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. Negotiable Instruments Act, 1881

B. Companies Act, 2013

C. Banking Regulation Act, 1949

D. RBI Act, 1934

Answer: Option D

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 religious pilgrimage tours is:

A. 18%

B. 0%

C. 12%

D. 5%

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Correct Answer: Option D

Explanation:
Religious pilgrimage tours attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of Indian public finance, 'Effective Revenue Deficit' is defined as:

A. Revenue deficit minus grants for creation of capital assets

B. Primary deficit plus interest payments

C. Revenue deficit plus capital expenditure

D. Fiscal deficit minus interest payments

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Correct Answer: Option A

Explanation:
Effective Revenue Deficit is Revenue Deficit minus grants given by the Centre to states and union territories for the creation of capital assets.

This question belongs to: Economy GK Economy Set 1

Question #3

The New Industrial Policy was announced in India in which year?

A. 2000

B. 1956

C. 1991

D. 1948

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Correct Answer: Option C

Explanation:
The New Industrial Policy was announced in 1991, removing most industrial licensing.

This question belongs to: Economy GK Economy Set 1

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