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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:

In April 2017, to address growing unemployment, which country has abolished the 457 Visa Programme used by thousands of temporary foreign workers, a majority of them Indians?

A) USA B) Canada
C) Australia D) UK
 
Answer & Explanation Answer: C) Australia

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Q:

What was USA's rank in 2016 Human Development Index published by the United Nations Development Programme?

A) 1 B) 10
C) 100 D) 200
 
Answer & Explanation Answer: B) 10

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Q:

The first ever disaster management exercise of BIMSTEC countries was held _________ in October 2017.

A) Dhaka B) Colombo
C) New Delhi D) Karachi
 
Answer & Explanation Answer: C) New Delhi

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Q:

During their rule the British persuaded or forced cultivators in Bengal to grow __________.

A) Jute B) Tea
C) Sugarcane D) Wheat
 
Answer & Explanation Answer: A) Jute

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Filed Under: Indian History
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Q:

The birthplace of the tenth and last guru of Sikhs Guru Gobind Singh is: ________________.

A) Guwahati B) Hemkund Sahib
C) Amritsar D) Patna Sahib
 
Answer & Explanation Answer: D) Patna Sahib

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Filed Under: Indian History
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Q:

What is the distance between the points (4,7) and (­1,­5)?

A) 10 units B) 13 units
C) 5 units D) 11 units
 
Answer & Explanation Answer: B) 13 units

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Filed Under: Quantitative Aptitude - Arithmetic Ability
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Q:

On a classified balance sheet, companies usually list current assets

A) in the order of acquisition. B) with the largest dollar amounts first.
C) in alphabetical order. D) in the order in which they are expected to be converted into cash.
 
Answer & Explanation Answer: D) in the order in which they are expected to be converted into cash.

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Filed Under: Business Awareness
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