Budget 2015-16 - Questions and Answers - Part I

ANSWER: C. MUDRA Bank.

The government announced Micro Units Development and Refinance Agency (MUDRA) Bank to be set up with a capital of Rs 20,000 Crore for regulating and refinance all micro-finance institutions. Additional 3,000 Crore rupees would be provided to the MUDRA Bank from the budget to create a Credit Guarantee corpus for guaranteeing loans being provided to the micro enterprises.

ANSWER: B. Pradhan Mantri Suraksha Bima Yojana.

Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before June 1 in order to join the scheme. The scheme will be offered by all public sector general insurance companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

ANSWER: C. Pradhan Mantri Jeevan Jyoti Bima Yojana.

The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose. This scheme is available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the life cover up to the age of 55 years subject to payment of premium.

ANSWER: B. Atal Pension Yojana.

The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme. Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years.

ANSWER: D. 25000.

The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens. This limit has been increased from Rs 20,000 to Rs 30,000.

ANSWER: C. 1600

The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.

ANSWER: D. No Change.

However government proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 Crore.

ANSWER: A. 8-8.5%.

ANSWER: B. 2022.

The year 2022 will be celebrated as the Amrut Mahotsav as it would be the occasion of 75th year of India's Independence.

ANSWER: D. 100%.

Swachh Bharat and Namami Gange are among the major initiatives of the Modi Government, which has embarked on a major drive to ensure cleanliness across the country.

ANSWER: C. Nai Manzil.

An integrated education and livelihood scheme called Nai Manzil will be launched this year to enable minority youth who do not have a formal school-leaving certificate to obtain one and find better employment.