In his Budget presentation for 2011-12, Mukherjee had proposed to reduce the fiscal deficit to 4.6 per cent in the next fiscal. He had exuded confidence that the fiscal deficit target of 4.6 per cent of the GDP for 2011-12 would be achieved. The fiscal deficit for 2011-12 was projected at Rs 4,13,000 crore, which was to be financed by market borrowings via the issue of dated securities estimated at Rs 3,43,000 crore (83% of deficit) and the issue of treasury bills estimated at Rs 15,000 crore (3.5% of the deficit). Note : Deficits occur when a government’s expenditures exceed the revenue that it generates. Finance minister Arun Jaitley pegs fiscal deficit at 3.2% of GDP for 2017-18.

Correct Option: C

In his Budget presentation for 2011-12, Mukherjee had proposed to reduce the fiscal deficit to 4.6 per cent in the next fiscal. He had exuded confidence that the fiscal deficit target of 4.6 per cent of the GDP for 2011-12 would be achieved. The fiscal deficit for 2011-12 was projected at Rs 4,13,000 crore, which was to be financed by market borrowings via the issue of dated securities estimated at Rs 3,43,000 crore (83% of deficit) and the issue of treasury bills estimated at Rs 15,000 crore (3.5% of the deficit). Note : Deficits occur when a government’s expenditures exceed the revenue that it generates. Finance minister Arun Jaitley pegs fiscal deficit at 3.2% of GDP for 2017-18.

The Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999. The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report (1994) which recommended establishment of an independent regulatory authority for insurance sector in India. Later, It was incorporated as a statutory body in April, 2000.

Correct Option: C

The Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999. The IRDA Act, 1999 was passed as per the major recommendation of the Malhotra Committee report (1994) which recommended establishment of an independent regulatory authority for insurance sector in India. Later, It was incorporated as a statutory body in April, 2000.

The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established on 12 April 1992 through the SEBI Act, 1992. Initially SEBI was a non statutory body without any statutory power. However in 1995, the SEBI was given additional statutory power by the Government of India through an amendment to the Securities and Exchange Board of India Act 1992. In April, 1998 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India.

Correct Option: D

The Securities and Exchange Board of India (frequently abbreviated SEBI) is the regulator for the securities market in India. It was established on 12 April 1992 through the SEBI Act, 1992. Initially SEBI was a non statutory body without any statutory power. However in 1995, the SEBI was given additional statutory power by the Government of India through an amendment to the Securities and Exchange Board of India Act 1992. In April, 1998 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India.

The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935. The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.

Correct Option: C

The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the Bank, which commenced operations on April 1, 1935. The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is an Indian job guarantee scheme, enacted by legislation on August 25, 2005. It aims at enhancing the livelihood security of people in rural areas by guaranteeing hundred days of wageemployment in a financial year to a rural household whose adult members volunteer to do unskilled manual work. The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2 October, 2009.

Correct Option: C

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is an Indian job guarantee scheme, enacted by legislation on August 25, 2005. It aims at enhancing the livelihood security of people in rural areas by guaranteeing hundred days of wageemployment in a financial year to a rural household whose adult members volunteer to do unskilled manual work. The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2 October, 2009.