All India Free Mini Mock Test Series For RBI Grade B 2018

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IN
All India Free Mini Mock Test Series for RBI

Grade B 2018
Mini Mock Test 7
Social Movements, Indian political system, Export Import
policy, Regional Economic Cooperation
MCQs + Detailed solutions
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[Section] Section – 1- 1 marks

Q.1) BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
is a regional organization which comprises of how many member states which lie near the Bay of
Bengal?
[a] 7
[b] 6
[c] 8
[d] 9
[e] 5
[Marks] 1
[Negative Marks] .25
[SOLUTION] A
About BIMSTEC:
 BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
is a regional organization which comprises of seven-member states which lie near the Bay of
Bengal.
 This sub-regional organization was started on June 6, in the year 1997 through a Bangkok
Declaration.
 BIMSTEC consists of 7 countries: 5 come from South Asia, including India, Nepal, Bangladesh,
Bhutan and Sri Lanka; and 2 come from Southeast Asia, which includes Myanmar and Thailand.
 Its headquarters are situated in Dhaka, Bangladesh.
 The whole region which constitutes the BIMSTEC is home to over 1.5 billion people. The
population counts for around 22 percent of the total world population. These countries have a
combined GDP of $2.7 trillion.
 Its objectives are technological and economical cooperation among south Asian and south East
Asian countries along coast of Bay of Bengal. It also covers cooperation in commerce,
technology, investment, agriculture, tourism, human resource development, fisheries, transport
and communication, textiles etc.
Directions to the Students:

These are factual questions and the students should memorize them.
Q.2) Which constitutional body audits the accounts related to expenditure from consolidated fund of
India, consolidated fund of state and union territories?
[a] Comptroller and Auditor General.
[b] Finance Commission
[c] Supreme Court
[d] Central Vigilance Commission
[e] NITI Aayog
[Marks] 1

[SOLUTION] A
The Comptroller and Auditor General (CAG) of India is an authority, established by the Constitution of
India, who audits all receipts and expenditure of the Government of India and the state governments,
including those of bodies and authorities substantially financed by the government. The CAG is also the
external auditor of government-owned companies.
These are Concept based questions.
Usually, in the ESI paper of Phase 2, emphasis is given on Current Affairs, but it is very important to be
clear with the concepts in order to appreciate and retain the facts in mind.
Q.3) Under which article of the Indian constitution is the Finance commission mentioned?
[a] Article 275
[b] Article 279
[c] Article 281
[d] Article 280
[e] Article 282
[Marks] 1
[SOLUTION] D
The detailed set up and of the Finance Commission has been provided in Article 280 of the
Constitution of India.
The Article states: The President shall, within two years from the commencement of this Constitution
and thereafter and at the expiration of every fifth year or at such time earlier time as the President
considers necessary, by order constitute a Finance Commission which shall consist of a Chairman and
four other members to be appointed by the President.
Q.4) Which of the following social commission is a constitutional body?

[a] National Commission on Schedule Caste
[b] National Commission for Minorities
[c] National Commission for Women
[d] Nation Commission for Backward Classes
[e] None of the above
[Marks] 1
[SOLUTION] A
The National Commission for Scheduled Castes (SCs) is a constitutional body in the sense that it is
directly established by Article 338 of the Constitution.
Q.5) Which of the following states does not come under the Sixth schedule of the Indian Constitution?
[a] Assam
[b] Mizoram
[c] Meghalaya
[d] Arunachal Pradesh
[e] Tripura
[Marks] 1
[SOLUTION] D
The Constitution of India makes special provisions for the administration of the tribal dominated areas
in four states viz. Assam, Meghalaya, Tripura and Mizoram. As per article 244 and 6th Schedule, these
areas are called “Tribal Areas“, which are technically different from the Scheduled Areas under fifth
schedule.
Q.6) Which of the following is divided into Socialist, Intellectual and Gandhian principles?
[a] Directive Principle of State Policy
[b] Fundamental Rights
[c] Fundamental Duties
[d] Preamble
[e] None of these
[Marks] 1
[SOLUTION] A
 Part IV of the Indian Constitution deals with Directive Principles of our State Policy (DPSP).
 The provisions contained in this Part cannot be enforced by any court, but these principles are
fundamental in the governance of the country and it shall be the duty of the State to apply these
principles in making laws.
 The concept of Directive Principles of State Policy was borrowed from the Irish Constitution.
 While most of the Fundamental Rights are negative obligations on the state, DPSP are positive
obligations on the state, though not enforceable in a court of law.
Q.7) Which government has the power to impose taxes which are not specifically mentioned in the
state or concurrent lists?
[a] Union Government
[b] State Government
[c] Finance Commission
[d] Union and State Government

