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WorksheetsGeneral Financial Rules (GFR) Quiz
Total questions: 99
Worksheet time: 50mins
According to Rule 2, the General Financial Rules, 2017 shall be applicable to:
Central Government Ministries/Departments only.
State Governments and Central Government Ministries.
Central Government Ministries/Departments, attached and subordinate bodies.
Autonomous Bodies only.
Statement 1: The provisions contained in GFRs are deemed to be applicable to Autonomous Bodies, except to the extent their approved bye-laws provide for separate Financial Rules. Statement 2: The "Financial Year" means the year beginning on the 1st of March and ending on the 30th of April following.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Assertion (A): When the subject of a case concerns more than one Department, no order shall be issued until all such Departments have concurred. Reason (R): Where a doubt arises as to the interpretation of any GFR provisions, the matter shall be referred to the Comptroller and Auditor General for a decision.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
As per the definitions in Rule 2, which model involves the Seller providing the goods, maintaining them, providing consumables, and finally taking the goods back after their useful life?
CAPEX model
OPEX model
Hybrid model
Lease model
As defined in Rule 2, "Head of the Department" means an authority not below the rank of:
A Section Officer to the Government of India.
An Under Secretary to the Government of India.
A Deputy Secretary to the Government of India.
A Joint Secretary to the Government of India.
According to Rule 21 (Standards of financial propriety), every officer is expected to exercise the same vigilance in respect of expenditure from public moneys as a person of ordinary prudence would exercise in respect of:
Expenditure of his own money.
Expenditure of his Department's money.
Expenditure sanctioned by the President.
Expenditure audited by the C&AG.
Statement 1: Expenditure from public moneys should not be incurred for the benefit of a particular person or section, unless a claim for the amount could be enforced in a Court of Law or it is in pursuance of a recognized policy or custom. Statement 2: An authority should exercise its powers of sanctioning expenditure to pass an order which will be directly or indirectly to its own advantage.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Assertion (A): The financial powers of the Government which have not been delegated to a subordinate authority shall vest in the Finance Ministry. Reason (R): No authority may incur any expenditure from public funds unless the same has been sanctioned by a competent authority.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
Under Rule 30, a sanction for any fresh charge shall, unless it is specifically renewed, lapse if no payment in whole or in part has been made during a period of:
Six months from the date of issue.
Twelve months from the date of issue.
The end of the financial year.
Two years from the date of issue.
A sanction for the purchase of stores shall not lapse, even if payment is not made within twelve months, if:
The stores are of a proprietary nature.
The supplier has promised delivery.
Tenders have been accepted or the indent has been placed on the Central Purchase Organization.
The Head of Department certifies the requirement is still valid.
Statement 1: Any loss or shortage of public moneys, stamps, or other property shall be immediately reported to the next higher authority, the Statutory Audit Officer, and the concerned Principal Accounts Officer. Statement 2: Petty losses of value not exceeding Rupees ten thousand need not be reported.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
According to Rule 34, all losses above what value due to suspected fire, theft, fraud, etc., shall be invariably reported to the Police for investigation?
Rupees Ten thousand
Rupees Fifty thousand
Rupees One Lakh
Any value, regardless of the amount.
Assertion (A): An officer shall be held personally responsible for any loss sustained by the Government through fraud or negligence on his part. Reason (R): The departmental proceedings for assessment of responsibility for the loss shall be conducted according to the instructions contained in Appendix 1.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
Under Rule 41, if the contents of any file required by the Audit Officer are categorized as 'Secret' or 'Top Secret', the file shall be sent personally to:
The Minister of the Department.
The Secretary of the Department.
The Head of the Audit Office.
The Under Secretary of the Department
(MCQ) In accordance with Article 112(1) of the Constitution, who shall arrange to lay before both Houses of Parliament the Annual Financial Statement, also known as the 'Budget'?
The President
The Finance Minister
The Secretary (Expenditure)
The Comptroller and Auditor General
(MCQ) According to Rule 47, while fixing the rates of 'User Charges', Ministries/Departments must ensure that the user charges recover:
Only the marginal cost of providing services.
