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GK Questions: Indian Economy – Set 2

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Hello Aspirants. Welcome to Online General Knowledge section in Affairs cloud, which is important for all the competitive exams. We have created Some questions related to Indian GK(Economy) !!!

  1. The Indian currency system was converted into a decimall system by ………………….. which was brought into force from 1 April, 1957.
    1.Banking Companies Act, 1946
    2.Coinage Act 1956
    3.Indian Coinage Act 1955
    4.Banking Regulation Act 1949
    5.None of these
    Answer – 3. Indian Coinage Act 1955
    Explanation :
    The Indian currency system was converted into a decimall system by  Indian Coinage Act 1955which was brought into force from 1 April, 1957. The Old system of rupee, annas and paise was replaced by rupee and paise system
    1 Rupee = 16 Annas  and 1 Annas = 12 paise

  2. In India Currency notes of denomination Rs.1,2,5,10,50,500 and 1000 are in circulation.This series of number is called as ……………
    1.British Series
    2.Indian Currency Series
    3.Ambedkar Series
    4.Mahatma Gandhi Series.
    5.None of these
    Answer – 4.Mahatma Gandhi Series.
    Explanation :
    In India Currency notes of denomination Rs.1,2,5,10,50,500 and 1000 are in circulation This series which began in 1996 is called as Mahatma Gandhi Series.All notes above 1 rupee denomination was introduced by RBI

  3. All the currency notes except ……………………….. bear the signature of the Governor of the RBI.
    1.One Rupee note
    2.Hundred Rupee note
    3.Five Rupee note
    4.Two Rupee note
    5.None of these
    Answer – 1.One Rupee note
    Explanation :
    One rupee note is signed controlled by Ministry of finance and signed by the Finance Secretary

  4. Distribution and administration of all currency is done by the ………………………… as an agent of the GOI.
    1.RBI
    2.World Bank
    3.SBI
    4.Finance Department
    5.None of these
    Answer – 1.RBI
    Explanation :
    RBI – Reserve Bank of India
    Founded in  April 1, 1935 at Kolkata

  5. In ……………. became a member of IMF and the exchange value of the rupee came to be fixed  by IMF standards.
    1.1947
    2.1950
    3.1956
    4.1987
    5.None of these
    Answer – 1.1947
    Explanation :
    The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
    HQ – Washington, D.C.,Dc

  6. Paper currency in India was introduced in ……………………. by the British government
    1.1919
    2.1890
    3.1920
    4.1861
    5.None of these
    Answer – 4.1861
    Explanation :
    In 1861, the government of India introduced its first paper money: Rs.10 notes in 1864, Rs.5 notes in 1872, Rs.10,000 notes in 1899, Rs.100 notes in 1900, 50-rupee notes in 1905, 500-rupee notes in 1907 and 1000-rupee notes in 1909.

  7. The first devaluation take place in June ………………………
    1.1947
    2.1889
    3.1949
    4.1935
    5.None of these
    Answer – 3.1949
    Explanation :
    The first devaluation take place in June 1949, when the Indian rupees when the Indian rupee devaluated by 30.5%

  8. …………………….. refers to the withdrawal of currency from circulation which is done to ambush black market currency and unaccounted money.
    1.Devaluation
    2.Decentralisation
    3.Denomination
    4.Demonetization
    5.None of these
    Answer – 4.Demonetization
    Explanation :
    Demonetization is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit.

  9. The Banking Companies Act was amended in 1949 and its name changed to the ………………….
    1.Banking Laws Act
    2.Reserve Bank of India Act
    3.Banking Transfer Act
    4.Banking Regulation Act
    5.None of these
    Answer – 4.Banking Regulation Act
    Explanation :
    Banking Regulation Act regarding control and regulation of Banking Sector in India.

  10. The first bank in India managed by Indians was the ………………………
    1.RBI
    2.Oudh Commerical Bank
    3.Corporation Bank
    4.Bank of India
    5.None of these
    Answer – 2.Oudh Commerical Bank
    Explanation :
    Oudh Commerical Bank founded in 1881. It was a bank of limited liability