[Marks] 1
[SOLUTION] A
Union Government has exclusive powers to impose taxes which are not specifically mentioned in the
state or concurrent lists. Some taxes imposed using these powers include Gift tax, wealth tax and
expenditure tax.
Q.8) Provident Fund is a part of which of the following?

[a] Consolidated Fund of India
[b] Public Account of India
[c] Contingency Fund of India
[d] RBI Fund
[Marks] 1
[SOLUTION] B
 The receipts under Public Account do not constitute ordinary receipts of Government.
 Parliamentary approval for expenses from the Public Account is in this way not required.
 Bank savings account of the ministries and departments for day to day transactions.
 Government schemes Fund, National Investment fund, National Calamity and contingency fund,
National small savings fund, defense fund, provident fund, Postal insurance include in Public
Accounts etc.
Q.9) All the cash from direct and indirect sources become part of which of the following?
[a] Consolidated Fund of India
[b] Public Account of India
[c] Contingency Fund of India
[d] RBI Fund
[e] None of these
[Marks] 1
[SOLUTION] A
This Consolidated Fund/basket is filled by
1. All the cash from direct and indirect taxes

2. All the loans taken by government of India

3. Whenever someone returns principle/interest of the loans given by Government of India.
This is the largest of all three funds. And government needs parliament’s approval to spend money from
this fund.
Q.10) What is the target of exports (in US$) to be achieved by 2019-20 as mentioned under Foreign
Trade Policy 2015-20?
[a] USD 900 million
[b] USD 850 million
[c] USD 750 million
[d] USD 800 million
[e] USD 950 million
[Marks] 1
[SOLUTION] A
The target is to increase exports to USD 900 billion by 2019-20 from USD 466 billion in 2013-2014.
These are factual questions and the data will get updated. It is very important to keep a check on the
updated data and students should memorize the data which is recent.
For example, the GDP Growth estimates released by the major International Financial Institutions and
the ranking of India in important indices released by major agencies, update in the various schemes by
the government, recently released Economic Survey and the Union Budget etc.
EduTap would be covering the updates as part of its ESI and Finance in news monthly Current Affairs
documents.
Q.11) As part of the Foreign Trade Policy 2015-20, it has been targeted to raise India’s share in world
exports to what percent by 2020?
[a] 3%
[b] 3.8%
[c] 3.5%
[d] 3.9%
[e] 4.1%
[Marks] 1
[SOLUTION] C
The target is to raise India’s share in world exports from 2 % to 3.5 %.

