The 'Permanent Account Number' in India is issued by: MCQ with Answer and Explanation

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The 'Permanent Account Number' in India is issued by:

A. Ministry of Corporate Affairs

B. Income Tax Department

C. SEBI

D. RBI

Answer: Option B

Solution (By JKSSB Mock Tests)

PAN is issued by the Income Tax Department.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Precautionary Saving' arises because:

A. Only permanent income matters

B. Saving is independent of uncertainty

C. Individuals save more when future income is uncertain

D. Individuals save only for retirement

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Correct Answer: Option C

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on books is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Printed books are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Financial Inclusion' primarily aims at:

A. Increasing interest rates for small borrowers

B. Restricting credit to priority sectors

C. Providing banking services only to high-income groups

D. Ensuring access to financial services for all sections of society at affordable cost

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Correct Answer: Option D

Explanation:
Financial inclusion seeks to ensure that individuals and businesses, especially the underserved, have access to useful and affordable financial products and services.

This question belongs to: Economy GK Economy Set 1

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