The 'Merchandise Exports from India Scheme' was replaced by which scheme from 2021? MCQ with Answer and Explanation

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The 'Merchandise Exports from India Scheme' was replaced by which scheme from 2021?

A. MEIS

B. RoDTEP

C. EPCG

D. SEIS

Answer: Option B

Solution (By JKSSB Mock Tests)

MEIS was replaced by the Remission of Duties and Taxes on Exported Products scheme.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'non-tariff barrier' includes which of the following?

A. Customs valuation only

B. Sanitary and phytosanitary standards, quotas and licensing

C. Export duties

D. Import duties

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Correct Answer: Option B

Explanation:
Non-tariff barriers include quotas, licensing, technical standards and sanitary measures.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on travel agency services is:

A. 5%

B. 28%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Travel agency services attract 18% GST, unless they opt for the 5% without ITC tour operator scheme.

This question belongs to: Economy GK Economy Set 1

Question #3

In 1969, the Government of India nationalized how many major commercial banks?

A. 10

B. 20

C. 6

D. 14

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Correct Answer: Option D

Explanation:
In 1969, 14 major commercial banks were nationalized.

This question belongs to: Economy GK Economy Set 1

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