Only the capital cost of the investment.
The current cost of providing services with a reasonable return on capital investment.
A minimum of 50% of the cost of services.
(Statement T/F) Statement 1: The rates of user charges should be linked with appropriate price indices and reviewed at least every three years. Statement 2: To enable ease of revision, the rate of user charges shall be fixed, wherever possible, through a Statute and not through Rules or executive orders.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
(A/R) Assertion (A): The expenditure 'Charged' on the Consolidated Fund under Article 112(3) is not subject to the vote of the Lok Sabha. Reason (R): The expenditure estimates shall show separately the sums required to meet 'Charged' expenditure and 'Voted' expenditure.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
(MCQ) As per Rule 54, which statement links the outlays against each scheme/project with the outputs/deliverables and medium-term outcomes?
The Annual Financial Statement
The Demands for Grants
The Outcome Budget
The Appropriation Bill
(MCQ) Under Article 116 of the Constitution, a 'Vote on Account' is obtained to cover expenditure for a brief period. Funds made available under it are not to be utilized for:
Payment of salaries.
Expenditure on a 'New Service'.
Recurring expenditure.
Repayment of loans.
(Statement T/F) Statement 1: A Grant or Appropriation can be utilised to cover charges which are to be paid during the financial year, including liabilities of the past year. Statement 2: No charges against a Grant or Appropriation can be authorized after the expiry of the financial year.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
(MCQ) Who is jointly responsible for the monthly reconciliation of the figures given in the accounts maintained by the Head of the Department with those in the Accounts Officer's books?
The DDO and the PAO.
The Head of the Department and the Accounts Officer.
The Secretary of the Ministry and the Financial Adviser.
The DDO and the Head of Office.
(MCQ) What is the form number for the Liability Register that a Controlling Officer must maintain to effect proper control over expenditure?
Form GFR 3-A
Form GFR 3
Form GFR 5
Form GFR 9
(A/R) Assertion (A): Rush of expenditure, particularly in the closing months of the Financial Year, shall be regarded as a breach of financial propriety and shall be avoided. Reason (R): Savings that cannot be profitably utilised shall be surrendered to the Government immediately they are foreseen, without waiting till the end of the year.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
(MCQ) No expenditure shall be incurred during a financial year on a "New Service" not contemplated in the Annual Budget, except after obtaining:
A re-appropriation of funds.
Approval from the Head of the Department.
A supplementary grant or an advance from the Contingency Fund.
A certification of emergency from the Secretary.
(MCQ) Re-appropriation of funds (Rule 65) shall be made only when it is known or anticipated that:
The expenditure is on a "New Service".
The appropriation for the unit from which funds are transferred will not be utilized in full.
The financial year is about to close.
The original grant was insufficient.
(MCQ) Who is the Chief Accounting Authority of a Ministry/Department, responsible for the effective, efficient, and transparent use of resources?
The Financial Adviser
The Controller General of Accounts
The Secretary of the Ministry/Department
The Principal Accounts Officer
(MCQ) As per Rule 74, Government accounts shall be prepared on what basis?
Accrual basis
Cash basis
Hybrid basis
Commercial basis
The accounts of the Government shall be kept in three parts. Which of the following is not one of them?
Consolidated Fund (Part-I)
Contingency Fund (Part-II)
Public Account (Part-III)
Reserved Fund (Part-IV)
Assertion (A): The classification of transactions in Government Accounts shall have closer reference to functions, programmes, and activities rather than the department in which the expenditure occurs. Reason (R): The Major Heads of account generally correspond to functions of Government, while the Minor Heads identify the programmes. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
Who is responsible for prescribing the form of accounts of the Union and States, on behalf of the President and on the advice of the C&AG?
The Secretary (Expenditure)
The Controller General of Accounts (CGA)
The Reserve Bank of India
The Parliament
Under Rule 86, which integrated Financial Management System shall be used for sanction preparation, bill processing, payment, receipt management, and DBT?
