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Directions (1-10): Read the following passage carefully and answer the questions given below it.
India is an economy where 90 per cent of all transactions are in cash. This is due to the large informal sector, which employs 90 per cent of the workforce. The overwhelming majority of them are not hoarders of black money. And yet, India cannot become a cashless society unless its mammoth informal sector transitions to digital payments. In other words, the informal sector is not an unintended casualty of demonetisation but the intended target. As the Reserve Bank of India Governor has clarified, the government was fully cognisant of the consequences of its move, and it was not at all an ill-planned operation. As it happens, cash is the most powerful instrument of financial inclusion. Anyone can access it directly, without depending on rent-seeking technological or financial intermediaries. It is because these freedoms matter that there is resistance to their loss a loss that is a given in a cashless society. There was thus a logical need for a phase one of demonetisation where the idea that it was about black money could be firmly planted in public memory. In phase two, which would kick in after black money and national pride have been inserted into the demonetisation discourse, cashless would be equated with clean and cash with dirt and the suspicion of black money.
One immediate outcome of a cashless India would be a sharp rise in indirect taxes compliance. Traders, small businesses, shopkeepers, and consumers routinely use cash as a means to avoid paying service tax, sales tax, VAT, and any number of indirect taxes and fees. This mindset needs to change if the imminent Goods and Services Tax regime is to actually work. Brutally enforcing a cashless payments system by sucking out 86 per cent of paper money and letting people flounder for a period in a condition of acute paper money scarcity. Apart from the state, another big beneficiary of a cashless India is finance capital. At present, India’s low-income households access credit through informal systems be it a pawn broker or employer or a relative with cash savings. Forcing them to shift to cashless payment platforms instantly formalises this world of informality. As the Prime Minister himself has reiterated many times, the mass opening of bank accounts under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion, but in reverse, it channels personal income to financial markets via insurance and pension schemes such as the Pradhan Mantri SurakshaBima Yojana and Atal Pension Yojana. The third beneficiary is the digital sector, which enjoys a complex but symbiotic relationship with finance capital. Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8. Finally, in a global scenario of debt-soaked slowdown, extreme income inequality, and stagnating real wages, capital accumulation is only possible through a mechanism that systematically administers an upward redistribution of income from the 99 per cent to the 1 per cent. While an indirect tax regime like the GST would accomplish this objective for the state, the integration of personal savings into the global debt economy would manage the same for finance capital. The primary requirement in both cases is to capture the circuits of capital and commodity circulation that lie beyond their respective domains of taxation and credit that is, the entire cash economy.
From businesses to analysts to ordinary citizens, everyone in India is waiting for life to return to normal. An easy definition for most people would be: no long queues at ATMs. But the queues are long not only because there are too many people and too little cash. A proper return to the pre demonetisation normal therefore entails something more: removal of any ceiling on cash withdrawals. Such a definition of normal would be valid if the reason for demonetisation was either destruction of black money or fake currency, or even a recapitalisation of banks all of which has either already happened or no longer matter. No matter how many currency notes are reportedly printed, how many ATMs are recalibrated, how many livelihoods affected in the informal sector, the ceiling on cash withdrawals may not be withdrawn any time soon and no date has been indicated so far. Not surprisingly, the banking sector is firmly behind the Prime Minister on demonetisation. So is the IT sector. The only constituency that may not be, is the one targeted by demonetisation: the cash dependent informal sector, which has taken a hit, and will continue to do so unless and until they switch en masse to digital payment platforms which is what the government is expecting them to do.While the political ramifications are a different story, one may view this a push for a cashless India as the culmination of the economic logic of liberalisation
1) According to the passage which of the following given option was an immediate consequence of cashless India?
- Employers had no way to pay their employees
- There was unprecedented progress in e-payment services.
- There was sharp rise in indirect taxes compliance.
a) i and ii
b) ii and iii
c) only iii
d) i and iii
e) All are correct
2) Which of the following given sectors is not one of the big occupants of a cashless India?
a) Banking sector
b) Informal sector
c) Digital sector
d) Information technology sector
e) Corporate sector
3) According to the passage why cash is considered as a most powerful instrument of financial inclusion?
- Prices emerge from the use of money in markets to trade goods between people and firms
- Cash is already the norm for commercial uses by those at the bottom of the economic pyramid.
- Cash can be access directly by anyone.
a) ii and iii
b) i and ii
c) i and iii
d) only iii
e) None of these
4) Which of the following is not true in the context of the passage?
