IP Exam Daily Spark: Day 11 Consumer Protection Act, 2019

 IP Exam Daily Spark : Day 21
Objective Questions for Inspector Posts Departmental Exam
Government Savings Promotion Act, 1873.

1. According to the Act, what is the official definition of an "account"? 

a. An account opened with a banking company. b. An account opened under any of the Savings Schemes. c. A deposit account in the Post Office Savings Bank. d. A financial instrument for public savings.

2. Under which section does the Central Government have the power to frame new Savings Schemes or amend existing ones?

 a. Section 3 b. Section 3A c. Section 15 d. Section 16

3. What is the minimum age for a minor to open and operate an account in a Government Savings Bank?

 a. He or she must have attained the age of 14 years. b. He or she must have attained the age of 16 years. c. He or she must have attained the age of 10 years. d. The Act does not specify an age limit.

4. Who is entitled to receive the sum due from a single account in the event of the depositor's death, if a nomination is in force?

 a. The nominee or nominees designated by the depositor. b. The legal guardian of the deceased. c. The executor or administrator of the deceased's estate. d. The nearest living relative of the deceased.

5. What happens to a nomination if a depositor transfers their deposit? 

a. The nomination remains valid. b. The nomination becomes void. c. The nominee must be re-designated. d. The nomination is automatically cancelled.

6. In a case where a depositor dies without a nomination in force and no probate or letters of administration are produced within three months, to whom may the Authorised Officer pay the deposit?

a. The Central Government. b. The nearest living relative. c. Any person appearing to be entitled to receive it or administer the estate of the deceased. d. The court-appointed legal guardian.

7. What is the legal standing of any payment made in accordance with the provisions of this Act?

 a. It is a full discharge from all further liability in respect of the money so paid. b. It is considered an interim payment until a court order is obtained. c. It can be challenged by an executor or administrator. d. It is valid only if an affidavit is signed by the receiver.

8. What is the function of the Authorised Officer under Section 6?

 a. To administer the estate of a deceased person. b. To provide legal advice to depositors. c. To take security for the due administration of money paid to a person under sub-section (4) of section 4A. d. To transfer the deposits of a deceased person.

9. What is the penalty for a person who, upon oath or affirmation, makes a statement that is false and which he either knows or believes to be false or does not believe to be true? 

a. Imprisonment under the Indian Penal Code, 1860. b. A fine up to five thousand rupees. c. The person is deemed guilty of an offence under Section 193 of the Indian Penal Code, 1860. d. A penalty not exceeding one lakh and fifty thousand rupees.

10. What is the amount of a deposit excluded in computing court fees for a probate, letters of administration, or certificate? 

a. Not exceeding three thousand rupees. b. Not exceeding ten thousand rupees. c. Not exceeding the prescribed limit. d. The full amount of the deposit is always excluded.

11. According to the Act, what is the definition of a "banking company"?

 a. A company that accepts deposits and lends money. b. A banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949. c. Any company authorized by the Reserve Bank of India. d. A company that deals with Government Savings Schemes.

12. The Central Government may, by notification, specify a banking company or any other company or institution for the purposes of this Act. This provision is found in the definition of which term?

 a. "Account" b. "Government Savings Bank" c. "Authorised Officer" d. "Savings Schemes"

13. The Act defines "guardian" in relation to a minor or a person of unsound mind to include: 

a. Either of the parents. b. A legal guardian appointed by a court. c. A person entitled under the law to have the care of the property of a minor or a person of unsound mind. d. All of the above.

14. The Central Government may include or omit or amend Savings Schemes in the Schedule by:

 a. A resolution of Parliament. b. A notification in the Official Gazette. c. A public notice. d. An order from the Reserve Bank of India.

15. What are the key points of "The Government Savings Promotion Act, 1873" as per the Act's long title? 

a. To amend the law relating to the payment of deposits. b. To regulate and channelize the savings from the general public into Government Savings Schemes. c. To promote financial inclusion and digital savings. d. To provide a legal framework for all types of savings banks.

16. How does the Act define a "minor"? 

a. A person who has not attained the age of sixteen years. b. A person who has not attained the age of eighteen years. c. A person who has not attained the age of majority under the Indian Majority Act, 1875. d. A person under the age of 21.

17. Who is responsible for designating a nominee if the depositor is a minor or a person of unsound mind? 

a. The minor themselves if they are over 10 years of age. b. The Authorised Officer. c. The guardian. d. The Central Government.

18. In the event of a minor nominee's death, who is appointed to receive the deposit? 

a. The legal guardian. b. Any person appointed by the depositor. c. The next of kin. d. The executor or administrator.

19. Under what circumstances can a minor's deposit be paid to him or her personally?

 a. Only if the minor is over 18 years old. b. If the minor made the deposit himself. c. If a court order is obtained. d. The Act does not allow for personal payment to a minor.

20. What is the purpose of Section 14A, "Protection against attachment"? 

a. To protect all savings accounts from attachment. b. To protect the amount standing to the credit of any depositor in the Public Provident Fund Scheme from attachment under any court decree or order. c. To prevent any legal proceeding against a depositor. d. To protect the Central Government from liability.

Answer Keys 

1. b. An account opened under any of the Savings Schemes.
2. b. Section 3A.
3. c. He or she must have attained the age of 10 years.
4. a. The nominee or nominees designated by the depositor.
5. d. The nomination is automatically cancelled.
6. c. Any person appearing to be entitled to receive it or administer the estate of the deceased.
7. a. It is a full discharge from all further liability in respect of the money so paid.
8. c. To take security for the due administration of money paid to a person under sub-section (4) of section 4A.
9. c. The person is deemed guilty of an offence under Section 193 of the Indian Penal Code, 1860.
10. c. Not exceeding the prescribed limit.
11. b. A banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949.
12. b. "Government Savings Bank".
13. d. All of the above.
14. b. A notification in the Official Gazette.
15. b. To regulate and channelise the savings from the general public into Government Savings Schemes.
16. c. A person who has not attained the age of majority under the Indian Majority Act, 1875.
17. c. The guardian.
18. b. Any person appointed by the depositor.
19. b. If the minor made the deposit himself.
20. b. To protect the amount standing to the credit of any depositor in the Public Provident Fund Scheme from attachment under any court decree or order.