Staff Rulings - 122 - Family Pension

 IP Exam Daily Spark: Day 23
Objective Questions for Inspector Posts Departmental Exam
Government Savings Promotion Act, 1873.

41. According to the Act, the receipt of a minor or a guardian for money paid to him under Section 10 is considered:
 a. A sufficient discharge. b. An incomplete discharge. c. A discharge only after a court order. d. Not a valid discharge.

42. What happens to the money paid under this Act to a creditor or claimant against the estate of a deceased person if it remains unadministered in their hands? 
a. It is recovered by the Central Government. b. It is considered a personal asset of the creditor. c. It can be recovered by an executor or administrator. d. It can be recovered in the same manner as if that person had obtained letters of administration.

43. Which of the following is not a provision that may be included in a notification for a new Savings Scheme? 
a. The maximum and minimum limits of deposit. b. The rate of interest payable on the deposit. c. The specific location of the Post Office where the account must be opened. d. Premature closure and withdrawal of deposit.

44. Which section of the Indian Penal Code is referenced in the Act for false statements made on oath or affirmation? 
a. Section 192 b. Section 193 c. Section 420 d. Section 406

45. The Act defines "Savings Schemes" to include:

 a. Savings Certificates. b. Public Provident Fund Scheme. c. Post Office Savings Account. d. All of the above.

46. What is the legal status of an instrument executed or certificate issued under a repealed enactment?

a. It is no longer in force. b. It continues to be in force if it could have been executed or issued under the new Act. c. It must be re-executed under the new Act. d. It is valid only for a limited period.

47. The Central Government may specify a banking company for the purposes of this Act by: 

a. A public announcement. b. A notification in the Official Gazette. c. A directive to the Reserve Bank of India. d. An order from the Ministry of Finance.

48. A person entitled under the law to have the care of the property of a person of unsound mind is considered a "guardian" under this Act.

 a. True b. False

49. What is the legal status of the amount standing to the credit of any depositor in the Public Provident Fund Scheme?

 a. It is liable to attachment under a court decree. b. It is not liable to attachment under any decree or order of any court. c. It can be attached for the recovery of government debts. d. It can be attached if the depositor has no other assets.

50. The Act was enacted on which date?

 a. 28th January, 1873. b. 1st April, 2018. c. 9th August, 2019. d. 17th July, 2020.

51. The Central Government may make rules to provide for the manner in which any person may be appointed for the purpose of sub-section (3) of section 4. This sub-section relates to what? 

a. Payment to a minor nominee. b. The nomination of a guardian. c. The appointment of a person to receive the deposit in the event of the depositor's death during the nominee's minority. d. The transfer of a deposit.

52. The Central Government may make rules to provide for the fees that may be levied for the discharge of any services under the Act. 

a. True b. False

53. Who is considered a "depositor" according to the Act?

 a. An individual who holds a passbook. b. An individual by whom, or on whose behalf, money has been deposited in a Government Savings Bank. c. Any person who receives a deposit. d. A person who is not a minor.

54. The Central Government is empowered to make rules to provide for the benchmark for interest rates on deposits with a view to ensure what? 

a. Market competitiveness. b. Financial sustainability of Savings Schemes. c. High returns for depositors. d. Economic growth.

55. How is an unpaid penalty or compensation recovered under the Act?

 a. The Act does not specify. b. As a civil debt. c. As an arrear of land revenue. d. By attaching the person's movable property.

56. The Act defines "minor" as a person who has not attained the age of majority under which Act?

 a. The Indian Contract Act, 1872. b. The Indian Majority Act, 1875. c. The Indian Succession Act, 1925. d. The Guardians and Wards Act, 1890.

57. The provisions of this Act apply to any offence or contravention committed outside of India. What is the condition for this to apply? 

a. The person must be an Indian citizen. b. The person is an Indian citizen, and the act involves a computer, computer system, or computer network located in India. c. The Act applies to any offence or contravention thereunder committed outside India by any person. d. The Act only applies within the territory of India.

58. What does "Authorised Officer" mean in the case of a State Bank of India or a banking company?

a. A person appointed by the Central Government. b. An officer so authorised by that banking company. c. An officer appointed by the Director General Posts. d. A person designated by the Reserve Bank of India.

59. What is the purpose of Section 16, "Repeal and savings"? 

a. To repeal the Government Savings Certificates Act, 1959 and the Public Provident Fund Act, 1968. b. To provide a list of repealed and saving acts. c. To amend the Government Savings Certificates Act, 1959. d. To provide a list of new Savings Schemes.

60. The Act states that where the amount of the deposit belonging to the estate of a deceased depositor does not exceed the prescribed limit, such amount shall be excluded in computing the fee chargeable under which Act? 

a. The Indian Succession Act, 1925. b. The Court-Fees Act, 1870. c. The Indian Stamp Act, 1899. d. The Banking Regulation Act, 1949.

Answer Keys 
41. a. A sufficient discharge.
42. d. It can be recovered in the same manner as if that person had obtained letters of administration.
43. c. The specific location of the Post Office where the account must be opened.
44. b. Section 193.
45. d. All of the above.
46. b. It continues to be in force if it could have been executed or issued under the new Act.
47. b. A notification in the Official Gazette.
48. a. True.
49. b. It is not liable to attachment under any decree or order of any court.
50. a. 28th January, 1873.
51. c. The appointment of a person to receive the deposit in the event of the depositor's death during the nominee's minority.
52. a. True.
53. b. An individual by whom, or on whose behalf, money has been deposited in a Government Savings Bank.
54. b. Financial sustainability of Savings Schemes.
55. c. As an arrear of land revenue.
56. b. The Indian Majority Act, 1875.
57. c. The Act applies to any offence or contravention thereunder committed outside India by any person.
58. b. An officer so authorised by that banking company.
59. a. To repeal the Government Savings Certificates Act, 1959 and the Public Provident Fund Act, 1968.
60. b. The Court-Fees Act, 1870.