Economy Current Affairs Quiz /Questions-Answers July 2012, July 30-August 5

The week 29 July to 30 was marked by the EGoM meeting in which it was decided that diesel subsidy to farmers to help them irrigate their field. Also the Controller General of Accounts (CGA) published on 1 August 2012 India's fiscal deficit figures in the first quarter (April-June) of the fiscal year 2012-13 which showed that the deficit stood at 1.90 lakh crore. RBI issued a notification on 3 August 2012 in the interest of all registered non-banking financial companies (NBFCs).
Jagranjosh.com team which works on Economy Current Affairs have prepared a set of 5 economy quizzes to help josh readers update the economy current affairs knowledge

1.    As per the latest global ranking compiled and published by the World Federation of Exchanges (WFE) in August 2012, which became the world’s largest bourse in terms of the number of trades in equity segment for the first six months of 2012?
a.    National Stock Exchange (NSE)
b.    Bombay Stock Exchange (BSE)
c.    MCX-SX
d.    Ahmadabad Stock Exchange
Answer: (a)

2.    The Union Cabinet on 4 August 2012 approved the reserve price for auction of 2G spectrum as well as spectrum usage charges (SUC). The Cabinet set what reserve price for the 5 megahertz pan-India spectrum in the 1800 megahertz band?
a.    1400 crore rupees
b.    14000 crore rupees
c.    140 crore rupees
d.    14 crore rupees
Answer: (b)

3.    The Reserve Bank of India (RBI) in a notification issued on 3 August 2012 stated that all registered non-banking financial companies (NBFCs) which who intend to convert themselves into non-banking financial company-micro finance institutions (NBFC-MFIs) would have to seek registration with immediate effect, not later than 31 October 2012.
Which of the following statements are not true with respect to this?
1.    The central bank also mentioned that the NBFCs have to maintain net-owned funds (NOF) at Rs 3 crore by 31 March 2013, and at Rs.5 crore by 31 March 31 2014
2.    NBFCs operating in the north-eastern region are to maintain the minimum NOF at Rs.1 crore by 31 March 2012, and at Rs.2 crore by 31 March 2014
3.    The rate of interest on individual loans may exceed 31 per cent, the maximum variance permitted for individual loans between the minimum and the maximum interest rate cannot exceed 4 per cent
4.    The cap on margins as defined by the Malegam Committee are not to exceed 10 per cent for large MFIs (loans portfolios exceeding Rs.100 crore) and 12 per cent for others
a.    1 & 4
b.    2 & 4
c.    Only 3
d.    Only 4
Answer: (c)

4.    According to the latest data released by the Controller General of Accounts (CGA) on 1 August 2012, India's fiscal deficit in the first quarter (April-June) of the fiscal year 2012-13 stood at 1.90 lakh crore rupees. The amount is what per cent of the entire budget estimate?
a.    31%
b.    33%
c.    35%
d.    37%
Answer: (d)

5.    An Empowered Group of Ministers (EGoM) on drought, headed by agriculture minister Sharad Pawar in a meeting on 31 July 2012 took certain decisions to help farmers in the backdrop of the draught like situations prevailing in certain states. Which of the following is not a part of d decision taken by the EGoM?
1.    The EGoM announced a  50 per cent diesel subsidy scheme for the farmers to help them save the standing kharif crop through irrigation
2.    A relief package of Rs 1440 crore was also cleared towards watershed development-related efforts in Karnataka, Maharashtra, Gujarat and Rajasthan
3.    The subsidy amount on seeds of cereals is to be increased from Rs 500 a quintal to Rs 800 per quintal, while that of pulses and oilseeds would be enhanced from Rs 1200 per quintal to Rs 2200 per quintal
4.    Agriculture Ministry also decided to waive the duty on import of certain items to increase the availability of feed ingredients for animal husbandry sector needs.
a.    Only 3
b.    Only 2
c.    1 & 2
d.    Only 4
Answer: (a)

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