Banking Awareness

Q1. India was one of the first in Asia to recognize the effectiveness of the EPZ model in promoting exports. EPZ stands for-

(a) Export Point Zone

(b) External Processing Zone

(c) Export Production Zone

(d) Export Processing Zone

(e) Export Processing Zonal

Q2. Asia's first EPZ was set up in-

(a) Kandla, Gujarat

(b) Indore, Madhya Pradesh

(c) Kolhapur, Maharashtra

(d) Kochin, Kerala

(e) Haridwar, Uttarakhand

Q3. In which among the following year, Asia's first EPZ was set up?

(a) 1959

(b) 1971

(c) 1965

(d) 1956

(e) 1975

Q4. What is the meaning of "E" in SEZs?

(a) Essential

(b) Economic

(c) Electronic

(d) Effective

(e) None of the above

Q5. SEZs Policy was announced in _________ with the objective of making the SEZs an engine for economic growth, supported by quality infrastructure and an attractive fiscal package both at the Central and State level with a single window clearance.

(a) December 1999

(b) October 2010

(c) January 2005

(d) July 1991

(e) April 2000

Q6. The main objectives of the SEZ act are-

(a) Generation of additional economic activity 

(b) Promotion of exports of goods and services

(c) Promotion of investment from domestic and foreign sources 

(d) Creation of employment opportunities

(e) All of the above

Q7. Which among the following Incentives and facilities offered to the SEZs is not correct-

(a) Duty-free import/domestic procurement of goods for development, operation and maintenance of SEZ units.

(b) Exemption from State sales tax and other levies as extended by the respective State Governments.  

(c) Exemption from minimum alternate tax under section 115JB of the Income Tax Act.

(d) 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for 10 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years.

(e) Exemption from Central Sales Tax.

Q8. ___________ is a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. 

(a) SEZs

(b) FDI

(c) FIPB

(d) CDR

(e) CSR

Q9. What is the meaning of "S" in SEZs?

(a) System

(b) Simple

(c) Special

(d) Satellite

(e) Service

Q10. Who can set up an SEZ? 

(a) Private sector 

(b) Public sector

(c) State government

(d) All of the above

(e) Only (a) and (b)

Solutions

S1. Ans.(d)
S2. Ans.(a)
S3. Ans.(c)
S4. Ans.(b)
S5. Ans.(e)
S6. Ans.(e)
S7. Ans.(d)
S8. Ans.(a)
S9. Ans.(c)
S10. Ans.(d)