NICNET
COMPACT
PFMS (Public Financial Management System)
E-Lekha
Statement 1: Under Rule 87 (DBT), transfer of benefits should be done directly to beneficiaries using Information and Communication Technology (ICT). Statement 2: Implementing Agencies shall generate Electronic Utilisation Certificates (E‑UCs) on the PFMS portal. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Who prepares and signs the annual Finance Accounts of the Government of India?
The C&AG of India
The Finance Secretary
The Controller General of Accounts (countersigned by Secretary, Expenditure)
The Secretary, Department of Economic Affairs
Expenditure incurred with the object of acquiring tangible assets of a permanent nature is defined as:
Revenue Expenditure
Capital Expenditure
Non-recurring Expenditure
Contingent Expenditure
Under what condition shall a Service Department not charge other Departments for services rendered?
If the service is rendered to a Commercial Department.
If the service falls within the class of duties for which the former Department is constituted.
If the cost of service is less than Rs. 10,000.
If the other Department is under the same Ministry.
Assertion (A): The Central Government and State Governments have agreed under reciprocal arrangements not to prefer petty and isolated claims for an amount not exceeding Rupees ten thousand against one another. Reason (R): This arrangement applies to services rendered but not to supplies made, unless the latter forms part of the service. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
Under Rule 130, which of the following is defined as "Original works"?
Works undertaken to maintain buildings and fixtures.
Works which add capital value but do not create new assets.
All new constructions, site preparation, additions, and alterations.
Services incidental to repair works.
What are "Minor works" defined as under Rule 130?
Works undertaken to maintain buildings and fixtures.
Works which add capital value to existing assets but do not create new assets.
All new constructions.
Any work costing less than Rupees Sixty Lakhs.
A Ministry or Department, at its discretion, may directly execute repair works estimated to cost up to:
Rupees Ten Lakhs
Rupees Sixty Lakhs
Rupees Five Crore
Any value, with PWO approval
Statement 1: Under Rule 136, no work shall be commenced until administrative approval and sanction to incur expenditure have been obtained. Statement 2: On grounds of urgency, an executive officer may carry out a work on his own judgement, but must simultaneously initiate action to obtain approval. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
As per the procedure in Rule 139, what kind of tenders will be called for works costing Rs. Ten lakh to Rs. Sixty lakh?
Single tenders
Limited tenders
Open tenders
Global tenders
For a project costing Rs. 100 crore or above, a Review Committee must be set up. What power does this committee possess?
To re-appropriate funds from other projects.
To accept variation within 10% of the approved estimates.
To halt the project indefinitely.
To change the executing agency.
Which of the following is a fundamental principle of public buying under Rule 144?
Specifications should always indicate a requirement for a particular brand to ensure quality.
The description should be objective, functional, generic, and measurable.
Purchasing quantities in excess of requirement is encouraged to get bulk discounts.
Offers should be invited only from suppliers registered with the department.
Assertion (A): The Procurement of Goods and Services by Ministries or Departments will be mandatory for Goods or Services available on GeM. Reason (R): For purchases outside GeM, relevant GFR Rules shall apply. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
For direct online purchases on GeM, what is the procurement method for goods above Rs. 50,000 and up to Rs. 10,00,000?
Through any available supplier on GeM.
Through the GeM Seller having the lowest price amongst at least three different manufacturers.
Mandatorily using online bidding or reverse auction.
Through a Local Purchase Committee.
For GeM purchases above Rs. 10,00,000, the procurement must be made through:
The supplier having the lowest price after mandatorily obtaining bids, using online bidding or reverse auction.
The L-1 seller from at least five different manufacturers.
An Advertised Tender Enquiry published in newspapers.
A Single Tender Enquiry.
Purchase of goods not available on GeM, up to the value of Rs. 50,000 on each occasion, may be made:
Only through a Purchase Committee.
Without inviting quotations, based on a certificate recorded by the competent authority.
Only through limited tender enquiry.
