Question 01: Consider the following statements regarding the State of Inequality in India Report:

1. It is written by the Institute for Competitiveness and is released by the Competition Commission of India (CII).

2. The report compiles information on inequities only in sectors of health, education, household characteristics, and the labor market.

3. The indices used are income distribution and labor market dynamics, health, education, and household characteristics only.

Question 02: Consider the following statements regarding the Liberalised Remittance Scheme (LSR):

1. All resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year.

2. It can be availed for any permissible current or capital account transaction or a combination of both.

Question 01:

Answer : c

The State of Inequality in India Report
• The State of Inequality Report is a stock-taking of both inclusion and exclusion.
• The State of Inequality in India Report was released by the Chairman, Economic Advisory Council to the Prime Minister (EAC-PM).
• The report has been written by the Institute for Competitiveness and presents a holistic analysis of the depth and nature of inequality in India.
• The report compiles information on inequities across sectors of health, education, household characteristics, and the labor market.
• Consisting of two parts – Economic Facets and Socio-Economic Manifestations – the report looks at five key areas that influence the nature and experience of inequality.
• Income distribution and labor market dynamics, health, education, and household characteristics.

Question 02:

Answer : c

Liberalized Remittance Scheme by RBI
• Under the Liberalized Remittance Scheme, all resident individuals, including minors, can freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
• The remittance facility under the Scheme is not available for the following:
• Remittance for any purpose expressly prohibited under Schedule-I (like the purchase of lottery tickets/sweepstakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
• Remittance from India for margins or margin calls to overseas exchanges/overseas counterparty.
• Remittances for purchasing FCCBs issued by Indian companies in the overseas secondary market.
• Remittance for trading in foreign exchange abroad.
• Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non-cooperative countries and territories”, from time to time.
• Remittances directly or indirectly to those individuals and entities identified as posing a significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.

Question 01: Consider the following statements about Anti-ship missile

1. India has recently test-fired its first indigenous air launched anti-ship missile recently.

2. It is long-range missiles that can be launched form a ship in the sea.

3. It operates at super-sonic speed that can strategically target main areas of a large ship and make it dysfunctional.