Current Affairs - Economy

Exercise :: Economy - Latest Current Affairs

  • Economy - Latest Current Affairs
46. 

Name the new tax refund Scheme, which will replace Merchandise Exports from India Scheme (MEIS).

A. Remission of Exports from India Scheme (RoEIS)
B. Remission of Taxes on Export Product (RoTEP)
C. Remission of Duties or Taxes on Export Product (RoDTEP)
D. Remission of Export Product (RoEP)

Answer: Option C

Explanation:

Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) will replace Merchandise Exports from India Scheme (MEIS). It will come into effect from January 1, 2020.Existing dispensation in textiles of MEIS + old Rebate of State Levies (RoSL) will continue up to 31.12.2019. Textiles and all other sectors which currently enjoy incentives upto 2% over MEIS will transit into RODTEP from January 1, 2020.In effect, RODTEP will more than adequately incentivize exporters than existing schemes put together.

47. 

Finance minister sets a __________ member task force to implement Rs 100 lakh crore infrastructure projects, recently.

A. 14
B. 12
C. 8
D. 6

Answer: Option D

Explanation:

Finance minister sets up 6 member task force to implement Rs 100 lakh crore infrastructure projects. The task force will draw up plan for the 'national infrastructure pipeline' from 2019-20 to 2024-25. The announcement comes at a time when growth has slowed to a six-year low of 5% in April-June.

48. 

As per CRISIL, What is the Gross Domestic Product(GDP) growth of India for the FY20(Fiscal Year 2020)?

A. 6.7%
B. 6.5%
C. 6.4%
D. 6.3%

Answer: Option D

Explanation:

Indian credit rating agency CRISIL (formerly Credit Rating Information Services of India Limited) has reduced the India's GDP (Gross Domestic Product) growth to 6.3% for FY20 (Fiscal Year 2020) from its previous estimate of 6.9%. The lower GDP growth forecast states about the India's deep economic slowdown and is broad-based than suspected.

49. 

What is the new Merchant Discount Rate(MDR) for transactions above Rs 2,000 in BHIM UPI (Unified Payment Interface) transactions?

A. 0.65%
B. 0.50%
C. 0.75%
D. 0.30%

Answer: Option A

Explanation:

National Payments Corporation of India (NPCI) has waived merchant fees for offline UPI transactions of up to Rs 100 made using QR(Quick Response) code scan-and-pay. For the large transactions, merchant fees have been capped at Rs 100. ii. For other transactions, the merchant discount rate (MDR) has been hiked to 0.30% (maximum Rs 100). Currently, it is 0.25% for transactions up to Rs 2,000. It will be 0.65% for transactions above Rs 2,000. The revised MDR rates will come into effect from October 1, 2019.

50. 

How much Tax Deduction at Source(TDS) will be deducted on cash withdrawals of over Rs 1 crore from September 1, 2019?

A. 12%
B. 6.4%
C. 4.2%
D. 2%

Answer: Option D

Explanation:

The Department of Revenue notified that 2% tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1, 2019. The government had made this provision in the Union Budget 2019-20 with an aim to discourage cash transactions and move towards less cash economy.