Daily Updates Mock Test 127

Article 102: Disqualifications for being elected as an MP: (1) A person shall be disqualified for being chosen as, and for being, a member of either House of Parliament- (a) if he holds any office of profit under the Government of India or the Government of any State, other than an office declared by a competent court; (c) if he is an undischarged insolvent; (d) if he is not a citizen of India, or has voluntarily acquired the citizenship of a foreign State, or is under any acknowledgement of allegiance or adherence to a foreign State; (e) if he is so disqualified by or under any law made by Parliament, explanation For the purposes of this clause a person shall not be deemed to hold an office of profit under the Government of India or the Government of any State by reason only that he is a Minister either for the Union or for such State. (2) A person shall be disqualified for being a member of either House of Parliament if he is so disqualified under the Tenth Schedule.

Narrow Money M1 = Currency with the public + Demand Deposits of public in Banks When a third component viz. Post office Savings Deposits is also added to M1, it becomes M2. M2 = M1 + Post Office Savings.
Broad Money M3 = Narrow money + Time Deposits of public with banks

In 1976, the Congress Party set up the Sardar Swaran Singh Committee to make recommendations about fundamental duties, the need and necessity of which was felt during the operation of the internal emergency (1975-1977). The committee recommended the inclusion of a separate chapter on fundamental duties in the Constitution. It stressed that the citizens should become conscious that in addition to the enjoyment of rights, they also have certain duties to perform as well. The Congress Government at Centre accepted these recommendations and enacted the 42nd Constitutional Amendment Act in 1976. This amendment added a new part, namely, Part IVA to the Constitution.

Servants of India Society was founded in 1915 by Gopal Krishna Gokhale to build a dedicated group of people for social service and reforms. In the field of famine relief, union organisation, cooperatives and uplift of tribals and depressed, the Society did commendable work.

Supreme Court is the Highest Court of appeal and the writs and decrees of Supreme Court run throughout the country. The cases come to the Supreme Court in the form of appeals against the judgments of the lower courts and this is called appellate jurisdiction. Appellate jurisdiction involves the Constitution, Civil and criminal matters.

The 5th Schedule of the Constitution deals with the administration and control of Scheduled Areas and Scheduled Tribes in any state, except in the 4 states of Assam, Meghalaya, Tripura and Mizoram which has been dealt separately in 6th Schedule of the Indian Constitution.

Article 102: Disqualifications for being elected as an MP: (1) A person shall be disqualified for being chosen as, and for being, a member of either House of Parliament- (a) if he holds any office of profit under the Government of India or the Government of any State, other than an office declared by Parliament by law not to disqualify its holder; (b) if he is of unsound mind and stands so declared by a competent court; (c) if he is an undischarged insolvent; (d) if he is not a citizen of India, or has voluntarily acquired the citizenship of a foreign State, or is under any acknowledgement of allegiance or adherence to a foreign State; (e) if he is so disqualified by or under any law made by Parliament, explanation For the purposes of this clause a person shall not be deemed to hold an office of profit under the Government of India or the Government of any State by reason only that he is a Minister either for the Union or for such State. (2) A person shall be disqualified for being a member of either House of Parliament if he is so disqualified under the Tenth Schedule.

Ayushman Bharat -National Health Protection Mission (AB-NHPM) is a centrally sponsored scheme under Ayushman Bharat Mission. The scheme will provide insurance cover of Rs. 5 Lakh per family per year. The scheme will benefit more than 10 crore families belonging to poor and vulnerable population. AB-NHPM will subsume the on-going centrally sponsored schemes –Rashtriya Swasthya Bima Yojana (RSBY) and the Senior Citizen Health Insurance Scheme (SCHIS).

The 5th Schedule of the Constitution deals with the administration and control of Scheduled Areas and Scheduled Tribes in any state, except in the 4 states of Assam, Meghalaya, Tripura and Mizoram which has been dealt separately in 6th Schedule of the Indian Constitution.

The first Bank with Limited Liability to be managed by Indian Board was Oudh Commercial Bank. It was established in 1881 at Faizabad. This bank failed in 1958. The first bank purely managed by Indians was Punjab National Bank, established in Lahore in 1895

The commodities distributed under PDS are as follows :- • Wheat • Rice • Sugar • Kerosene

Kerala (1956), Maharastra (1960), Himachal Pradesh (1970), Manipur (1971)

RBI has four subsidiaries viz. Deposit Insurance and Credit Guarantee Corporation, DICGC; National Housing Bank; Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and NABARD.

In 1953, the central government established a Backwards Classes Commission under Kalelkar’s chairmanship with the charter to recommend reforms for removing inequities for underprivileged people. The Commission issued its report in 1955, recommending, among other things, that the government grant special privileges to untouchables and other underprivileged people

The quantitative instruments are Open Market Operations, Liquidity Adjustment Facility (Repo and Reverse Repo), Marginal Standing Facility, SLR, CRR, Bank Rate, Credit Ceiling etc. On the other hand, qualitative instruments are: credit rationing, moral suasion and direct action (by RBI on banks).

On the basis of recommendation of Dutt Committee, MRTP Act was enacted in 1969 to ensure that concentration of economic power in hands of few rich. The act was there to prohibit monopolistic and restrictive trade practices.
The Monopolies and Restrictive Trade Practices Act (MRTP Act) was passed by Parliament of India on 18 December 1969 and got president’s assent on December 27, 1969. But it came into force from June 1, 1970.

In his work, Dadabhai did not accept that the Indian poverty was due to over population or the interplay of some economic laws as publicized by the British.

Article (148-151) are relating to the powers and functions of the Comptroller and Auditor General of India.

On July 24, 1991, Government of India announced its new industrial policy with an aim to correct the distortion and weakness of the Industrial Structure of the country that had developed in 4 decades; raise industrial efficiency to the international level; and accelerate industrial growth.
The number of industries reserved for public sector was reduced from 17 (as per 1956 policy) to only 8 industries viz. Arms and Ammunition, Atomic Energy, Coal, Mineral Oil, Mining of Iron Ore, Manganese Ore, Gold, Silver, Mining of Copper, Lead, Zinc, Atomic Minerals and Railways
Currently only two categories from the above viz. atomic energy and Railways are reserved for public sector.

Gold ETFs (Paper Gold) are mutual fund schemes that invest in standard gold bullion (of 99.5% purity). The value of an ETF is based on price of gold. These are alternative to owning physical gold.

The Basel III framework is based on 3 components called 3 pillars, which include:
Pillar 1 : Minimum capital standards,
Pillar 2 : Supervisory review and
Pillar 3 : Market discipline.

An increase in money supply will NOT Always result in inflation. An increase in the money supply can cause a sustained increase in real production instead of inflation in the aftermath of a recession, when many resources are underutilized.However, it should not be trapped in the financial system as excess reserves.

The immunity enjoyed by the President in respect of his/her personal acts, during his/her tenure is an exception to the fundamental right to equality (of treatment in similar circumstances and absence of any special privilege in favour of any individual) as mentioned in Article 14 of the Indian Constitution. The President of India is immune from any criminal proceedings against him/her. But after giving 2 months’ notice, civil proceedings can be instituted against him/her.

Floating rate bonds have variable interest rate and protect investors against a rise in interest rates (which have an inverse relationship with bond prices). They also carry lower yields than fixed notes of the same maturity.