- Large number of bank accounts opening under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion
- The informal sector employs 90 per cent of the workforce
- The augmentation of capital is only possible through a mechanism that oversees an upward reposition of income from the 99 per cent to the 10 per cent.
a) Only iii
b) i and iii
c) i and ii
d) ii and iii
e) None of these
5) According to the passage why it has been said that digital sector is a beneficiary of cashless India which enjoyed symbiotic relationship with finance capital
- Card transactions at point of sale terminals at merchant locations have surged as more people start using their debit cards for payments rather than for withdrawing cash at ATMs.
- Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8
- Digital transactions rose to more than 1billion in January from 817 million last year while ATM transactions have remained constant at around 700 million, the incremental growth has been driven mostly by card swipes at PoS terminals
a) ii and iii
b) i and ii
c) only ii
d) i and iii
e) None of these
6) Which of the following is true in the context of the passage?
- India’s low-income households access credit through informal systems
- Service tax, sales tax, VAT are types of indirect taxes
- A proper return to the pre demonetisation normal therefore entails removal of any ceiling on cash withdrawals.
a) Only i
b) i and ii
c) ii and iii
d) i and iii
e) All are true
7) Choose the word which is most nearly the same in meaning as the word “cognisant” printed in bold as used in the passage.
a) Oblivious
b) Apprehensive
c) Cretinous
d) Benighted
e) Moronic
8) Choose the word which is most nearly the same in meaning as the word “stagnating” printed in bold as used in the passage.
a) Germinate
b) Propagate
c) Languish
d) Augment
e) Amalgamate
9) Choose the word which is most opposite in meaning of the word “flounder” in bold as used in the passage
a) Muddle
b) Plunge
c) Stumble
d) Thrash
e) Frivolous
10) Choose the word which is most opposite in meaning of the word “recalibrated” in bold as used in the passage
a) Launder
b) Rectify
c) Annotate
d) Retrograde
e) Debug
Directions (11-15): Each sentence below has one or two blanks, each blank indicating that something has been omitted. Below the sentence are five sets of words. Choose the set of words for each blank that best fits the meaning of the sentence as a whole.
11) Exactly how to ______ such rules is a matter of ongoing debate in France, President Emmanuel Macron has argued for the need to be less rigid, and likes to remind the French that the 1905 law was passed also to ________ the right to religious practice.
a) Construed, preserve
b) Interpret, enshrine
c) Improvise, sanctified
d) Delineate, desecrate
e) Portray, exalted
12) Developing countries such as India have an economic structure different from the developed ones of the West for which inflation targeting was first ________ an aspect of this is that agricultural production is subject to _________.
a) Concoct, variation
b) Fabricated, motions
c) Contrive, disparities
d) Devised, fluctuation
e) Formulate, transgressions
13) During the sectarian troubles of 1968-98, the Irish border was for much of the time heavily ________ people and goods crossing the 500km frontier were stopped for customs and identity checks, as British army helicopters ________ overhead.
a) Reinforce, grumbled
b) Consolidated, reverberate
c) Fortified, whirred
d) Entrench, thunder
e) Dissuaded, ruffled
14) The French government ruled that refusal _______ to a failure to _________ which it is entitled to do under a provision in French law and therefore denied her French citizenship.
a) Aggregated, imbibed
b) Amounted, assimilate
c) Correspond, incorporate
d) Signified, envisaged
e) Extended, depart
15) Security measures were phased out following the Good Friday peace agreement of 1998, and the EU’s single market and customs union have _______ the need for ________ of imports and exports between the two countries.
a) Eradicate, inquest
b) Incorporated, probes
c) Relegate, surveillance
d) Dislodged, inventory
e) Banished, inspections
Directions (16-20): Each of the following sentences are divided into parts, which are marked a, b, c and d. One of these parts may contain an error. Mark that part as your answer from the options given below and choose e if you find out there is no error. (Ignore punctuation error if any)
16) With a view to enable integration of trading of various segments a)/ of securities market at the level of exchanges, it has b)/ been decided to permit stock exchanges to set their trading c)/hours in the equity derivatives segment between 9am and 11:55 pm d)/ no error e)/
a) a
b) b
c) c
d) d
e) e
17) Given that India’s transport sector is still largely unorganised a)/and many vehicle drivers are not fully conversant b)/with the technical nuances, it is important that c)/anti-evasion squads deploy to check e-way bills operate with a light touch d)/ no error e)/
a) a
b) b
c) c
d) d
e) e
18) Pollution-choked cities have only one PM 2.5 monitoring station each, a)/ WHO researchers get off this problem by using alternative data b)/sources such as satellite remote sensing and c)/chemical transport models, along with ground-monitoring stations d)/no error e)/
a) a
b) b
c) c
d) d
e) e
19) Cheaper renewables will enable differential prices for households a)/ in remote areas, a key determinant of wider social benefits of b)/electricity, rural electrification in India has been a long c)/ effort, achieving rapid growth from the Third Plan to the Twelfth Plan d)/no error e)/
a) a
b) b
c) c
d) d
e) e
20) It is important to note that since the system for tracking inter-State movement a)/ of goods was launched off the beginning of a financial year b)/, the actual load that the portal will have to bear on a c)/ normal business day may be much higher than the initial trends d)/no error e)/
a) a
b) b
c) c
d) d
e) e
Answers:
Direction (1-5)
1. Correct Answer is: c)
It is mentioned in para 2-One immediate outcome of a cashless India would be a sharp rise in indirect taxes compliance.
