Union Budget Quiz 2022: Current Affairs Questions & Answers on Budget 2022-23

Union Budget Quiz 2022: Union Finance Minister Nirmala Sitharaman presented Budget 2022 on February 1, 2021. Get here current affairs questions and answers on key Budget 2022 announcements that are relevant for UPSC, SSC, PSC and various other competitive exams in India.

1. Which bank will introduce a digital rupee in India?

a) RBI

b) SBI

c) PNB

d) BOB

2. How much tax will be levied on the transfer of virtual assets?

a) 20 percent 

b) 30 percent 

c) 40 percent

d) 50 percent 

3. Finance Minister Nirmala Sitharaman announced how much increase in capital expenditure for FY 2022-23?

a) 30 percent 

b) 20 percent 

c) 35 percent 

d) 25 percent 

4. Custom duty for cut and polished diamonds has been reduced to how much percent?

a) 5 percent

b) 10 percent

c) 15 percent 

d) 7 percent 

5. The customs duty on umbrellas has been raised to how much?

a) 15 percent 

b) 20 percent

c) 25 percent 

d) 30 percent 

6. Which among the following commodities will become costly after the Union Budget 2022-23 presentation?

a) Umbrella

b) Gemstone

c) Diamond

d) Imitation Jewelry

Answers

1. (a) RBI

Finance Minister Nirmala Sitharaman announced the government's intent to introduce a digital rupee in her Union Budget 2022-23 speech on February 1, 2022. The Finance Minister announced that the digital currency or digital rupee will be introduced by the central bank of India using blockchain and other technologies.

2. (b) 30 percent 

Any income earned from the transfer of virtual digital assets shall be taxed at a rate of 30 percent, announced FM Nirmala Sitharaman during her Union Budget 2022 speech. 

3. (c) 35 percent 

Union Finance Minister Nirmala Sitharaman announced a 35 per cent increase in the outlay for capital expenditure in Financial Year 2022-23 in her Union Budget 2022 speech on February 2, 2022. 

4. (a) 5 percent 

Customs duty on cut and polished diamonds and gems have been reduced to 5 percent in the new changes announced by FM Nirmala Sitharaman during her Union Budget 2022 speech. 

5. (b) 20 percent

The customs duty on umbrellas has been raised to 20 percent and the exemption on the import of parts of umbrellas has been withdrawn. 

6. (a) Umbrella

Union Finance Minister Nirmala Sitharaman announced a slew of changes in the customs duty for several products in her Union Budget Speech 2022 including a 5 percent reduction in customs duty on gems, cut and polished diamonds. The customs duty on imitation jewelry and chemicals has also been reduced, while the customs duty on umbrellas has been increased to 20 percent.