Q1. Which committee was formed to review the working of the monetary system in India?
a) Urjit Patel Committee
b) Rangarajan Committee
c) Kelkar Committee
d) Chakravarty Committee
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Correct Answer: d) Chakravarty Committee
Explanation: The Chakravarty Committee was established in 1985 to review the working of the monetary system in India. The committee’s recommendations have significantly influenced India’s monetary policy framework.
Q2. Who chaired the committee on Corporate Governance?
a) Uday Kotak
b) Narayana Murthy
c) Kumar Mangalam Birla
d) Ratan Tata
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Correct Answer: c) Kumar Mangalam Birla
Explanation: The Kumar Mangalam Birla Committee on Corporate Governance was formed by SEBI in 1999 to promote and raise the standard of corporate governance in India.
Q3. The Punchhi Commission is associated with which of the following?
a) Tax Reforms
b) Centre-State Relations
c) Electoral Reforms
d) Banking Sector Reforms
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Correct Answer: b) Centre-State Relations
Explanation: The Punchhi Commission, formed in 2007, dealt with issues related to Centre-State relations in India and made recommendations to improve and strengthen the existing structure.
Q4. Which committee was set up to suggest measures for restructuring railways?
a) Bibek Debroy Committee
b) Dinesh Goswami Committee
c) Bimal Jalan Committee
d) Vijay Kelkar Committee
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Correct Answer: a) Bibek Debroy Committee
Explanation: The Bibek Debroy Committee was constituted in 2014 to recommend measures for the restructuring and mobilization of resources for the Indian Railways.
Q5. The Narsimhan Committee is known for recommendations in which sector?
a) Education
b) Banking
c) Health
d) Defence
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Correct Answer: b) Banking
Explanation: The Narsimhan Committee was established in the 1990s to make recommendations for banking sector reforms, including strengthening the banking system and improving its efficiency.
Q6. Which committee was formed to examine the structure of income tax in India?
a) Kelkar Committee
b) Chelliah Committee
c) Wanchoo Committee
d) Shome Committee
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Correct Answer: a) Kelkar Committee
Explanation: The Kelkar Committee was formed in 2002 to examine the structure of direct and indirect taxes and suggest reforms for the same in India.
Q7. The Shah Commission was associated with which of the following?
a) Emergency excesses
b) Illegal mining
c) Stock market scams
d) Telecom spectrum allocation
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Correct Answer: a) Emergency excesses
Explanation: The Shah Commission, led by Justice J.C. Shah, was constituted in 1977 to inquire into the excesses committed during the Emergency period in India (1975-1977).
Q8. Who headed the committee on Financial Inclusion?
a) C. Rangarajan
b) Y.V. Reddy
c) Deepak Parekh
d) M. Damodaran
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Correct Answer: a) C. Rangarajan
Explanation: The C. Rangarajan Committee on Financial Inclusion was established to suggest measures to enhance the accessibility of financial services in India, thereby promoting financial inclusion.
Q9. The Verma Committee was constituted to suggest amendments in laws related to which issue?
a) Corruption
b) Cyber Security
c) Sexual Harassment at Workplace
d) Women’s Safety
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Correct Answer: d) Women’s Safety
Explanation: The Justice J.S. Verma Committee was formed in 2012 in the aftermath of the Delhi gang rape case to suggest amendments to laws related to women’s safety and sexual assault.
Q10. Which committee was set up to reform the public sector banking system?
a) Narasimham Committee
b) P.J. Nayak Committee
c) K.C. Chakrabarty Committee
d) Raghuram Rajan Committee
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Correct Answer: b) P.J. Nayak Committee
Explanation: The P.J. Nayak Committee was formed by the Reserve Bank of India in 2014 to review governance of boards of banks in India, focusing on reforms in the public sector banking system.