Interim Budget 2019-20 Quiz for RBI Grade B Phase II

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Ques 1

Which of the following schemes was launched in the budget to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land up to 2 hectares?

a. PM-KISAN
b. PM-KRUSHAK
c. PM-KRISHAK
d. PM-ANNDATA
e. None of the above.


Ques 2. 

What does PM-KISAN stand for?
a. Pradhan Mantri Krushak SAmman Nidhi
b. Pradhan Mantri KIsan SAmman Niyojan
c. Pradhan Mantri Krushak SAmadhan Nidhi
d. Pradhan Mantri KIsan SAmman Nidhi
e. None of the above

Ques 3. 

What is the total amount to be given to the farmers under PM-KISAN Scheme (per annum)?
a. 10,000 INR
b. 5000 INR
c. 6000 INR
d. 12,000 INR
e. 8,000 INR

Ques 4. 

In how many installment will the farmers get the benefit under  PM KISAN Yojana and what would be the amount of each installment?
a. 1, 6000
b. 3, 2000
c. 2, 3000
d. 4, 1500
e. None of the above

Ques. 5 

How many Small and Marginal farmer families are expected to be benefitted from PM-KISAN Yojana?
a. 15 crore
b. 10 crore
c. 12 crore
d. 14 crore
e. 20 crore


Ques 6.  

Complete the following statement.
In the interim budget 2019-20 it was announced that ______________________ interest subvention to the farmers pursuing the activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card. Further, in case of timely repayment of loan, they will also get an additional ____________________ interest subvention.
a. 2% and 4%
b. 2% and 3 %
c. 3% and 4%
d. 2% and 5%
e.  4% and 5%

Ques 7. 

What is the total outlay of the funds allocated for Rashtriya Gokul Mission for the current year itself?
a. 750 crore
b. 600 crore
c. 450 crore
d. 200 crore
e.  100 crore

Ques 8. 

Which of the following Ayog is announced to be set up to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows?
a. Rashtriya Godhan Aayog
b. Rashtriya Dhenu Aayog
c. Rashtriya Gokul Aayog
d. Rashtriya Kamdhenu Aayog
e. None of the above

Ques 9

To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new is announced. The Finance Minister said that it would be one of the largest pension schemes of the world.. Additional funds will be provided as needed, Shri Goyal added. The scheme will also be implemented from the current year.

Identify the scheme discussed in the paragraph.
a. Pradhan Mantri Shram-Yogi Maandhan
b. Pradhan Mantri Shrmik Vikas Karyakarm 
c. Pradhan Mantri Shram-Sevak Maadhan
d. Pradhan Mantri Shrmik Maadhan Vikas Karyakram
e. None of the above

Ques 10. 

To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new is announced. The Finance Minister said that it would be one of the largest pension schemes of the world.. Additional funds will be provided as needed, Shri Goyal added. The scheme will also be implemented from the current year.

What is the total outlay of the sum allocated for the scheme discussed in the paragraph?
a. 800 crore
b. 1000 crore
c. 300 crore
d. 500 crore
e. None

Ques 11. 

Which of the following statements is/are correct according to Budget 2019-20?
(i) Full tax rebate for individual taxpayers having taxable annual income up to Rs. 5 lakhs.
(ii) Standard deduction increased to Rs 60,000 from Rs 50,000 for salaried class
(iii) Individuals with gross income up to 7 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities

a. None is correct
b. All are correct
c. Only (i) is correct
d. Only (ii) is correct
e. Only (iii) is correct

Ques 12. 

Which of the following statements is/are correct according to Budget 2019-20?
(i) TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1,80,000 to Rs.3,60,000 for providing relief to small taxpayers.
(ii)  TDS threshold on interest earned on bank/post office deposits is being raised from Rs. 10,000 to Rs.40,000.
(iii) Income tax relief on notional rent from unsold houses extended to 3 years from 2 year.

a. None is correct
b. All are correct
c. Only (i) is correct
d. Only (ii) is correct
e. Only (iii) is correct

Ques 13. 

Which of the following statements is/are incorrect according to Budget 2019-20?
(i) For FY19, the government has revised the fiscal deficit target to 3.5 per cent.
(ii) For FY19 Current Account Deficit (CAD) is pegged at 2.5% of GDP.
(iii) The Fiscal Responsibility and Budget Management (FRBM) Act has recommended that the Debt to GDP ratio of the government should be reduced to 30% by FY25
(iv) The disinvestment target set at Rs. 90,000 crores for FY19.

a. All are incorrect
b. All are incorrect except (i)
c. All are incorrect except (ii)
d. All are incorrect except (iiii)
e. All are incorrect except (iv)

Ques 14. 

