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When 86 per cent of currency notes in a country of 1.3 billion people are rendered illegal (1) in a matter of hours, it is bound to create a short-term disruption in daily lives. Particularly so, since much of India’s economic activity still takes place in the informal sector with no cheque payments, resulting not just in widespread direct and indirect tax (2) but also an inability to (3) the true state of the economy. For instance, while farmers’ income is not taxed, most of them now have a Kisan Credit Card, first launched in 1998, and no-frills bank accounts whose creation has been scaled up by the present government. But the agricultural economy is still controlled by (4) and traders who only make cash payments to farmers while reaping a profit from the difference in prices from farm-gate to fork. The introduction of the Goods and Services Tax will make it tougher for such intermediaries to remain below the tax radar, though foodgrains will be zero-rated under the tax regime. Just as paying taxes on their profits is uncharted territory for such traders, the government too is (5) uncharted waters with the demonetisation drive, necessitating adjustments on the go.
Rural Indians, like their urban peers, may be in a tizzy for now over the currency (6) and face challenges in transactions, but there doesn’t seem to be a (7) to the rabi crop as the Opposition has sought to suggest. By last Friday, the total area sown was significantly higher than at the same time last year, except for (8) cereals. The latest relaxation, allowing farmers to withdraw Rs.25,000 a week, should assuage any concerns on this front. However, the Reserve Bank of India and the Central government were clearly not prepared for the cash (9) in bank vaults and post offices, that has become evident a week after the demonetisation. So, even soiled Rs.100 notes have been brought back into circulation to tide over the scarcity. Given our (10) public health infrastructure, a thought should also have been spared for people’s healthcare costs. Meanwhile, the Union Cabinet had cleared measures to push non-cash payments in February, but little has been implemented — using credit cards still involves high transaction charges, for example.
- 1) amid
2) tender
3) hard
4) rigid
5) roughAnswer – 2)
Explanation : tender - 1) preamble
2) rundown
3) evasion
4) discussion
5) initiationAnswer – 3)
Explanation : evasion - 1) devalue
2) minimize
3) underrate
4) assess
5) preambleAnswer – 4)
Explanation : assess - 1) severe
2) utmost
3) uttermost
4) ultimate5) middlemenAnswer – 5)
Explanation : middlemen - 1) navigating
2) abscond
3) escape
4) approach
5) cruiseAnswer – 1)
Explanation : navigating - 1) swoop
2) arise
3) escalate
4) soar
5) sproutAnswer – 1)
Explanation : swoop - 1) threat
2) adjudicate
3) decree
4) cinch
5) conjectureAnswer – 1)
Explanation : threat - 1) refined
2) coarse
3) gentle
4) polite
5) sophisticatedAnswer – 2)
Explanation : coarse - 1) generality
2) importance
3) significance
4) weight
5) crunchAnswer – 5)
Explanation : crunch - 1) enduring
2) inestimable
3) abysmal
4) immense
5) eternalAnswer – 3)
Explanation : abysmal
