Daily Current Affairs (MCQ's) | 13-02-2023

Q1. Which of the following is/are correctly matched in context of Budget 2023-24?

Select the correct answer from codes given below

a. 1 and 2 only

b. 1 and 3 only

c. 3 only

d. 1, 2 and 3

Answer (d)

Explanation:

Tourism

• Sector specific skilling and entrepreneurship development will be dovetailed to achieve the objectives of the ‘Dekho Apna Desh’ initiative. This was launched as an appeal by the Prime Minister to the middle class to prefer domestic tourism over international tourism.

• For integrated development of theme-based tourist circuits, the ‘Swadesh Darshan Scheme’ was also launched.

• Under the Vibrant Villages Programme, tourism infrastructure and amenities will also be facilitated in border villages.

Q2. Consider the following statements with respect to the Demands for Grants

1. Article 113 of the Constitution mandates that the estimates of expenditure from the Consolidated Fund of India included in the Annual Financial Statement

2. The estimates of expenditure are to be submitted in the form of Demands for Grants

3. Generally, one Demand for Grant is presented in respect of each Ministry or Department

Which of the above statements is/are correct?

a. 1 and 2 only.

b. 2 and 3 only.

c. 1 and 3 only.

d. 1, 2 and 3.

Answer (d)

Explanation:

Demands for Grants

Article 113 of the Constitution mandates that the estimates of expenditure from the Consolidated Fund of India included in the Annual Financial Statement and required to be voted by the Lok Sabha, be submitted in the form of Demands for Grants. The Demands for Grants are presented to the Lok Sabha along with the Annual Financial Statement. Generally, one Demand for Grant is presented in respect of each Ministry or Department. However, more than one Demand may be presented for a Ministry or Department depending on the nature of expenditure.

With regard to Union Territories without Legislature, a separate Demand is presented for each of such Union Territories. In Budget 2023-24 there are 102 Demands for Grants. Each Demand initially gives separately the totals of (i) ‘voted’ and ‘charged’ expenditure; (ii) the ‘revenue’ and the ‘capital’ expenditure and (iii) the grand total on gross basis of the amount of expenditure for which the Demand is presented. This is followed by the estimates of expenditure under different major heads of account.

Q3. Consider the following statements with respect to the Finance Bill presented in Budget

1. At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfilment of the requirement of Article 110 (1)(a) of the Constitution

2. The Finance bill involves detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget.

3. A Finance Bill is a Money Bill as defined in Article 112 of the Constitution.

Which of the above statements is/are correct?

a. 1 and 2 only.

b. 2 and 3 only.

c. 1 and 3 only.

d. 1, 2 and 3.

Answer (a)

Explanation:

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfilment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It also contains other provisions relating to the Budget that could be classified as Money Bill. A Finance Bill is a Money Bill as defined in Article 110 of the Constitution.

Q4. Consider the following statements with respect to the Public Account

1. Public Account funds that do not belong to the Government and have to be finally paid back to the persons and authorities, who deposited them, do not require Parliamentary authorization for withdrawals

2. The approval of the Parliament is obtained when amounts are withdrawn from the Consolidated Fund and kept in the Public Account for expenditure on specific objects

Which of the above statements is/are incorrect?

a. 1 only

b. 2 only

c. Both 1 and 2

d. Neither 1 nor 2

Answer (d)

Explanation:

Money held by the Government in trust is kept in the Public Account. The Public Account draws its existence from Article 266 of the Constitution of India. Provident Funds, Small Savings collections, receipts of Government set apart for expenditure on specific objects such as road development, primary education, other Reserve/Special Funds etc., are examples of money kept in the Public Account.

Public Account funds that do not belong to the Government and have to be finally paid back to the persons and authorities, who deposited them, do not require Parliamentary authorization for withdrawals. The approval of the Parliament is obtained when amounts are withdrawn from the Consolidated Fund and kept in the Public Account for expenditure on specific objects (The actual expenditure on the specific object is again submitted for vote of the Parliament for withdrawal from the Public Account for incurring expenditure on the specific objects).

The Union Budget can be demarcated into the part pertaining to revenue which is for ease of reference termed as Revenue Budget in (iv) below and the part pertaining to Capital which is for ease of reference termed as Capital Budget in (v) below.

Q5. Consider the following statements with respect to the Annual Financial Statement (AFS)

1. The Annual Financial Statement (AFS) shows the estimated receipts and expenditure of the Government of India for 2023-24 along with estimates for 2022-23 as also actuals for the year 2021-22

2. The receipts and disbursements are shown under three parts in which Government Accounts are kept viz., the Consolidated Fund of India, the Contingency Fund of India and the Public Account of India.

3. The Annual Financial Statement distinguishes the expenditure on capital accounts from the expenditure on other accounts

Which of the above statements is/are correct?

a. 1 and 2 only

b. 2 and 3 only

c. 1 and 3 only

d. 1, 2 and 3

Answer (a)

Explanation:

The Annual Financial Statement (AFS), the document as provided under Article 112, shows the estimated receipts and expenditure of the Government of India for 2023-24 along with estimates for 2022-23 as also actuals for the year 2021-22. The receipts and disbursements are shown under three parts in which Government Accounts are kept viz., (i) The Consolidated Fund of India, (ii) The Contingency Fund of India and (iii) The Public Account of India. The Annual Financial Statement distinguishes the expenditure on revenue accounts from the expenditure on other accounts, as is mandated in the Constitution of India. The Revenue and the Capital sections together, make the Union Budget. The estimates of receipts and expenditure included in the Annual Financial Statement are net of refunds and recoveries respectively.