documents.
Q.12) In the Mid-Term Policy Review of the FTP 2015-20, the validity period of Duty Credit Scrips has
been increased from 18 to how many months?
[a] 20 months
[b] 22 months
[c] 26 months
[d] 24 months
[e] 28 months
[Marks] 1
[SOLUTION] D
The validity period of Duty Credit Scrips has been increased from 18 to 24 months.
What are Transferable Duty Scrips?
 A scrip literally means a “chit” and refers to a form of credit.
 Under this, the exporters get incentives at a certain percentage of the export value which can
also be used to reimburse duties on imported inputs.
 The scrips may be transferable or non-transferable.
 The FTP 2015 makes all duty-free scrips freely transferable which means that they can now be
used for payment of customs duty for import of goods, payment of excise duty on domestic
procurement of inputs or goods and payment of service tax.
documents.
Q.13) During the Mid-Term Review of the Foreign Trade Policy 2015-20 held in December 2017, which
of the following services has been launched on the DGFT website as a single window contact point for
exporters and importers for resolving all foreign trade related issues and also to give suggestions?
[a] Resolve@DGFT service
[b] Answer@DGFT service
[c] Query@DGFT service

[d] Ask@DGFT service

[e] Contact@DGFT service
[Marks] 1
[SOLUTION] E
 Contact@DGFT service has been launched on the DGFT website (www.dgft.gov.in) as a single
window contact point for exporters and importers for resolving all foreign trade related issues
and also to give suggestions.
 Exporters/Importers can even track status of their queries through the assigned reference
number.
documents.
Q.14) Which of the following town(s) has been added as Towns of Export Excellence under FTP 2015?
[a] Vishakapatnam
[b] Bhimavarm
[c] Vadodara
[d] [a] and [b]
[Marks] 1
[SOLUTION] D
Government has already recognized 33 towns as export excellence towns. It has been decided to add
Vishakhapatnam and Bhimavaram in Andhra Pradesh as towns of export excellence.
documents.
Q.15) IMO is a specialized agency of the United Nations responsible for regulating shipping. It was
established in 1948 in Geneva and came into force in 1959. Where is it headquartered?
[a] Austria, Vienna

[b] Geneva, Switzerland

[c] London, UK
[d] Berlin, Germany
[e] New York, USA
[Marks] 1
[SOLUTION] C
International Maritime Organization (IMO):
 IMO is a specialized agency of the United Nations responsible for regulating shipping. It was
established in 1948 in Geneva and came into force in 1959.
 Its headquarters are in London, United Kingdom. IMO has 171 member states and 3 associate
members. India was one of earliest members of the IMO.
 IMO’s functions are to develop and maintain a comprehensive regulatory framework for
shipping and its remit. This framework should address various areas like safety, legal matters,
environmental concerns, technical co-operation, maritime security and efficiency of shipping.
Why in news?
India re-elected to International Maritime Organization Council:
 India has been re-elected to the Council of the International Maritime Organization under a
category that represents nations with the largest interests in international sea borne trade.
 India was re-elected to the body under Category B at an assembly of the organization at its
headquarters in London on December 01, 2017.
 The IMO Council consists of 40 member countries.
 In Categories “A” and “B” there are 10 members each and in Category “C” 20 members, who are
elected by the IMO Assembly.
 IMO Council plays a crucial role to play in deciding various important matters within the
mandate of the IMO, in relation to the global shipping industry, including its work programme
strategy and budget.
documents.
Q.16) The 2018 ASEAN Summit will be held in which of the following places?
[a] Manila
[b] Singapore
[c] Kuala Lampur

[d] Bangkok
[Marks] 1
[SOLUTION] B
The 2018 ASEAN Summit will be held in Singapore in April, 2018.
documents.
Q.17) Which of the following type of social movements attempts to change the whole society in a
radical way?
[a] Alternative Social movements
[b] Redemptive Social movements
[c] Reformist Social movements
[d] Revolutionary movements
[Marks] 1
[SOLUTION] D
Revolutionary Movements:
 It attempts to change the whole society in a radical way.
 It leads to total structural transformation of society.
 French revolution completely transformed the socio-economic and political structure and value
of feudal society to capitalist democratic society, communist movements too claim for such
structural transformation.
Q.18) Social movements proceed along a path from an aggregate of mobilised individuals to a full-
fledged movement organisation. Which of the following sub processes are part of internal
morphogenesis of social movements?
1. Emergence of new ideas and beliefs
2. Emergence of new norms and values for internal functioning as well as dealing with external
conditions
3. Emergence of new organizational structure
4. Emergence of new hierarchy of dependence, dominance, leadership and power within the movement
[a] 1, 2 & 3
[b] 2, 3 & 4
[c] 1, 2 & 4
[d] All are part
[e] None of the options given above
[Marks] 1
[SOLUTION] D
Social movements proceed along a path from an aggregate of mobilised individuals to a full-fledged
movement organisation. The movement undergoes 4 sub-process of internal morphogenesis.
1. Emergence of new ideas and beliefs.

