

B. Better-functioning financial systems can promote growth by improving the allocation of capital and reducing financing constraints

C. Only the size of the banking system matters and quality is irrelevant

D. Financial development always retards growth

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Correct Answer: Option B

Explanation:
A large body of research finds that financial development—deeper, more efficient and more inclusive financial systems—tends to raise long-run growth by relaxing credit constraints and improving resource allocation.

This question belongs to: Economy GK Economy Set 1

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