The 'Unified Payments Interface' was launched in which year? MCQ with Answer and Explanation

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The 'Unified Payments Interface' was launched in which year?

A. 2016

B. 2017

C. 2018

D. 2014

Answer: Option A

Solution (By JKSSB Mock Tests)

UPI was launched in April 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a component of the capital account of India's balance of payments?

A. Remittances from abroad

B. Interest payments on external debt

C. Software service exports

D. Foreign direct investment and portfolio investment

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Correct Answer: Option D

Explanation:
Foreign direct investment and portfolio investment are capital account transactions. Software exports, remittances and interest payments form part of the current account.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on biscuits is:

A. 12%

B. 28%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Biscuits generally attract 18% GST, with some low-value variants at 12% or 5%.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Precautionary Saving' arises because:

A. Individuals save only for retirement

B. Individuals save more when future income is uncertain

C. Saving is independent of uncertainty

D. Only permanent income matters

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Correct Answer: Option B

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

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