2. Emergence of new norms and values for internal functioning as well as dealing with external
conditions. The norms deal with both internal members and external members and amongst
the external members it includes both non-members and opponents.
3. Emergence of new organisational structure i.e. emergence of Social Movement Organisation.
4. Emergence of new hierarchy of dependence, dominance, leadership and power within the
movement.
Q.19) Narmada Bachao Andolan started in which of the following years?

[a] 1995
[b] 1975
[c] 1965
[d] 1985
[e] 1981
[Marks] 1
[SOLUTION] D
 This protest, to express the views against a large number of dams being constructed near
Narmada river, brought a large number of adivasis, farmers, environmentalists, and human
rights activists together.
 NBA began against the tribal displacement and consequent threat to their community life and
source of livelihood.
 Tribal population depends on its ecology for livelihood.
 In the absence of skill and submergence of their immediate ecology they loose their livelihood
completely, highly detrimental to their social living.

Q.20) India is currently part of which of the following export control groups in the world dealing with
non-proliferation?
[a] Australia Group
[b] MTCR
[c] Wassenaar Arrangement
[d] NSG
[e] a, b and c
[Marks] 1
[SOLUTION] E
 India was admitted as the 43rd member of the Australia Group, an informal bloc of countries
that keeps a tight control over exports of substances used in the making of chemical weapons.
 With its admission into the Australia Group, India is now part of three of the four key export
control groups in the world.
 This includes the Missile Technology Control Regime—an informal and voluntary partnership
among 35 countries that regulates trade in sensitive equipment and technologies to ensure
there is no proliferation of missile and unmanned aerial vehicle technology capable of carrying
payloads above 500kg for more than 300km.
 India has joined the Wassenaar Arrangement, which is also an informal grouping of 42
countries, exercising control over the export of dual-use goods and technologies.
 The only export control group that India is not a part of is the elite Nuclear Suppliers Group
(NSG), which controls the export of sensitive nuclear technologies and equipment, with the aim
of preventing nuclear weapons’ proliferation.
 India’s entry into this grouping (NSG) is blocked by China, which opposes the country’s
admission on the grounds that it is not a signatory to the Non-Proliferation Treaty.
 China has also sought to link India’s entry with that of Pakistan—seen as a country that has aided
regimes like that of North Korea in developing atomic weapon capabilities.
documents.
Section – 2- 2 markers
I.1) ASEAN - India dialogue relations have grown rapidly from a sectoral dialogue partnership in 1992
to a full dialogue partnership in 1995. The relationship was further elevated with the convening of the
ASEAN - India Summit in 2002 in Phnom Penh, Cambodia. Viet Nam is currently the Country
Coordinator for ASEAN - India Dialogue Relations and Thailand will assume the coordinator ship from
Viet Nam in August 2018.
Q.1) ASEAN is a regional group consisting of how many south-eastern countries?
[a] 12
[b] 10
[c] 11
[d] 14
[e] 13
[Marks] 2
[Negative Marks] .5
[SOLUTION] B
The Association of Southeast Asian Nations is a regional intergovernmental organisation comprising
ten Southeast Asian countries which promotes Pan-Asianism and intergovernmental cooperation.
It also facilitates economic, political, security, military, educational and socio-cultural integration
amongst its members and other Asian countries.
It consists of 10-member countries- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines,
Singapore, Thailand and Vietnam.
Q.2) Where is the headquarters of ASEAN located?

