Consider the following : 1. Global Trust Bank has been amalgamated with the Punjab National Bank. 2. The Second report of the Kelkar Committee dealing with direct and indirect taxes has maintained its original recommendation including the abolition of exe

examrobotsa's picture

Submitted by examrobotsa on

Q: 48 (IAS/2005)
Consider the following :
1. Global Trust Bank has been amalgamated with the Punjab National Bank.
2. The Second report of the Kelkar Committee dealing with direct and indirect taxes has maintained its original recommendation including the abolition of exemptions relating to housing loans.
Which of the statements is/are correct?

question_subject: 

Current Affairs

question_exam: 

IAS

stats: 

0,4,33,6,10,17,4

keywords: 

{'exemptions': [0, 0, 1, 0], 'indirect taxes': [0, 0, 1, 0], 'punjab national bank': [0, 0, 1, 3], 'kelkar committee': [0, 0, 1, 0], 'second report': [0, 0, 1, 0], 'global trust bank': [0, 0, 1, 0], 'housing loans': [0, 0, 0, 1]}

The first statement is incorrect as the Global Trust Bank was not amalgamated with the Punjab National Bank. The Global Trust Bank was actually merged with the Oriental Bank of Commerce in India.

The second statement is also incorrect. The Kelkar Committee on direct and indirect taxes did recommend the abolition of some exemptions, but those didn`t specifically include exemptions related to housing loans.

As both the statements are incorrect, so option 4 `Neither 1 nor 2` is the correct answer. Each option was assessed on the basis of the accuracy of the facts stated in the scenarios presented and then matched with the provided answer.