Only after getting approval from the Financial Adviser.
Purchase of goods not on GeM, costing above Rs. 50,000 and up to Rs. 5,00,000, may be made on the recommendation of:
A duly constituted Local Purchase Committee.
The Head of the Office.
The Accounts Officer.
Any available supplier on GeM.
Statement 1: A demand for goods shall not be divided into small quantities to make piecemeal purchases to avoid procurement through L‑1 Buying/bidding on GeM. Statement 2: A demand for goods should not be divided to avoid the necessity of obtaining the sanction of a higher authority. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
It is mandatory for all Ministries to publish their tender enquiries and bid awards on:
Ministry's own website only.
GeM‑Central Public Procurement Portal (GeM‑CPPP).
A national newspaper.
The website of the C&AG.
Advertised Tender Enquiry (ATE) should be used for procurement of goods of estimated value of:
Rs. 50 lakhs and above.
Above Rs. 5,00,000.
Above Rs. 10,00,000.
Rs. 10 lakhs to Rs. 60 lakhs.
What is the minimum time to be allowed for submission of bids in an Advertised Tender Enquiry where bids from abroad are also contemplated?
Two weeks
Three weeks
Four weeks
Six weeks
Limited Tender Enquiry (LTE) method may be adopted when the estimated value of the goods to be procured is up to:
Rs. 5,00,000
Rs. 10,00,000
Rs. 50 lakhs
Rs. 60 lakhs
For purchasing high‑value plant or machinery of a complex and technical nature, which bidding system is used where technical and financial bids are opened sequentially?
Single Tender Enquiry (Rule 166)
Two‑bid system (Rule 163)
Two‑Stage Bidding (Rule 164)
Electronic Reverse Auction (Rule 167)
Assertion (A): Procurement from a single source (Single Tender Enquiry) may be resorted to in a case of emergency. Reason (R): For standardisation of machinery or spare parts, the required item can be purchased only from a selected firm on the advice of a technical expert. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
What is the ordinary range for the amount of Bid Security (Earnest Money) to be obtained from bidders?
0.5 percent to 1 percent of the estimated value.
1 percent to 3 percent of the estimated value.
2 percent to 5 percent of the estimated value.
5 percent to 10 percent of the estimated value.
Statement 1: Bid securities of unsuccessful bidders should be returned at the earliest, and latest on or before the 30th day after the award of the contract. Statement 2: In place of a Bid security, Ministries may require Bidders to sign a Bid Securing Declaration. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
What is the maximum advance payment that can be given to a private firm against a fabrication contract?
10 per cent of the contract value.
30 per cent of the contract value.
40 per cent of the contract value.
50 per cent of the contract value.
What is the maximum advance payment that can be given to a State or Central Government agency or a Public Sector Undertaking against a contract?
10 per cent of the contract value.
30 per cent of the contract value.
40 per cent of the contract value.
50 per cent of the contract value.
Under Rule 173, negotiation with bidders after bid opening must be severely discouraged. However, in exceptional circumstances, it may be resorted to only with:
All responsive bidders.
The top three lowest bidders.
The lowest evaluated responsive bidder.
The bidder who agrees to the department's price.
What does Consulting Service mean under Rule 177?
Services involving physical, measurable deliverables like maintenance.
Services involving primarily non-physical, intellectual, and procedural processes.
The direct engagement of a retired Government servant.
The procurement of goods incidental to a service.
In the Quality and Cost Based Selection (QCBS) method (Rule 192), the weightage of the technical (non-financial) parameters in no case should exceed:
50 percent
60 percent
70 percent
80 percent
For which type of assignments is the Least Cost System (LCS) (Rule 193) appropriate?
Assignments of a standard or routine nature, like audits.
Assignments where quality is the prime concern.
Assignments involving proprietary techniques.
Assignments requiring rapid technological advances.
For procurement of Non-consulting services, what method is used for an estimated value up to Rupees Fifty lakhs?