[a] Manila
[b] New Delhi
[c] Jakarta
[d] Kuala Lampur
[e] Phnom Penh
[Marks] 2
[Negative Marks] .5
[SOLUTION] C
It was established on August 8, 1967 through ASEAN declaration (also known as Bangkok Declaration).
Its secretariat is located in Jakarta, Indonesia.
Q.3) Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA)
between the member states of the Association of Southeast Asian Nations (ASEAN) and the six states
with which ASEAN has existing free trade agreements.
Which of the following states is not one of the six states?
[a] China
[b] India
[c] Australia

[d] New Zealand

[e] US
[Marks] 2
[Negative Marks] .5
[SOLUTION] E
 Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade
agreement (FTA) between the ten-member states of the Association of Southeast Asian
Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos Malaysia, Myanmar,
Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing free
trade agreements (Australia, China, India, Japan, South Korea and New Zealand).
 RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in
Cambodia.
 The RCEP countries make up 50% of the global population and are worth 30% of global GDP.
Q.4) Which of the following ASEAN countries is/are also a part of the Trans-Pacific Partnership (TPP)?
[a] Malaysia
[b] New Zealand
[c] Singapore
[d] Vietnam
[e] a, c and d
[Marks] 2
[Negative Marks] .5
[SOLUTION] E
The Trans-Pacific Partnership (TPP), currently changed to the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP) after the US withdrew on 23rd January, 2017, is
a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,
Peru, Singapore and Vietnam.
Q.5) Which of the following countries are signatories of both TPP and RCEP?
1. Australia
2. Japan
3. Brunei
4. Singapore
5. India
6. Canada
[a] 1, 2, 3 and 6
[b] 2, 4, 5 and 6
[c] 1, 2, 3 and 4
[d] 5 and 6

[e] 1, 4, 5 and 6
[Marks] 2
[Negative Marks] .5
[SOLUTION] C

I.6) Panchayati Raj is the system of local self-government for villages. Because Panchayats are an
effective vehicle for people’s participation in administration, planning and democratic process,
organisation of village Panchayats has been made a Directive Principle of State Policy (Article 40).
Rural India has seen such Panchayats for ages. The new Panchayats are an improvement over the old
ones in uniformity, institutional structure and states support.
The present day Panchayati Raj system was introduced in 1959 on the recommendations of the
Balwant Rai Mehta Committee. The committee had been set up in 1956 primarily to suggest measures
for improvement in the working of the Community Development Programme and the National
Extension Service which were being implemented at that time. It recommended a three-tier
Panchayati Raj system for proper implementation of the Community Development Council and the
Union Government accepted the recommendations of the committee but gave the responsibility of
implementing them to the states Governments. For one reason or the other, the implementation was
slow and unsatisfactory.
Q.6) Which amendment act added the part IX to the Constitution of India named ‘Panchayati Raj’?
[a] 76th Amendment Act
[b] 75th Amendment Act
[c] 73rd Amendment Act
[d] 74th Amendment Act
[e] None of these
[Marks] 2
[Negative Marks] .5
[SOLUTION] C

73rd Amendment Act of 1992

Significance of the Act
 This act has added a new Part-IX to the Constitution of India.

