Read the following passage carefully
and answer the questions given below it. Certain words are given in bold to help you locate them while answering some
of the questions.
The threat by petroleum retailers to
stop accepting credit and debit card payments led to a late-night intervention by the Centre, with the
Minister for Petroleum, declaring that the protest action had been put off till
January 13. Fuel dealers raised a red flag on the decision by certain banks to
levy the merchant discount rate (MDR) of up to one per cent on card payments.
After the demonetisation exercise began, the government had waived the
service tax on the MDR surcharge from December 8 for card-based payments up to
₹2,000 and got banks to waive the MDR charges on debit cards till December 31,
2016. By Monday, the Petroleum Minister said that neither the consumer nor the
dealers, operating on thin margins, would bear the MDR for fuel refills even
after January 13. Stakeholders, he said, will absorb the cost, but it is
still not clear who will bear the cost of going cashless — banks are not out of
line in expecting some revenue in return for facilitating transactions through
point of sale (PoS) devices. Since 8th November 2016, public sector
banks have been advised by the Centre to charge a maximum of ₹100 a month as
PoS device rentals from small merchants, and the move has benefited 6.5 lakh of
the 15 lakh PoS devices. Public sector oil marketers were asked to offer a 0.75
per cent discount to customers using non-cash means to tank up. The Railways,
public sector insurers and others have been asked to offer discounts or charge
lower rates for cashless transactions; so more such spats could occur, although
the Centre has promised to foot the bill for some of these subventions.
Petroleum outlets are
particularly important for a cash-lite economy push as they handle nearly ₹2
lakh crore of cash a year. Queues at banks have eased, but the weekly
withdrawal limits haven’t been lifted. In a situation where people are
cash-strapped and the government is nudging them towards alternatives, the
uncertainty of the sort created at fuel pumps should be avoided as it
could lead to a crisis of confidence. Last February the Cabinet had given the
nod for rationalising MDR charges. An expert panel to recommend legislative and
other changes was constituted in August and it mooted greater transparency in
fees for digital payments, protection for private data of consumers, a
mechanism to ensure they will not be liable to pay for unauthorised
transactions or system errors, and the creation of a new payments regulator. To
build confidence in a less-cash economy, people nudged into a new way of life
need clarity and consistency in policy along with a visible road map to secure
their confidence. Lucky draws alone won’t suffice.
Q.1. According to the passage, what has
not been lifted even if the queues at
banks have eased?
(1) Daily withdrawal limits have not been lifted.
(2) Money has not been lifted.
(3) Weekly withdrawal limits
haven’t been lifted.
(4) People have not been lifted.
(5) Private data of consumers have not been lifted.
Explanation- Answer lies in the 2nd
paragraph.
Q.2. Which of the
following statement/s is/are NOT TRUE in context to the passage?
(A) Public sector oil marketers were asked to offer
a 0.75 per cent discount to customers using cash means to tank up.
(B) Petroleum outlets are particularly important
for a cash-lite economy push as they handle nearly ₹2 lakh crore of cash a
year.
(C) In a situation where people are cash-strapped
and the government is nudging them towards alternatives, the uncertainty of the
sort created at fuel pumps should be avoided as it could lead to a crisis of
confidence.
(1)
Only A
(2) Only B
(3) Only A and C
(4) Only B and C
(5) Only A and B
Q.3. What have public sector banks been advised by the Centre
since 8th November 2016?
(1)
Public sector banks have been advised to charge a maximum of ₹100 a month.
(2) Public sector banks have been advised to return
the amount taken by the public.
(3) Public sector banks have been advised to charge
a minimum of ₹100 a month.
(4) Public sector banks have been advised to take
care of the amount of the public..
(5) Public sector banks haven’t been advised to
charge a maximum of ₹100 a month.
Explanation- Answer lies in the 1st
paragraph.
Q.4. Which of the following statement/s is/are TRUE in
context to the passage?
(A) Queues at banks have eased, but the weekly
withdrawal limits haven’t been lifted.
(B) The Railways, public sector insurers and others
have been asked to offer discounts or charge lower rates for cashless
transactions
(C) Since 8th November 2016, public
sector banks have been advised by the Centre to charge a maximum of ₹100 a
month as PoS device rentals from small merchants
(1) Only A
(2) Only A and C
(3) Only B and C
(4) Only C
(5)
All A, B and C
Q.5. According to the passage,
The Railways, public sector insurers and others have been
asked to __________________
(1) Recommend legislative and other changes
(2)
Offer discounts or charge lower rates for cashless transactions.
(3) Charge lower rates for cashless transactions
(4) Customers using non-cash means to tank up
(5) Offer a 0.75 per cent discount to customers
Q.6. Which of the following is possibly the most appropriate TITLE
for the passage?
(1) Public sector banks
(2) Oiling cashless wheels
(3) Merchant discount rate (MDR)
(4) Digital payments
(5) Consumer and the dealers
Q.7-8. Choose the word/group of words is most SIMILAR in
meaning to the word/group of words printed in bold as used in the passage.
Q.7. WAIVED
(1) approved (2) expedited (3) acknowledged (4) removed
(5) refused
Q.8. SUFFICE
(1) displease (2) enough (3) dissatisfy (4) mistake (5)
stupendous
Q.9-10. Choose the word/group of words is most OPPOSITE in
meaning to the word/group of words printed in bold as used in the passage.
Q.9. ABSORB
(1) build (2) mislead (3) finish (4) anguish (5) ingest
Q.10. AVOIDED
(1) faced (2) met (3) permitted (4) dodged
(5) seen
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MAHENDRA GURU