Open Tender Enquiry
Limited Tender Enquiry to more than three contractors
Single Tender Enquiry by nomination
Advertised Tender on GeM-CPPP
As per Rule 213, a physical verification of Fixed Assets should be conducted:
At least once in a year.
At least once in three years.
Only at the time of transfer of charge.
Only when a discrepancy is suspected.
As per Rule 213, a physical verification of all consumable goods and materials should be undertaken:
At least once in a year.
At least once in three years.
Every month.
At the discretion of the Head of Office.
For libraries having more than twenty thousand volumes and up to fifty thousand volumes, complete physical verification should be done:
Every year.
At least once in three years.
At least once in five years.
Only sample verification is required.
In a library, what is considered a 'reasonable' loss of books that may be written off by a competent authority?
Three volumes per one thousand volumes issued/consulted.
Five volumes per one thousand volumes issued/consulted.
Ten volumes per one thousand volumes issued/consulted.
No loss is considered reasonable.
Statement 1: Loss of a book of a value exceeding Rs. 1,000/- or a rare book shall invariably be investigated. Statement 2: A material remaining in stock for over a year shall generally be considered surplus.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Surplus or obsolete or unserviceable goods of assessed residual value above Rupees Four Lakh should be disposed of by:
Obtaining bids through advertised tender or public auction.
Destroying them in an eco-friendly manner.
Selling them at their scrap value.
Transferring them to another department.
If a ministry is unable to sell a surplus item through tender or auction, it may dispose of the same at its scrap value with the approval of the competent authority in consultation with:
The C&AG
The Head of the Department
The Finance division
The Central Purchase Organization
All contracts and assurances of property made in the exercise of the executive power of the Union shall be executed on behalf of:
The Parliament of India.
The Ministry of Law.
The President.
The Prime Minister.
In respect of contracts for works with an estimated value of Rupees ten lakhs or above, what must be executed?
A simple letter of acceptance.
A purchase order.
A Contract document, with all necessary clauses.
An indemnity bond.
Assertion (A): A Price Variation Clause can be provided only in long-term contracts where the delivery period extends beyond 18 months. Reason (R): In short-term contracts, firm and fixed prices should be provided for. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
The formula for Price Variation (Appendix 11) should ordinarily include which three elements?
A fixed element, a material element, and a labour element.
A tax element, a currency element, and a profit element.
A fixed element, an overhead element, and a profit element.
A material element, a transport element, and a tax element.
Statement 1: All contracts shall contain a provision for recovery of liquidated damages for defaults on the part of the contractor. Statement 2: No claim for payment from a contractor shall be entertained after the lapse of three years of the arising of the claim. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Under Rule 227A, if a Ministry has challenged an arbitral award, what percentage of the award shall be paid to the contractor against a Bank Guarantee?
50%
75%
90%
100%
Under Rule 229, no new autonomous institutions should be created by Ministries or Departments without the approval of:
The Cabinet.
The Finance Minister.
The C&AG.
The President.
As per Rule 229, a Ministry shall put in place a system of external or internal peer review of autonomous organisations every:
Year.
Two or three years.
Three or five years, depending on size and nature.
Ten years.
Statement 1: An institution seeking Grants-in-aid (GIA) should certify that it has not obtained or applied for grants for the same purpose from any other Ministry or State Government. Statement 2: Recurring Grant is defined as a one-time release for a special purpose. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Assertion (A): All interests or other earnings against Grants-in-aid released to any Grantee institution should be mandatorily remitted to the Consolidated Fund of India. Reason (R): Such earnings (advances) should not be allowed to be adjusted against future releases. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
Under Rule 230(9), assets acquired wholly or substantially out of Government grants shall not be disposed of without the prior approval of:
The Parliament.
The C&AG.
The authority which sanctioned the Grants-in-aid.
The Head of the Grantee Institution.
Under Rule 231, before a Grant is released, members of the Executive Committee of the Grantee must execute a Bond. If the Grantee fails to comply with the conditions, they are liable to refund the Grant with interest at what rate per annum?
8 percent
10 percent
12 percent
The prevailing bank rate.