Which of the following statements is/are incorrect according to Budget 2019-20?
(i) Under affordable housing, the benefits under Section 80-C of the Income Tax Act has been extended for one more year, i.e. to the housing projects approved till 31st March, 2021.
(ii) The benefit of rollover of capital gains under section 56 of the Income Tax Act will be increased from investment in one residential house to two residential houses for a tax payer having capital gains up to Rs. 2 crores. This benefit can be availed twice in a lifetime. 
(iii) GST-registered SME units will get 2% interest rebate on an incremental loan of Rs. 2 Crore.

a. All are incorrect
b. All are incorrect except (i)
c. All are incorrect except (ii)
d. All are incorrect except (iiii)
e. All are incorrect except (iv)

Ques 15. 

Which of the following statements is/are incorrect according to Budget 2019-20?
(i) Allocation of Rs.60,000 crores for MGNREGA
(ii) By March, 2020, all households will be provided with electricity connection.
(iii) An announcement was made for setting up of a new – the 22nd AIIMS in Madhya Pradesh.
(iv) For the first time, the country‟s Defence Budget will be of over Rs.5 lakh crore.
(v) 20% additional seats in educational institutions to meet the 10% reservation for the poor

a. All are incorrect
b. All are incorrect except (i)
c. All are incorrect except (ii)
d. All are incorrect except (iiii)
e. All are incorrect except (iv)

Answers & Explanation

Ans 1- 5
New Scheme- namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend
direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land
upto 2 hectares is announced.
Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the
bank accounts of around 12 crore Small and Marginal farmer families, in three equal
installments.

Ans 6
The Finance Minister announced 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card. Further, in case of timely repayment of loan, they will also get an additional 3% interest subvention.

Allocation of Rs.750 crore for Rashtriya Gokul Mission has been announced for the current year itself. Setting up of "Rashtriya Kamdhenu Aayog" to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows has also been announced. The Aayog will also look after effective implementation of laws and welfare schemes for cow.

Ans 7.
Allocation of Rs.750 crore for Rashtriya Gokul Mission has been announced for the current year itself. Setting up of "Rashtriya Kamdhenu Aayog" to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows has also been announced. The Aayog will also look after effective implementation of laws and welfare schemes for cow.

Ans 8.
Setting up of "Rashtriya Kamdhenu Aayog" to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows has also been announced. The Aayog will also look after effective implementation of laws and welfare schemes for cow.

Ans 9-10
To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new Scheme called 'Pradhan Mantri Shram-Yogi Maandhan' is announced. The Finance Minister said that within next five years it would be one of the largest pension schemes of the world. A sum of Rs.500 crore has been allocated for the Scheme. Additional funds will be provided as needed, Shri Goyal added. The scheme will also be implemented from the current year, he said.

Ans 11
Full tax rebate for individual taxpayers having taxable annual income up to Rs. 5 lakhs.
Standard Deduction raised from the current Rs. 40,000 to Rs. 50,000 for salaried persons.
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities

Ans 12
(i) TDS threshold for rent increased from Rs 1.8 lakh to 2.4 lakh 
(ii) Tax Deducted at Source (TDS) threshold on interest earned on bank/post office deposits raised from Rs. 10,000 to Rs. 40,000.
(iii) Income tax relief on notional rent from unsold houses extended to 2 years from 1 year

Ans 13
FY19 fiscal deficit target revised to 3.4% of Gross Domestic Product (GDP) from 3.3% of GDP estimated earlier.
FY19 Current Account Deficit (CAD) pegged at 2.5% of GDP.
The Fiscal Responsibility and Budget Management (FRBM) Act has recommended that the Debt to GDP ratio of the government should be reduced to 40% by FY25, which stood at 46.5% in FY18.
The disinvestment target set at Rs. 80,000 crores for FY19.

Ans 14
Under affordable housing, the benefits under Section 80-IBA of the Income Tax Act has bee extended for one more year, i.e. to the housing projects approved till 31st March, 2020.
The benefit of rollover of capital gains under section 54 of the Income Tax Act will be increased from investment in one residential house to two residential houses for a tax payer having capital gains up to Rs. 2 crores. This benefit can be availed once in a life time.
GST-registered SME units will get 2% interest rebate on incremental loan of Rs. 1 Crore.

Ans 15
Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20
Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20
22nd AIIMS to be setup in Haryana
Highest ever defence budget allocated at Rs. 3,00,000 crores for FY20.
20% additional seats in educational institutions to meet the 10% reservation for the poor

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