The gems and jewellery sector is a major foreign exchange earner. At present, gems and jewellery is the second largest foreign exchange earner in the country surpassing even what was earned by the textile and apparel sector. The countries where demand is increasing for Indian jewellery include the UAE, the US, Russia, Singapore, Hong Kong, Latin America and China.

Correct Option: B

The gems and jewellery sector is a major foreign exchange earner. At present, gems and jewellery is the second largest foreign exchange earner in the country surpassing even what was earned by the textile and apparel sector. The countries where demand is increasing for Indian jewellery include the UAE, the US, Russia, Singapore, Hong Kong, Latin America and China.

Household savings contribute 60-80% of India’s gross domestic savings, and have been its most stable and highest component for over six decades. A tenth of total assets is in currency; a similar amount goes to the government through small savings schemes. Since there is no social security in India, life insurance and provident funds tend to be allocated significant amounts from total household savings. Finally, capital market instruments- such as shares, debentures, mutual funds get less than 5% of total investment.

Correct Option: B

Household savings contribute 60-80% of India’s gross domestic savings, and have been its most stable and highest component for over six decades. A tenth of total assets is in currency; a similar amount goes to the government through small savings schemes. Since there is no social security in India, life insurance and provident funds tend to be allocated significant amounts from total household savings. Finally, capital market instruments- such as shares, debentures, mutual funds get less than 5% of total investment.

By merging the two erstwhile wage employment programme - National Rural Employment programme (NREP) and Rural Landless Employment Guarantee Programme (RLEGP) the Jawahar Rozgar Yojana (JRY) was started with effect from April, 1, 1989 on 80:20 cost sharing basis between the centre and the States. The main objective of the Yojana was additional gainful employment for the unemployed and under-employed persons in rural areas. The other objective was the creation of sustained employment by strengthening rural economic infrastructure and assets in favour of rural poor for their direct and continuing benefits.

Correct Option: D

By merging the two erstwhile wage employment programme - National Rural Employment programme (NREP) and Rural Landless Employment Guarantee Programme (RLEGP) the Jawahar Rozgar Yojana (JRY) was started with effect from April, 1, 1989 on 80:20 cost sharing basis between the centre and the States. The main objective of the Yojana was additional gainful employment for the unemployed and under-employed persons in rural areas. The other objective was the creation of sustained employment by strengthening rural economic infrastructure and assets in favour of rural poor for their direct and continuing benefits.

The Annapurna Scheme was launched by the Ministry of Rural Development on April 1, 2000 as a 100 per cent Centrally Sponsored Scheme aiming at providing food security to meet the requirement of those destitute senior citizens who though eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS). From 2002-2003, this scheme was transferred to State Plan along with the NSAP. Indigent senior citizens or 65 years of age or above who though eligible for old age pension under the National Old Age Pension Scheme (NOAPS) but were not getting the pension were covered under the Scheme. 10 kgs of foodgrains per person per month was supplied free of cost under the scheme.

Correct Option: D

The Annapurna Scheme was launched by the Ministry of Rural Development on April 1, 2000 as a 100 per cent Centrally Sponsored Scheme aiming at providing food security to meet the requirement of those destitute senior citizens who though eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS). From 2002-2003, this scheme was transferred to State Plan along with the NSAP. Indigent senior citizens or 65 years of age or above who though eligible for old age pension under the National Old Age Pension Scheme (NOAPS) but were not getting the pension were covered under the Scheme. 10 kgs of foodgrains per person per month was supplied free of cost under the scheme.

The fringe benefits tax (FBT) was introduced in India in the year 2005-2006. Fringe Benefit Tax (FBT) is fundamentally a tax that an employer has to pay in lieu of the benefits that are given to his/her employees. It was an attempt to comprehensively levy tax on those benefits, which evaded the taxman. The list of benefits encompassed a wide range of privileges, services, facilities or amenities which were directly or indirectly given by an employer to current or former employees, be it something simple like telephone reimbursements, free or concessional tickets or even contributions by the employer to a superannuation fund. FBT was introduced as a part of the Finance Bill of 2005 and was set at 30% of the cost of the benefits given by the company, apart from the surcharge and education cess that also needed to be paid.

Correct Option: C

The fringe benefits tax (FBT) was introduced in India in the year 2005-2006. Fringe Benefit Tax (FBT) is fundamentally a tax that an employer has to pay in lieu of the benefits that are given to his/her employees. It was an attempt to comprehensively levy tax on those benefits, which evaded the taxman. The list of benefits encompassed a wide range of privileges, services, facilities or amenities which were directly or indirectly given by an employer to current or former employees, be it something simple like telephone reimbursements, free or concessional tickets or even contributions by the employer to a superannuation fund. FBT was introduced as a part of the Finance Bill of 2005 and was set at 30% of the cost of the benefits given by the company, apart from the surcharge and education cess that also needed to be paid.