The 'International Financial Services Centres Authority' was established in India in which year? MCQ with Answer and Explanation

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The 'International Financial Services Centres Authority' was established in India in which year?

A. 2021

B. 2019

C. 2015

D. 2020

Answer: Option D

Solution (By JKSSB Mock Tests)

IFSCA was established in 2020.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Presidency Banks' were merged into the Imperial Bank of India in which year?

A. 1921

B. 1905

C. 1935

D. 1949

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Correct Answer: Option A

Explanation:
The three presidency banks were merged into the Imperial Bank of India in 1921.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Fiscal Responsibility and Budget Management Act' initially aimed to reduce fiscal deficit to what percentage of GDP by 2008-09?

A. 3%

B. 6%

C. 2%

D. 5%

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Correct Answer: Option A

Explanation:
The FRBM Act initially aimed to reduce fiscal deficit to 3% of GDP by 2008-09.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'revenue-neutral rate' in GST context means a rate that:

A. maintains the same revenue collection as pre-GST indirect taxes

B. maximizes tax revenue

C. only applies to direct taxes

D. eliminates all taxes

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Correct Answer: Option A

Explanation:
Revenue-neutral rate is the GST rate that preserves the existing indirect tax revenue.

This question belongs to: Economy GK Economy Set 1

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