2. Correct Answer is: b)
It is mentioned in para 3-The only constituency is the cash dependent informal sector, which has taken a hit, and will continue to do so unless and until they switch en masse to digital payment platforms which is what the government is expecting them to do.
3. Correct Answer is: d)
It is mentioned in para 1-cash is the most powerful instrument of financial inclusion. Anyone can access it directly, without depending on rent-seeking technological or financial intermediaries.
4. Correct Answer is: a)
It is mentioned in para 1&2- This is due to the large informal sector, which employs 90 per cent of the workforce, As the Prime Minister himself has reiterated many times, the mass opening of bank accounts under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion, capital accumulation is only possible through a mechanism that systematically administers an upward redistribution of income from the 99 per cent to the 1 per cent.
5. Correct Answer is: c)
It is mentioned in para 2- The third beneficiary is the digital sector, which enjoys a complex but symbiotic relationship with finance capital. Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8.
6. Correct Answer is: e)
It is mentioned in para 2&3 – At present, India’s low-income households access credit through informal systems be it a pawn broker or employer or a relative with cash savings. Traders, small businesses, shopkeepers, and consumers routinely use cash as a means to avoid paying service tax, sales tax, VAT, and any number of indirect taxes and fees. A proper return to the pre demonetisation normal therefore entails something more: removal of any ceiling on cash withdrawals
7. Correct Answer is: b)
Cognisant means having knowledge or awareness.
8. Correct Answer is: c)
Stagnating means cease developing or to deteriorate
9. Correct Answer is: e)
flounder means struggle mentally; show or feel great confusion or be in serious difficulty.
10. Correct Answer is: d)
recalibrated means calibrate or improve something again or differently.
Direction (11-15)
11. Correct Answer is: b)
The meaning of “interpret” is “explain the meaning of (information or actions)” and it is suitable for i blanks and the meaning of “enshrine” is “preserve a right or idea in a form that ensures it will be protected and respected” so it is appropriate for ii blank.
12. Correct Answer is: d)
The meaning of “devised” is “plan or invent a system or mechanism by careful thought” and it is suitable for i blanks and the meaning of “fluctuation” is “an irregular rising and falling in number or amount” so it is appropriate for ii blank
13. Correct Answer is: c)
The meaning of “fortified” is “provide a place with defensive works as protection against attack or to protect a place” and it is suitable for i blanks and the meaning of “whirred” “is make a low and regular sound of something rapidly rotating or moving to and fro” so it is appropriate for ii blank
14. Correct Answer is: b)
The meaning of “amounted” is “be the equivalent of or develop into” and it is suitable for i blanks and the meaning of “assimilate” to understand or grasp” so it is appropriate for ii blank
15. Correct Answer is: e)
The meaning of “banished” is “get rid of something unwanted” and it is suitable for i blanks and the meaning of “inspections” analysis or review of something” so it is appropriate for ii blank
Directions (16-20):
16. Correct Answer is: a)
In part a in place of enable it should be enabling
17. Correct Answer is: d)
In part d in place of deploy it should be deployed
18. Correct Answer is: b)
In part b in place of off it should be around (get around means to deal successfully with a problem)
19. Correct Answer is: a)
In part a in place of prices it should be pricing
20. Correct Answer is: b)
In part b in place of off it should be at
Daily Practice Test Schedule | Good Luck
| Topic | Daily Publishing Time |
| Daily News Papers & Editorials | 8.00 AM |
| Current Affairs Quiz | 9.00 AM |
| Logical Reasoning | 10.00 AM |
| Quantitative Aptitude “20-20” | 11.00 AM |
| Vocabulary (Based on The Hindu) | 12.00 PM |
| Static GK Quiz | 1.00 PM |
| English Language “20-20” | 2.00 PM |
| Banking Awareness Quiz | 3.00 PM |
| Reasoning Puzzles & Seating | 4.00 PM |
| Daily Current Affairs Updates | 5.00 PM |
| Data Interpretation / Application Sums (Topic Wise) | 6.00 PM |
| Reasoning Ability “20-20” | 7.00 PM |
| English Language (New Pattern Questions) | 8.00 PM |
| General / Financial Awareness Quiz | 9.00 PM |
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