General Awareness Quiz for Bank Mains Exams 2023 -17th July

Q1. According to the Ministry of Finance, India’s Goods and Services Tax (GST) collection for the month of June reached how much rupees?
(a) ₹1.34 trillion
(b) ₹1.51 trillion
(c) ₹1.61 trillion
(d) ₹1.48 trillion
(e) None of the above

Q2. Which of the following released a data about India’s external debt which has witnessed a slight increase, reaching USD 624.7 billion at the end of March 2023?
(a) SEBI
(b) EXIM Bank
(c) Ministry of Corporate Affairs
(d) Reserve Bank of India
(e) None of the above

Q3. According to a recent report by the World Bank and World Trade Organization (WTO), India has witnessed a significant increase in its share of global commercial services exports. The country’s share of global commercial services exports has doubled to how much percent in 2022?
(a) 5.1%
(b) 4.4%
(c) 2.4%
(d) 3.8%
(e) None of the above

Q4. The Ministry of External Affairs declared that trade between India and__________ can now be conducted using the Indian Rupee (INR) as a mode of settlement, in addition to other currencies.
(a) USA
(b) France
(c) UAE
(d) Malaysia
(e) None of the above

Q5. The Union Finance Ministry recently announced a reduction in the Goods and Services Tax (GST) for electronic items on the __________ anniversary of the GST implementation on July 1.
(a) 6th
(b) 10th
(c) 5th
(d) 7th
(e) None of the above

Q6. India’s foreign exchange (forex) reserves have increased by $1.229 billion, reaching a total of $596.280 billion as per the data from the Reserve Bank of India (RBI). Who is the union minister for Finance Ministry?
(a) Mansukh Mandaviya
(b) Piyush Goyal
(c) Narendra Modi
(d) Nirmala Sitharaman
(e) None of the above

Q7. The Reserve Bank of India (RBI) is tasked with maintaining retail inflation within the range of 2% to 6% and will likely keep interest rates unchanged. India’s retail inflation registered to how much percent in June?
(a) 6.24%
(b) 4.81%
(c) 5.18%
(d) 3.57%
(e) None of the above

Q8. Which numbered meeting of the GST Council, led by Union Finance & Corporate Affairs Minister Nirmala Sitharaman, marked a significant milestone in the journey of Goods and Services Tax (GST)?
(a) 51st
(b) 48th
(c) 50th
(d) 60th
(e) None of the above

Q9. India remains a bright spot in the world economy despite a decrease in FDI due to global headwinds. India received its highest-ever FDI inflow of how much US dollar in the fiscal year 2021-2022?
(a) $83.57 billion
(b) $53.57 billion
(c) $63.57 billion
(d) $93.57 billion
(e) None of the above

Q10. The ________edition of the Export Preparedness Index (EPI) for States/UTs of India for the year 2022 is set to be released by NITI Aayog on July 17, 2023.
(a) Eighth
(b) First
(c) Fifth
(d) Third
(e) None of the above

Solutions

S1. Ans (c)
Sol. India’s Goods and Services Tax (GST) collection for the month of June reached ₹1.61 trillion, according to the Ministry of Finance.
This amount represents a significant 12% increase compared to the revenue collected from GST in the same month of the previous year.

S2. Ans (d)
Sol. India’s external debt has witnessed a slight increase, reaching USD 624.7 billion at the end of March 2023, according to data released by the Reserve Bank.
However, the debt-to-GDP ratio declined during the same period. Valuation gains resulting from the appreciation of the US dollar against major currencies, including the Indian rupee, yen, SDR, and euro, amounted to USD 20.6 billion.

S3. Ans (b)
Sol. According to a recent report by the World Bank and World Trade Organization (WTO), India has witnessed a significant increase in its share of global commercial services exports.
The country’s share has doubled from 2% in 2005 to 4.4% in 2022.
This growth is attributed to various factors, including the rise of the services sector and the implementation of reforms to facilitate foreign direct investment (FDI) in services.

S4. Ans (d)
Sol. The Ministry of External Affairs declared that trade between India and Malaysia can now be conducted using the Indian Rupee (INR) as a mode of settlement, in addition to other currencies.
This announcement follows the launch of the Foreign Trade Policy (FTP) 2023 by the Ministry of Commerce the day before, which reaffirmed the government’s determination to establish the rupee as a global currency.

S5. Ans (a)
Sol. The Union Finance Ministry recently announced a reduction in the Goods and Services Tax (GST) for electronic items on the sixth anniversary of the GST implementation on July 1.
The list of electronic products includes mobile phones, TVs up to 27 inches, refrigerators, washing machines, and others. With the aim of making home appliances more affordable, the Finance Ministry has lowered the GST rates for various items.

S6. Ans (d)
Sol. Nirmala Sitharaman is the union minister of the Finance Ministry.
The rise in reserves was primarily driven by the growth in foreign currency assets (FCA) and gold reserves, while special drawing rights (SDRs) experienced a slight dip.

S7. Ans(b)
Sol. India’s retail inflation experienced a surge of 4.81% in June, ending a four-month decline, as food prices increased due to uneven monsoon rains and supply disruptions.
The Consumer Price Index (CPI)-based inflation was 4.31% in May, and food inflation rose to 4.49% in June.

S8. Ans. (c)
Sol. The 50th Meeting of the GST Council, led by Union Finance & Corporate Affairs Minister Nirmala Sitharaman, marked a significant milestone in the journey of Goods and Services Tax (GST).
The council discussed and recommended changes in GST tax rates, measures to facilitate trade and streamline compliance processes. Here are the key highlights of the meeting.

S9. Ans. (a)
Sol. India remains a bright spot in the world economy despite a decrease in FDI due to global headwinds.
India received its highest-ever FDI inflow of US$83.57 billion in the fiscal year 2021-2022.
India’s growth factors include a large labor market, enabling policies, and an expanding digital economy.

S10. Ans. (d)
Sol. The third edition of the Export Preparedness Index (EPI) for States/UTs of India for the year 2022 is set to be released by NITI Aayog on July 17, 2023.
This index assesses the export performance of Indian states and UTs, considering the global trade context in FY22.
The report emphasizes the importance of developing districts as export hubs and conducts a district-level analysis of merchandise exports in the country.