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Q:

LRS is a facility provided by the Reserve Bank of India for all the resident individuals to freely remit a certain amount in terms of US dollar every financial year for a permissible set of current or capital account transactions. Here ‘LRS’ stands for ____.

A) Liquidity Remittance Scheme B) Liberalised Remittance Scheme
C) Liberalised Remittance Source D) Liberalised Revenue Scheme
 
Answer & Explanation Answer: B) Liberalised Remittance Scheme

Explanation:

LRS stands for - Liberalised Remittance Scheme.
LRS is a facility provided by the Reserve Bank of India for all resident individuals to freely remit certain amount in terms of US dollar every financial year for a permissible set of current or capital account transactions.
Note:
* In April 2018, the Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which individual can transfer up to US $2,50,000 abroad in a year.

* The purpose of tightening of norms is to improve monitoring and to ensure compliance with LRS limits.
* The scheme was introduced in February 2004 and its regulations are provided under Foreign Exchange Management Act (FEMA), 1999.

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Q:

Which country topped the list on "World Happiness Index", 2015 published by the sustainable Development Solutions Network (SDSN)?

A) Bhutan B) Switzerland
C) Iceland D) Norway
 
Answer & Explanation Answer: B) Switzerland

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Q:

Which of the following is Inexhaustible Natural Resources?

A) Air B) Minerals
C) Forests D) Coal
 
Answer & Explanation Answer: A) Air

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Q:

According to Dr. Ambedkar which Article is the most important article of Indian constitution?

A) Article 21 B) Article 24
C) Article 32 D) Article 256
 
Answer & Explanation Answer: C) Article 32

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Q:

The minimum age limit for the membership of the Vidhan Parishad is _____

A) 21 years B) 25 years
C) 30 years D) 35 years
 
Answer & Explanation Answer: C) 30 years

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Q:

The members of the All India Services serve the

A) Central Government only B) State Government only
C) Union Territories only D) both the Union and State Governments
 
Answer & Explanation Answer: D) both the Union and State Governments

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Q:

What is Damodar Valley Corporation ?

A) Statutory body B) Municipal Corporation looking after Damodar Valley
C) A private enterprise located in Bihar D) A non government organisation
 
Answer & Explanation Answer: A) Statutory body

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Q:

What is the full form of ITCZ?

A) Inter tropical converter zone B) Inter tropical convergence zone
C) Inter tropical centre zone D) None of these
 
Answer & Explanation Answer: B) Inter tropical convergence zone

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