The 'Payment of Bonus Act' was enacted in India in which year? MCQ with Answer and Explanation

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The 'Payment of Bonus Act' was enacted in India in which year?

A. 1976

B. 1972

C. 1956

D. 1965

Answer: Option D

Solution (By JKSSB Mock Tests)

The Payment of Bonus Act was enacted in 1965.

This question belongs to: Economy GK Economy Set 1

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The 'Goods and Services Tax Network' is a:

A. tax collection department

B. ministry under government

C. non-government IT company providing GST portal

D. regulatory authority

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Correct Answer: Option C

Explanation:
GSTN is a non-government, private limited company that provides the IT infrastructure for GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Export Credit Guarantee Corporation of India' provides:

A. stock trading

B. banking services to public

C. credit risk insurance to exporters

D. crop insurance

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Correct Answer: Option C

Explanation:
ECGC provides credit risk insurance to exporters against payment defaults.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the Indian financial system?

A. Presence of multiple regulators including RBI, SEBI, IRDAI and PFRDA

B. Only one regulator for all financial markets

C. Complete self-regulation without government oversight

D. Absence of regulatory institutions

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Correct Answer: Option A

Explanation:
India's financial system is regulated by multiple specialised bodies: RBI for banking, SEBI for capital markets, IRDAI for insurance and PFRDA for pensions.

This question belongs to: Economy GK Economy Set 1

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