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Read the following passage carefully and answer the questions given below it. Certain words have been printed in bold to help you locate them while answering some questions.
“For the period from up to March 31, 2017 or June 30, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying SBNs for depositing these SBNs in the specified offices of RBI in India,” the notification said. “At the airport/land Customs stations etc. on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices.” A one-page form has been worked out for the purpose. Since the form to be filled in by the passenger bearing the Customs stamp will be crucial in subsequently facilitating the deposit of SBNs at the specified issue offices of RBI, the finance ministry asked the Customs formations to keep a copy of the same, preferably in a scanned format. “The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger,” the notification said.
The ministry said since it is a facilitation step to enable resident and non-resident Indians to deposit SBNs when they arrive in India, measures should be taken to make passengers and airlines aware of the new dispensation. “While discharging the above task, care may be taken that due courtesy is extended to the declarants and that no unnecessary inconvenience is caused,” it said. The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 9, 2016.Subsequently, the President approved the promulgation of the Specified Bank Notes (Cessation of Liabilities Ordinance) Ordinance, 2016 on December 30.“The ordinance imposes penal liabilities on the holders of SBNs after the specified date,” the notification said. It makes holding, transfer and receiving of the demonetised notes a criminal offence, punishable with a fine of Rs.10,000 or five times the cash held, whichever is higher.
“The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit in RBI issue offices will be separately announced by RBI. Any false declaration will invite a fine of Rs.50,000 or five times the amount of the face value of the SBN tendered, whichever is higher,” a ministry statement had said after the Ordinance was promulgated on Friday.
NRIs and Indian nationals abroad can deposit up to Rs.25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped. The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency, a finance ministry notification stated. While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad. The window for Indian nationals who were travelling abroad is till March 31 and for NRIs, it is June 30, 2017.This facility, however, is “subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs.25,000 per person“. Those returning from Nepal and Bhutan are not permitted to carry specified bank notes (SBNs) of old 500 and 1,000 rupee notes.
“For the period from up to March 31, 2017 or June 30, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying SBNs for depositing these SBNs in the specified offices of RBI in India,” the notification said. “At the airport/land Customs stations etc. on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices.” A one-page form has been worked out for the purpose. Since the form to be filled in by the passenger bearing the Customs stamp will be crucial in subsequently facilitating the deposit of SBNs at the specified issue offices of RBI, the finance ministry asked the Customs formations to keep a copy of the same, preferably in a scanned format. “The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger,” the notification said.
The ministry said since it is a facilitation step to enable resident and non-resident Indians to deposit SBNs when they arrive in India, measures should be taken to make passengers and airlines aware of the new dispensation. “While discharging the above task, care may be taken that due courtesy is extended to the declarants and that no unnecessary inconvenience is caused,” it said. The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 9, 2016.Subsequently, the President approved the promulgation of the Specified Bank Notes (Cessation of Liabilities Ordinance) Ordinance, 2016 on December 30.“The ordinance imposes penal liabilities on the holders of SBNs after the specified date,” the notification said. It makes holding, transfer and receiving of the demonetised notes a criminal offence, punishable with a fine of Rs.10,000 or five times the cash held, whichever is higher.
“The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit in RBI issue offices will be separately announced by RBI. Any false declaration will invite a fine of Rs.50,000 or five times the amount of the face value of the SBN tendered, whichever is higher,” a ministry statement had said after the Ordinance was promulgated on Friday.
1. Who can deposit 25000 of the demonetised currency during the 3-6 month grace period?
(1) Government
(2) servants
(3) Farmers
(4) NRIs
(5) Anti-nationals
2. Declaration form should be submitted stamped by ____ and deposited in the ___.
(1) Tax officer, RBI
(2) Tax officer, SBI
(3) Customs officer, SBI
(4) Customs officer, RBI
(5) Customs officer, Bank.
3. The Nationals travelling abroad can deposit the money?
(1) Till 30th March,2017
(2) Till 20th June,2017
(3) Till 31st March, 2017
(4) Till 30th June, 2017
(5) Till 21st June, 2017
4. For whom has the government offered a grace period?
(A) Those who were abroad
(B) Those who were Below Poverty Line
(C) Those who were handicapped
(1) Only A
(2) Only B
(3) Only C
(4) All A, B and C
(5) Only B and C
5. Who are not allowed to bring old Rs. 500/1000 notes?
(A) People from Nepal
(B) People from Pak
(C) People from Bhutan
(1) Only A
(2) Only A and B
(3) Only A and C
(4) Only B
(5) All of the above
6. Which of the following statements is TRUE according the passage?
(1) At the airport/land Customs stations etc. on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted to the banks.
(2) The ordinance imposes penal liabilities on the holders of SBNs on and after the specified date.
(3) Any false declaration will invite a fine of Rs.500000 or five times the amount of the face value of the SBN tendered.
(4) The ordinance makes holding, transfer and receiving of the demonetised notes a criminal offence.
(5) The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 19, 2016
7. What is the antonym of the word “measures”?
(1) Length
(2) Height
(3) Ignorance
(4) Hurdle
(5) Solution
8. Choose the word most SIMILAR in meaning to the word printed in bold, as used in the passage.
Promulgate
(1) Hide
(2) keep
(3) refrain
(4) collect
(5) publish
9. What is the antonym of the word “courtesy”?
(1) Manner
(2) civility
(3) deference
(4) aloofness
(5) amiability
10. Choose the word most SIMILAR in meaning to the word printed in bold, as used in the passage.
Junked
(1) Up-to-date
(2) kept
(3) rejected
(4) worthwhile
(5) new
Answer.
1. (4) 2. (4) 3. (3) 4. (1) 5. (3) 6. (4) 7. (3) 8. (5) 9. (4) 10. (3)
