Indian Economy Quiz 7

Private income is either any type of income received by a private individual or household, often derived from occupational activities, or income of an individual that is not in the form of a salary, wage, or commission (e.g. income from investments or renting land or other property).

Printing of currency notes in India is done on the basis of Minimum Reserve System (MRS). This system is applicable in India since 1956. Under the MRS, the RBI has to keep a minimum reserve of ₹200 crore comprising of gold coin and gold bullion and foreign currencies. Out of the total ₹200 crores, ₹115 crore should be in the form of gold coins or gold bullion and the rest in the form of foreign currencies.

Foreign indirect investment (FII) involves corporations, financial institutions, and private investors that purchase shares in foreign companies that trade on a foreign stock exchange.

National income is the accumulated money value of all final goods and services produced in a country during one financial year. Winning a lottery is not included in the national income because it does not add to current flow of goods and services.

Article 246 of the Indian Constitution, distributes legislative powers including taxation, between the Parliament of India and the State Legislature. Taxes of Central government under constitutionally established scheme of taxation are: taxes on income other than agricultural income; duties of customs; corporation tax; taxes on capital value of assets, taxes on capital of companies, etc.

India Brand Equity Foundation (IBEF) is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India in 2003 with the objective of promoting and creating international awareness of the Made in India label in markets overseas and to facilitate dissemination of knowledge of Indian products and services.

When buying and selling of goods and services takes place within the geographical boundaries of a country, it is referred to as internal trade or domestic trade.

The term “narrow money” typically covers the most liquid forms of money, i.e. currency (banknotes and coins) as well as bank-account balances that can immediately be converted into currency or used for cashless payments.

A capital market is a financial market in which long-term debt or equity-backed securities are bought and sold. (in a money market, short-term debt is bought and sold).

A trade bloc is a group of nations that has reached a set of special agreements regarding their economic relationships with each other.