 It is entitled as ‘The Panchayats’ and consists of provisions from Articles 243 to 243 o.
 In addition, the act has also added a new Eleventh Schedule to the Constitution.
 It contains 29 functional items of the panchayats.
 The act has given a practical shape to Article 40 of the Constitution which says that, ‘The State
shall take steps to organise village panchayats and endow them with such powers and authority
as may be necessary to enable them to function as units of self-government’.
 This article forms a part of the Directive Principles of State Policy.
Q.7) Which Constitutional Amendment Act constituted Municipalities and added part IX-A to
the Indian Constitution?
[a] 72th Amendment Act
[b] 76th Amendment Act
[c] 75th Amendment Act
[d] 74th Amendment Act
[e] 73rd Amendment Act
[Marks] 2
[Negative Marks] .5
[SOLUTION] D
 This act has added a new Part IX-A to the Constitutional of India. It is entitled as ‘The
Municipalities’ and consists of provisions from Articles 243-P to 243-ZG. In addition, the act has
also added a new Twelfth Schedule to the Constitution. It contains eighteen functional items of
municipalities.
 The act gave constitutional status to the municipalities. It has brought them under the purview
of justiciable part of the Constitution. In other words, state governments are under
constitutional obligation to adopt the new system of municipalities in accordance with the
provisions of the act.
 The act aims at revitalizing and strengthening the urban governments so that they function
effectively as units of local government.
I.8) The 73rd amendment Act 1992 had made constitutional provisions for the three tier Panchayats
all over the country. However, this act is not applicable to Jammu and Kashmir, Nagaland, Meghalaya
and Mizoram and certain other areas including scheduled and tribal areas. These other areas include
 Scheduled areas and the tribal areas in the states.
 Hill area of Manipur for which a district council exists.
 Darjeeling district of West Bengal for which Darjeeling Gorkha Hill Council exists.
At the same time, Article 243M (4) (b) of the part IX made the provisions that parliament may by law,
extend the provisions of this Part to the scheduled areas and the tribal areas.
Q.8) The Panchayats (Extension to the Scheduled Areas) Act 1996 has extended the Part IX of the
Constitution to the scheduled areas under which Schedule of Indian Constitution?
[a] Schedule 2
[b] Schedule 3
[c] Schedule 4
[d] Schedule 5
[e] Schedule 6
[Marks] 2
[Negative Marks] .5
[SOLUTION] D
 On the basis of the recommendations of Bhuria Committee, a bill was introduced in the
parliament and passed on December 19, 1996, which was subsequently assented by the
president on December 24, 1996.
 Thus, the Panchayats (Extension to the Scheduled Areas) Act 1996 has extended the Part IX of
the Constitution to the scheduled areas of the fifth schedule.
 Via this act, it was made mandatory for the Andhra Pradesh, Himachal Pradesh, Bihar,
Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Orissa to amend their existing Panchayat
acts in consonance with the Extension Act within a year i.e. by 1997.
Q.9) Which of the following are true regarding PESA act 1996?
[a] There will be a minimum of 50% seats reservation for Scheduled Tribes (STs)
[b] Schedule areas in every village will have a Gram Sabha
[c] Gram Sabha and Panchayat have the right to regulate the ownership of minor forest produce
[d] All of the above
[e] None of these
[Marks] 2
[Negative Marks] .5
[SOLUTION] D
Salient Provisions of PESA Act:
 In the Schedule areas, every village will have a Gram Sabha consisting of persons whose names
are included in the electoral rolls for the Panchayats at the village level.
 In the schedule areas, there will be a minimum of 50% seats reservation for Scheduled Tribes
(STs) at all the tiers of Panchayats.
 If the area has different tribal communities, the reservation of different tribal communities shall
be on the basis of proportion to their population.
 The chairpersons at all levels of the Panchayats in Schedule areas shall be reserved for STs.
 If there are no ST members at intermediate or district level Panchayats, the state government
shall nominate such underrepresented STs by maximum of one-tenth of the total elected
members of the Panchayats.
 Every legislation on the Panchayats in scheduled area shall be in conformity with the customary
law, social and religious practices and traditional management practice of the community
resources.
Q.10) Which of the following committees is not on Panchayati Raj?

