Demonetization of High Value Currency Notes in India

As per the 2011 estimates, out of every 10,000 currency notes in circulation ,4 notes are fake currency notes in India. Similar studies appeared in the past as well but no previous government had shown the will, resolution and audacity to rise over petty politics and take radical steps against this malaise, until our very own Prime Minister - Mr. Narendra Modi made an astounding announcement on 9th November 2016 to withdraw the legal tender status of Rs 500/- and Rs 1000/- currency notes in India. Further Rs 500/- notes were replaced by new a form of notes with enhanced security features whereas Rs 1000/- notes were replaced by Rs 2000/- currency notes.

This is like a 'surgical strike' on the terror financing from across the border and through the international terror organizations. This will also mask the menace of flow of black money in India, which in recent years has been rising like a snowball.

The country solutes the strength, courage and wisdom of Mr. Modi for bringing the anti national elements to their foot .

Let's attempt a question on this topic.

Question 1

Which one of the following features does not forms the part of recently issued series of Rs 2000/- currency note in India?

a) Swachh Bharat logo with slogan on the reverse side.
b) Portrait of Mahatma Gandhi in the centre of obverse side.
c) Motif of Chandrayaan on the reverse side.
d) Ashoka Pillar emblem on the right of obverse side.

Question 2

Which of the following is/are the expected outcome/outcomes of withdrawing the legal tender status of Rs 500 and Rs 1000 currency notes in India?

a) Real estate, education and healthcare facilities will become affordable for common citizens.
b) Circulation of counterfeit currency may come to an end.
c) Funding for arms smuggling, espionage, terrorists will be choked.
d) All of the above

Question 3

Image of which of the following Indian heritage sites has been made the theme of new series of Rs 500/- note?

a) Parliament estate
b) Red Fort
c) Rashtrapati Bhawan
d) India Gate

Question 4

Which of the following statements is/are correct?

i) The base colour of the Rs 500/- note is magenta.
ii) The base colour of the Rs 1000/- note is stone grey.

a) i only
b) ii only
c) Both i and ii
d) Neither i nor ii

Answers

1) c, The reverse side of the note will have the Motif of Mangalayan, which reflects the country's first venture in the interplanetary space.
2) d
3) b
4) d, The base colour of the Rs 1000/- note is magenta while that of Rs 500/- note is stone grey.

Reference : https://paisaboltahai.rbi.org.in/
  

One Rank One Pension

The issue of OROP in India is social, economic and political. While the veterans demand the modification in the key provisions of recently approved OROP framework, the government of the day is worried regarding the huge toll on state finances that this new form of expenditure will take. Amidst this tussle, the suicide of an ex-military personnel has brought the focus on the plight of military pensioners once again in the national mainstream.

Let's attempt a question on this topic.

Question 1

Which of the following provisions related to OROP is incorrect?

a) Implementation from 1st July 2014.
b) The base year for calculation of pension is 2013.
c) Equalisation of pension every 5 years.
d) Pension will be fixed as the average of the maximum and minimum of the new retirees.
e) Inclusion of military personnel who have taken the premature retirement (PMR).

Answer

1) e.