IP Exam Daily Spark: Day 12 Consumer Protection Act, 2019

 IP Exam Daily Spark: Day 24
Objective Questions for Inspector Posts Departmental Exam
Government Savings Promotion Act, 1873.

61. Which of the following is not a category listed in the Schedule of Savings Schemes? 
a. Existing Savings Schemes. b. New Savings Schemes. c. Discontinued Savings Schemes. d. All of the above are listed.

62. What is the legal effect of a transfer of deposit on a previously made nomination? 

a. It is automatically cancelled. b. It becomes void. c. It remains valid. d. It requires a new nomination to be made.

63. Which section of the Act states that the Central Government may, by notification, frame new Savings Schemes or amend or discontinue existing ones?

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

64. If a nominee is a minor, the deposit is paid to a person appointed to receive it under sub-section (3) of section 4. If there is no such person, to whom is the deposit paid? 

a. The court-appointed legal guardian. b. The guardian of the minor for the use of the minor. c. The Central Government. d. The nearest living relative.

65. The Act defines "Authorised Officer" in the case of a Post Office Savings Bank as an officer authorised by whom?

 a. The Central Government. b. The Director General Posts. c. The Director of Postal Services. d. The Ministry of Finance.

66. What is the main purpose of the "Power to make rules" section?

 a. To define the penalties for false statements. b. To provide the Central Government with the power to make rules for carrying out the purposes of the Act. c. To list the existing and discontinued savings schemes. d. To regulate the interest rates of all savings accounts.

67. What is the legal consequence of a payment made in good faith by an officer of the Central Government under this Act?

 a. It is protected from legal proceedings. b. It can be challenged in a civil court. c. It is subject to audit and review. d. It can be reversed by a higher authority.

68. The repeal of the Government Savings Certificates Act, 1959 and the Public Provident Fund Act, 1968, by this Act means that any action taken under those repealed enactments shall be deemed to have been done under the corresponding provisions of this Act.

 a. True b. False

69. The Central Government may, by notification in the Official Gazette, declare a banking company or any other company or institution for the purposes of this Act as a: 

a. Central authority. b. Government Savings Bank. c. Special purpose vehicle. d. Regulated entity.

70. Which of the following is a "Savings Scheme" as defined by the Act?

 a. Public Provident Fund Scheme. b. National Pension System. c. Unit Linked Insurance Plans. d. Fixed Deposit in a private bank.

71. The "short title" of the Act is: 

a. The Government Savings Bank Act, 1873. b. The Government Savings Promotion Act, 1873. c. The Government Savings Act, 1873. d. The Savings Promotion Act, 1873.

72. An "executor" is defined as an executor as defined in clause (c) of section 2 of which Act? 

a. The Indian Succession Act, 1925. b. The Indian Trusts Act, 1882. c. The Indian Majority Act, 1875. d. The Indian Penal Code, 1860.

73. If a depositor dies and a nomination is in force, to whom is the deposit paid? 

a. The legal heir. b. The nominee. c. The executor. d. The Central Government.

74. The Act provides that the Central Government may give directions to any State Government for the purpose of carrying into execution any of the provisions of the Act. 

a. True b. False

75. What is the punishment for making a false statement on oath or affirmation under the Act? 

a. A civil penalty. b. Imprisonment under Section 193 of the Indian Penal Code. c. A monetary fine. d. The Act does not specify a punishment.

76. The Central Government may call for information, documents, and evidence in relation to any account for carrying out the purposes of this Act under which section?

 a. Section 7 b. Section 7A c. Section 8 d. Section 15

77. The term "administrator" is defined in clause (a) of section 2 of which Act? 

a. The Indian Trusts Act, 1882. b. The Indian Succession Act, 1925. c. The Indian Contract Act, 1872. d. The Indian Majority Act, 1875.

78. What is the legal effect of a receipt given by a guardian for money paid under Section 12 for a lunatic's deposit? 

a. It is a valid discharge. b. It is an insufficient discharge. c. It can be challenged by the lunatic's committee or manager. d. It is only valid if a court order is provided.

79. The Act extends to the whole of India.

 a. True b. False

80. A nomination in favor of any person shall be void if the nominee: 

a. Predeceases the depositor. b. Becomes a minor after the nomination. c. Transfers the deposit. d. All of the above.

Answer Keys 
61. b. New Savings Schemes.
62. a. It is automatically cancelled.
63. b. Section 3A.
64. b. The guardian of the minor for the use of the minor.
65. b. The Director General Posts.
66. b. To provide the Central Government with the power to make rules for carrying out the purposes of the Act.
67. a. It is protected from legal proceedings.
68. a. True.
69. b. Government Savings Bank.
70. a. Public Provident Fund Scheme.
71. b. The Government Savings Promotion Act, 1873.
72. a. The Indian Succession Act, 1925.
73. b. The nominee.
74. a. True.
75. b. Imprisonment under Section 193 of the Indian Penal Code.
76. b. Section 7A.
77. b. The Indian Succession Act, 1925.
78. a. It is a valid discharge.
79. a. True.
80. a. Predeceases the depositor.