The 'Monetary Policy Committee' was constituted under which act? MCQ with Answer and Explanation

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The 'Monetary Policy Committee' was constituted under which act?

A. Banking Regulation Act, 1949

B. Negotiable Instruments Act, 1881

C. RBI Act, 1934

D. Companies Act, 2013

Answer: Option C

Solution (By JKSSB Mock Tests)

The MPC was constituted under the Reserve Bank of India Act, 1934 as amended.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on restaurant food is:

A. 12%

B. 5% without ITC

C. 18%

D. 28%

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Correct Answer: Option B

Explanation:
Restaurant services generally attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'first bank in India' was:

A. Punjab National Bank

B. Bank of Calcutta

C. Bank of Hindustan

D. State Bank of India

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Correct Answer: Option C

Explanation:
The Bank of Hindustan, established in 1770, is considered the first bank in India.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'per capita income' is calculated by dividing national income by:

A. total population

B. working population

C. labour force

D. number of households

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Correct Answer: Option A

Explanation:
Per capita income is national income divided by total population.

This question belongs to: Economy GK Economy Set 1

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