[a] Balwant Rai committee
[b] L.M Singhvi committee
[c] Ashok Mehta committee
[d] G.V.K Rao committee
[e] Narsimhan committee
[Marks] 2
[Negative Marks] .5
[SOLUTION] E
Various committees on Panchayati Raj:
Balwant Rai Mehta: 1957
V.T. Krishnammachari: 1960
Takhatmal Jain Study Group: 1966
Ashok Mehta Committee: 1977
G.V.K. Rao Committee: 1985
Dr. L.M. Singhvi Committee: 1986
I.11) Mid-term review of Foreign Trade Policy will focus on finding new markets and new products as
well as increasing India's share in the traditional markets and products. To achieve the Union
government’s vision of doubling farmers' incomes, FTP will have a focused policy for agricultural
exports.
Mid-term review aims to promote exports by simplification of processes, enhancing support to high
employment sectors, leveraging benefits of GST, promoting services exports, monitoring exports
performance through state-of-the-art analytics.
Q.11) As part of the Mid-Term Policy review of the Foreign Trade Policy, Export incentive under
Merchandise Exports from India (MEIS) Scheme has been increased by how much percent for labour
intensive MSME sectors?
[a] 2 percent
[b] 3 percent
[c] 4 percent

[d] 6 percent
[e] 1 percent
[Marks] 2
[Negative Marks] .5
[SOLUTION] A
Export incentive under Merchandise Exports from India (MEIS) Scheme has been increased by two
percent for labour intensive MSME sectors leading to additional annual incentive of Rs. 4,567 Crore.
documents.
Q.12) As part of the Mid-Term Policy review of the Foreign Trade Policy, Export incentive under
Services Exports from India Scheme (SEIS) has been increased by how much percent for labour
intensive MSME sectors?
[a] 3 percent
[b] 4 percent
[c] 1 percent
[d] 2 percent
[e] 5 percent
[Marks] 2
[Negative Marks] .5
[SOLUTION] D
Incentives under Services Exports from India Scheme (SEIS) have also been increased by 2% percent
leading to additional annual incentive of Rs. 1,140 crore. Thus, incentives under the two schemes have
been increased by 33.8 percent (Rs. 8,450 cr) from the existing incentives of Rs. 25,000 crore.
documents.
Q.13) In the Mid-Term Policy review of the FTP 2015-20, a new trust based self-ratification scheme
has been launched for which of the following?
[a] Duty Free Import of Cotton
[b] Duty Free Import of Medical Devices
[c] Duty Free Import of Medicines

[d] Duty Free Import of Raw Material
[Marks] 2
[Negative Marks] .5
[SOLUTION] D
A new scheme of Self-Assessment based duty free procurement of inputs required for exports has been
introduced. There will be no need of Standard Input Output Norms in such cases. Exporters will self-
certify the requirement of duty free raw materials/ inputs.
documents.
Q.14) In the Mid-Term Review of FTP 2015-20, a new Logistics Division has been created in which of
the following departments?
[a] Department of Economic Affairs, Ministry of Finance
[b] Department of Expenditure, Ministry of Finance
[c] Department of Financial Services, Ministry of Finance
[d] Department of Industrial Policy and Promotion, Ministry of Commerce and Industry
[e] Department of Commerce, Ministry of Commerce and Industry
[Marks] 2
[Negative Marks] .5
[SOLUTION] E
A new Logistics Division has been created in the Department of Commerce to develop and co-ordinate
integrated development of the logistics sector by way of policy changes, improvement in existing
procedures, identification of gaps etc. These steps would improve India’s ranking in the Logistics
Performance Index (LPI) and promote exports and enhanced growth.
documents.
Q.15) India’s Foreign Trade Policy is regulated by which of the following Act?
[a] Foreign Trade (Development & Regulation) Act, 1990
[b] Foreign Trade (Development & Regulation) Act, 1991

[c] Foreign Trade (Development & Regulation) Act, 1992
[d] Foreign Trade (Development & Regulation) Act, 1993
[e] Foreign Trade (Development & Regulation) Act, 1995
[Marks] 2
[Negative Marks] .5
[SOLUTION] C
Self-explanatory.


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