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:

Who takes the decision regarding the savings and loan activities in a Self Help Group (SHG)?

A) Private Bank	B) Reserve Bank of India
C) Members of group	D) Non Government Organizations

Answer & Explanation Answer: C) Members of group

Explanation:

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Q:

Who is the first law officer of the country?

A) Chief Justice of India	B) Attorney General
C) Law Minister	D) Solicitor General

Answer & Explanation Answer: B) Attorney General

Explanation:

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Q:

Vacuum Tubes were used by _________ Generation of Computers.

A) First	B) Second
C) Third	D) Fourth

Answer & Explanation Answer: A) First

Explanation:

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Q:

'Stand up India' scheme launched by the Prime Minister recently is related with

A) Promotion of entrepreneurship among SC, ST and Women	B) Promotion of rights of Divyangs
C) Promotion of compulsory education for women	D) Promotion of Indian exports in western countries

Answer & Explanation Answer: A) Promotion of entrepreneurship among SC, ST and Women

Explanation:

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Q:

In which year was the First Five Year Plan launched in India?

A) 1921	B) 1931
C) 1941	D) 1951

Answer & Explanation Answer: D) 1951

Explanation:

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Q:

What is the full form of the Indian Political Party "BSP"?

A) Bharatiya Samaj Party	B) Bahujan Samaj Party
C) Bharatiya Sangh Party	D) Bahujan Sangh Party

Answer & Explanation Answer: B) Bahujan Samaj Party

Explanation:

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Q:

The motion of a freely falling body is an example of ________________________ motion.

A) uniformly accelerated	B) non-uniformly accelerated
C) constant velocity	D) constant speed

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