SNAP GK Test - 5

The Quit India Resolution (August 1942) was passed at the Bombay Session of the Indian National Congress. This was a landmark movement calling for immediate end to British rule, launched from Gowalia Tank Maidan (August Kranti Maidan) in Bombay.

The Indian Premier League (IPL) was first played in 2008. It was established by the BCCI and has since become one of the world's most valuable cricket leagues, with the first season featuring 8 teams.

NPA is a classification used by financial institutions. It refers to loans that are in jeopardy of default. With effect from March 31, 2004, a non-performing asset (NPA) is deemed to be a loan or an advance where the account remains ‘out of order’ for a period of more than 90 days, in respect of an overdraft/cash credit.

Yuko Obuchi resigned as Japan's Minister of Economy, Trade and Industry in October 2014 due to a political funds scandal. She is the daughter of former Prime Minister Keizo Obuchi.

The Durand Cup is associated with football (soccer). It's one of the oldest football tournaments in Asia and the world, started in 1888, and is held in India annually. Named after Sir Mortimer Durand.

All three factors contribute to slow per capita income growth in India. High capital-output ratio means more investment is needed for each unit of output. High population growth dilutes income gains across more people. Low capital formation limits productive capacity expansion.

Robert Mugabe of Zimbabwe was sworn in for his 7th term as President in 2013. This followed a controversial election and extended his rule, which began in 1987.

Thomas Bach of Germany was elected as the 9th President of the International Olympic Committee in September 2013. He succeeded Jacques Rogge and served until 2024.

The Preamble is non-justiciable - courts cannot enforce it directly. However, the Supreme Court has ruled that it IS part of the Constitution (Kesavananda Bharati case). The Preamble has been amended only once (42nd Amendment, 1976) to add 'socialist', 'secular', and 'integrity'.

Joko Widodo, commonly known as Jokowi, was sworn in as President of Indonesia in October 2014. A former furniture businessman and governor of Jakarta, he represented a break from the country's military and political elite.

 The Speaker of the Vidhan Sabha is not appointed by the Governor of a State.

Service tax is under Central jurisdiction (now subsumed under GST). Professional tax, stamp duty on property transfer, and land revenue are all under State jurisdiction. The question asks which are INCORRECT (not under state jurisdiction), so only Service tax qualifies.

Arundhati Bhattacharya became the first woman Chairperson of State Bank of India in 2013. SBI is a Fortune 500 company and India's largest bank. Her appointment marked a significant milestone for women in corporate leadership.

 The BJP emerged with a clear mandate in Haryana, winning 47 seats in the 90-member assembly with a 33.2% vote share.

Hassan Rouhani was sworn in as the 7th President of Iran in August 2013. A moderate cleric, he succeeded Mahmoud Ahmadinejad and focused on improving international relations, including the nuclear deal.

A surcharge is an additional tax imposed over and above the base tax rate to generate extra revenue, typically for specific purposes or during emergencies. Unlike regular taxes, it is temporary in nature and can be levied on income tax, corporate tax, or customs duty.

Tokyo won the bid to host the 2020 Summer Olympic Games, defeating Istanbul and Madrid in the final round of voting. The games were postponed to 2021 due to COVID-19 but retained the 'Tokyo 2020' branding.

Jeffrey P. Bezos founded Amazon.com in 1994 as an online bookstore. It grew to become the world's largest e-commerce company, and he served as CEO until 2021 when he transitioned to Executive Chairman.

ONGC Videsh Limited (OVL) is the international arm of Oil and Natural Gas Corporation Limited (ONGC). It was established in 1965 to pursue oil and gas exploration and production projects outside India.

Under Article 110 of the Constitution, the Speaker of the Lok Sabha has the exclusive authority to certify whether a bill is a Money Bill. This certification is crucial because Money Bills have special privileges - they can be introduced only in the Lok Sabha and the Rajya Sabha cannot reject them, only recommend amendments. The Speaker's decision on this matter is final and cannot be challenged in court.

In 2013, the RBI opened a special forex swap window to provide dollar support to three major public sector oil marketing companies - Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL). These companies are the largest oil marketers in India and require substantial dollar imports to purchase crude oil. The forex swap window was created to help them manage currency volatility and reduce their transaction costs.

SEBI (Securities and Exchange Board of India) is the primary regulator for mutual funds in India. Established in 1988 and given statutory powers in 1992, SEBI protects investor interests and regulates the securities market. All mutual funds must register with SEBI and comply with its regulations regarding fund management, disclosure, and investor protection. RBI regulates banks, IRDA handles insurance, and CRISIL is a credit rating agency.

The Marginal Standing Facility (MSF) allows banks to borrow overnight funds from RBI against approved government securities, making statement A correct. It was indeed introduced in May 2011, making statement B correct. However, statement C is incorrect because MSF borrowing is available even after banks have exhausted their SLR holdings - it's a marginal facility above normal SLR requirements. Therefore, only A and B are correct.

Correct Answer: It leads to extra money supply which in turn pushes up prices.

Correct Answer: Total Budget Expenditure (-) (Revenue Receipt + Capital Receipts Excluding Borrowing)