Exercise Quiz & Test – 7


1. The tax payers data flows directly from banks to Tax Information Network (TIN). Who maintains TIN?
(a) RBI
(b) National Securities Depository Ltd.
(c) National Securities Defense Ltd.
(d) Enforcement Directorate
(e) None of these

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2. What is the meaning of ‘I promise to pay’ clause written on notes?
(a) The bank’s obligation to pay the value of banknote does not arise out of a contract but out of statutory provisions.
(b) The bank’s obligation to pay the value of banknote does arise out of a contract but not out of statutory provisions.
(c) This obligation is neither due to a contract nor a statutory provision.
(d) It means that to pay you the value, there is sovereign guaranty.
(e) None of these.

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3. RBI issued its first banknote in Jan 1938 bearing the portrait of George IV. What was its denomination?
(a) Rs. 5
(b) Rs. 10
(c) Rs. 1
(d) Rs. 2
(e) None of these

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4. Expand CIN with respect to OLTAS.
(a) Challan Identification Number
(b) Challan Identification Notary
(c) Channel Identification Number
(d) Challan Inventory Number
(e) None of these

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5. When were banknotes in the Mahatma Gandhi Series introduced?
(a) 1991
(b) 1995
(c) 1996
(d) 2000
(e) None of these

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6. Banknotes can be issued in any denominations but coins can be issued up to what denomination?(a) Rs. 5000
(b) Rs. 1000
(c) Rs. 500
(d) Rs. 100
(e) None of these

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7. Consider these statements:-
Statement I – One rupee note is the liability of GOI.
Statement II – Two rupee note is the liability of RBI.
(a) Both statements are true.
(b) Both are false.
(c) Statement I is true, whereas II is false.
(d) Statement I is false, whereas II is true.
(e) None of these.

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8. Consider these statements:-
Statement I – RBI decides volume and value of banknotes to be printed.
Statement II – RBI decides volume and value of coins to be minted.
(a) Both are true.
(b) Both are false.
(c) Statement I is true, but statement II is false.
(d) Statement I is false, whereas II is true.
(e) None of these.

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9. To enforce law and order Government of India has many agencies. SFIO is one of them. Expand it.
(a) Serious Fraud Interrogation Office
(b) Serious Fraud Investigation Office
(c) Serious Feud Interrogation Office
(d) Serious Fraud Interrogation Ordinance
(e) None of these.

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10. Consider these statements:-
Statement I – Other than Rs. 1000 note, the security threads of the banknotes contain the word ‘Bharat’ in Devanagari script and ‘RBI’ alternatively.
Statement II – In Rs. 1000 note, the security thread contains the word ‘Bharat’ in Devanagari script, ‘1000’, and ‘RBI”.
(a) Both are false.
(b) Both are true.
(c) Statement I is true but II is false.
(d) Statement I is false but II is true.
(e) None of these

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