Group 2 Prelims EM 2018 FREE (AP) Multiple Choice Questions with Answers for All Subjects

• Zamindari System was introduced by Cornwallis in 1793 through Permanent

• It was introduced in provinces of Bengal, Bihar, Orissa and Varanasi.
• Also known as Permanent Settlement System.
• Zamindars were recognized as the owner of the lands. Zamindars were given the rights to collect the rent from the peasants.
• The realized amount would be divided into 11 parts. 1/11 of the share belongs to Zamindars and 10/11 of the share belongs to East India Company.Ryotwari System

1. Ryotwari System was introduced by Thomas Munro in 1820.
2. Major areas of introduction include Madras, Bombay, parts of Assam and Coorgh provinces of British India.
3. In Ryotwari System the ownership rights were handed over to the peasants. British Government collected taxes directly from the peasants.
4. The revenue rates of Ryotwari System were 50% where the lands were dry and 60% in irrigated land.

1. Mahalwari system was introduced in 1833 during the period of William Bentinck.
2. It was introduced in Central Province, North-West Frontier, Agra, Punjab, Gangetic Valley, etc of British India.
3. The Mahalwari system had many provisions of both the Zamindari System and Ryotwari System.
4. In this system, the land was divided into Mahals. Each Mahal comprises one or more villages.
5. Ownership rights were vested with the peasants.
6. The villages committee was held responsible for a collection of the taxes.

Smiling Buddha (Pokhran-I) was the assigned code name of India's first successful nuclear bomb test on 18 May 1974( Fifth five year plan: 1st April 1974 to 31st March 1978). The bomb was detonated on the army base, Pokhran Test Range (PTR), in Rajasthan by the Indian Army under the supervision of several key Indian generals.
Pokhran-I was also the first confirmed nuclear weapons test by a nation outside the five permanent members of the United Nations Security Council.[3] Officially, the Indian Ministry of External Affairs (MEA) claimed this test was a "peaceful nuclear explosion", but it was an accelerated nuclear programme

• Real GDP growth at 8%.
• Agriculture growth at 4%.
• Manufacturing growth at 10%.
• Every state must attain higher growth rate than the rate achieved during 11th plan.

• Poverty rate to be reduced by 10% than the rate at the end of 11th plan.
• 5 Crore new work opportunities and skill certifications in the non-farm sector.

• Mean years of schooling to increase to 7 years.
• 20 lakh seats for each age bracket in higher education.
• End gender gap and social gap in school enrolment.

• Reduce : IMR to 25; MMR to 1. Increase Child Sex Ratio to 950.
• Reduce Total Fertility Rate to 2.1
• Reduce under nutrition of children in age group 0-3 to half of the NFHS-3 levels.

• Investment in Infrastructure at 9% of GDP
• Gross Irrigated Area 103 million hectares (from 90 million hectares)
• Electricity to all villages; Reduce AT&C losses by 20%.
• Connect Villages with All Weather Roads
• National and State high ways to a minimum of 2 lane standard.
• Complete Eastern and Western Dedicated Freight Corridors.
• Rural Tele-Density to 70%.
• 40 Litres Per Capita Per Day Drinking Water to 50% of the rural population; Nirmal Gram Status to 50% of all Gram Panchayats.

• Increase green cover by 1 million hectares every year.
• 30,000 MW renewable energy during Five Year Period.
• Emission intensity of GDP to be reduced to 20-25% of 2005 levels by 2020.

• Banking Services to 90% of Indian Households.
• Subsidies and Welfare related payment to be routed through Aadhar based Direct Cash Transfer Scheme

In the Industry Policy Statement 1973, the term “Core Industries” was included. It referred to the 6 Core Industries:
1. Iron and Steel Industry
2. Cement
3. Coal
4. Crude Oil
5. Oil Refining
6. Electricity
They were called the basic industries or infrastructure industries. The private players were allowed to apply for licensing in these industries and for that they required Rs. 20 Crore assets or more. In this policy, some industries were reserved for small and medium players. The Public-Private Partnership (PPP) also was emphasized as a prototype and it was called “Joint Sector” in which a partnership between state, centre and private sector was allowed. In the same year, Government had also enacted the Foreign Exchange Regulation Act 1973 (FERA) due to the severe crunch of Foreign Exchange. India also allowed limited investment by MNCs in the country.

FEMA stands for Foreign Exchange Management Bill. It was introduced by the Indian Government in the Parliament of India on August 4, 1998. The Bill aims "to unite & modify the law relating to foreign exchange with the purpose of facilitating external trade &payments and for endorsing the orderly development & maintenance of India’s foreign exchange market.
FEMA: A MAJOR DEPARTURE FROM FERA
As is evident from the name of the Act, the prominence under FEMA is on 'exchange management' while under FERA the impetus was on ‘exchange control’ or 'exchange regulation'. Under Foreign Exchange Regulation Act it was essential to acquire the permission of Reserve Bank, either general or special, in respect of most of the regulations thereunder. Foreign Exchange Management Bill has brought about a drastic change in this regard & except for Section 3 which relates to dealing in foreign exchange, etc., no other provisions of FEMA specify obtaining the permission of Reserve Bank.

The Board for Industrial and Financial Reconstruction (BIFR) is an agency of the government of India, part of the Department of Financial Services of the Ministry of Finance. Its objective is to determine sickness of industrial companies and to assist in reviving those that may be viable and shutting down the others.But from 1 June 2016, by an official notification, Government of India closed it and established National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).
The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The board was set up in January 1987 and became functional as of 15 May 1987
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002 placed corporate debt outside the purview of the BIFR. By preventing reference to the BIFR, which had become a haven for the promoters of sick companies, the Act gives banks and financial institutions a better tool for recovering bad debt. It was complemented by the corporate debt restructuring package under which lenders and borrowers would meet to agree on a way of recasting stressed debt. The BIFR was intended to bridge the legal gap between sickness and revival. It would impose time schedules for revival related activities to be completed, oversee their implementation and conduct periodic reviews of sock accounts. The BIFR would provide a forum for sharing views, coordinating the effort and developing a unified approach to dealing with sick companies, speeding up the start of the corrective action. The BIFR has meant to either turn companies around within six months or order closure.