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UPSC Economics Business and Foreign Trade / व्यापार और विदेश व्यापार Question Bank Digital Economy and GST & Economic Survey - 2017

  • question_answer
    Consider the following statements:
    1. The Lok Sabha in February 2017 passed the Specified Bank Notes Cessation of Liabilities Bill 2017.
    2. The bill replaces the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2015
    3. The bill exempts a person to hold up to 25 old notes for the purpose of study, research or numismatics (collection or study of coins or notes)
    Select the correct answer using the codes given below:

    A) Only 1 & 3                   

    B) Only 1 & 2

    C) Only 2 & 3                   

    D) All of the above

    Correct Answer: A

    Solution :

    Statement 2 is wrong because the 2017 bill replaced the specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The ordinance was promulgated by the President Pranab Mukherjee on 30 December 2016.


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