Gold - Current Affairs Questions and Answers

1)   By what percent India's gold imports shot up in the April-May’15 of the current fiscal due to weak prices globally and the easing of restrictions by the Reserve Bank?

a. 32%
b. 51%
c. 61%
d. 78%
Answer  Explanation 

ANSWER: 61%

Explanation:
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. Large imports of gold impact the country's current account deficit, which occurs when value of import of goods and services is more than its exports. The CAD in 2014-15 shrank to 1.3 per cent of GDP (USD 27.5 billion) from 1.7 per cent (USD 32.4 billion) in 2013-14. The Reserve Bank and the government have maintained that the CAD level is comfortable. In 2014-15, India imported 915.54 tonnes of gold as against 661.71 tonnes in the previous financial year.
2)   The government has come out with a draft scheme under which a person or entity can earn interest by depositing the ______ with banks.

a. Gem Stone
b. Platinum
c. Gold
d. Diamond
Answer  Explanation 

ANSWER: Gold

Explanation:
As per the draft guidelines released by Finance Ministry, minimum gold deposit is proposed at 30 grams and the interest earned on it would be exempt from income tax as well as capital gains tax. The draft also mentioned that a person or institution holding surplus gold can get it valued from BIS-approved hallmarking centres, open a Gold Savings Account in banks for a minimum period of one year and earn interest in either cash or gold units.

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