The accounts of a Grantee Institution shall be audited by the C&AG under Section 14 of the C&AG (DPC) Act, 1971, if the grants or loans in a financial year are not less than:
Rupees one crore.
Rupees twenty-five lakhs, and also not less than seventy-five percent of the total expenditure of the Institution.
Rupees fifty lakhs.
Both A and B.
For non-recurring Grants, a Utilization Certificate (UC) in Form GFR 12-A should be submitted within:
Six months of the closure of the financial year.
Twelve months of the closure of the financial year.
Three months from the date of sanction.
One month of utilizing the grant.
Statement 1: In respect of recurring Grants, any amount sanctioned for the subsequent financial year should only be released after a provisional Utilization Certificate for the preceding financial year is submitted. Statement 2: Utilization certificates need not be furnished in cases where the Grants-in-aid are made as reimbursement of expenditure already incurred on the basis of duly audited accounts. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
Under Rule 250, a specific term shall be fixed for all loans. In very special cases, this term may extend to:
Ten years
Twenty years
Thirty years
Fifty years
Before sanctioning a loan to a private institution, the security offered shall ordinarily be at least:
One-fourth of the loan amount.
One-third of the loan amount.
One-half of the loan amount.
Equal to the loan amount.
Assertion (A): Loan sanctions shall invariably include a provision for the levy of penal interest on overdue installments of interest or principal. Reason (R): The penal or higher rate of interest shall not, except under special orders, be less than two and half per cent per annum above the normal rate. Choose the correct option.
Both (A) and (R) are true, and (R) is the correct explanation of (A).
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(A) is true, but (R) is false.
(A) is false, but (R) is true.
Which office in the Department of Economic Affairs is responsible for implementing the financial covenants laid down in external aid agreements?
The Budget Division
The Office of the Controller of Aid Accounts and Audit (CAAAA)
The Plan Finance Division
The Office of the Chief Controller of Accounts
Under the "Reimbursement procedure" (Rule 267), what is the "Special Account (Revolving Fund Scheme)"?
An account where the Funding Agency disburses the estimated expenditure of four months as an initial advance.
An account managed by the State Government for direct payments.
An account for paying contractors directly in foreign currency.
An account for managing commodity grants.
Powers to grant Government of India Guarantee, including those on external borrowings, vests with the:
Administrative Ministry concerned.
Cabinet Committee on Economic Affairs.
Budget Division, Department of Economic Affairs (DEA).
Controller General of Accounts.
Statement 1: Government guarantees shall normally be restricted to the repayment of principal and normal interest component of the loan. Statement 2: Government guarantees shall not be provided to the private sector. Choose the correct option.
Statement 1 is True, Statement 2 is False.
Statement 1 is False, Statement 2 is True.
Both Statements are True.
Both Statements are False.
What is the purpose of the "Guarantee Redemption Fund (GRF)" established in the Public Account of India?
To pay the annual guarantee fees to the government.
To provide new loans to Central Public Sector Enterprises (CPSEs).
For redemption of guarantees given to CPSEs, etc., by the Central Government whenever such guarantees are invoked.
To invest guarantee fees for profit.
A report of transfer of charge of a Gazetted Government servant shall be sent in which Form?
Form GFR 12-A
Form GFR 15
Form GFR 16
Form GFR 25
Under Rule 45, which of the following is required for the approval of a 'New Service'?
Approval from the Finance Ministry.
Sanction from the Prime Minister.
Consent from the Parliament.
Authorization from the Head of the Department.
According to Rule 56, what is the maximum limit for direct purchases without competitive bidding?
Rs. 1,00,000
Rs. 50,000
Rs. 25,000
Rs. 2,00,000
Assertion (A): All government purchases must be made through GeM unless otherwise specified. Reason (R): GeM ensures transparency and efficiency in procurement. Choose the correct option.
(A) is false, but (R) is true.
(A) is true, but (R) is false.
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
Both (A) and (R) are true, and (R) is the correct explanation of (A).
