Indian Economy Mixed Practice — MCQs with Answers (Set 20)

The Company Secretaries Act, 1980 made ICSI a statutory body on 1 January 1981. Before that it was a company, set up under the Companies Act, 1956. That earlier Act governed the company, not the statutory body. The other two options name Acts that did not create ICSI. Memory hook: the Act is 1980, the start date is 1981.

A Company Secretary’s core role is corporate governance and regulatory compliance. Cost audit and budgeting belong to the Cost Accountant of ICMAI. Statutory financial audit belongs to the Chartered Accountant of ICAI. Income tax return filing is work many professionals do, but it is not the CS’s defining role. Memory hook: CS means company-law compliance.

The Ministry of Corporate Affairs has administrative control over all three bodies: ICAI, ICSI and ICMAI. The Ministry of Finance deals with taxes and the budget. The Ministry of Commerce and Industry deals with trade. The Ministry of Law and Justice deals with courts and legislation. Memory hook: the Companies Act is the MCA’s law, so company-linked professions sit with the MCA.

ICMAI shifted its head office to New Delhi in 2025. A 2023 Taxscan report places it in Kolkata before that. The Cost and Works Accountants (Amendment) Regulations, 2025 came into force on 25 April 2025. They changed Regulation 89. The new address is CMA Bhawan, Lodhi Road, New Delhi. The notice names Delhi only. Memory hook: Kolkata before, Delhi from 2025.

ICMAI was founded in 1944 as the Institute of Cost and Works Accountants of India, or ICWAI. It became a statutory body in 1959 and took its present name in early 2012. ICSA is the old name of the UK governance body that ICSI signed a deal with. IFAC is a world federation of accountants, not an Indian institute. ICAI is the body for Chartered Accountants. Memory hook: ICWAI and ICMAI are one body with two names.

ICAI’s Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025 cap the number at 60 a year. The cap applies from 1 April 2026. It applies to each CA in every role, and partners in a firm cannot pool unused quota.

NFRA was constituted on 1 October 2018, after the Cabinet approved it on 1 March 2018. It took over oversight of large-company audits. ICAI still regulates its members more widely. The Companies Act of 2013 provided for NFRA, but the body itself began in 2018.

Under the New Scheme, effective 1 July 2023, practical training is two years. Students who registered as articled assistants on or before 30 June 2023 still serve three years. Older study guides that say three years are out of date for new students.

The ICAI Council has 40 members. Chartered Accountants elect 32 of them. The Central Government nominates the other 8. The other options give wrong totals or wrong elected shares.

ICAI was set up under the Chartered Accountants Act, 1949. The Act came into force on 1 July 1949, which is now marked as CA Day. ICAI works under the administrative control of the Ministry of Corporate Affairs. The other Acts named in the options are not its source.

The National Indicator Framework (NIF) 2026 consists of 277 national SDG indicators, covering all 17 Sustainable Development Goals.

Statistics Day honours Professor Prasanta Chandra Mahalanobis, the architect of India’s modern statistical system, marked this year on his 133rd birth anniversary.

The Court had ruled that landowners whose land was acquired under the National Highways Act (1997-2015) were entitled to solatium and interest, benefits the Act itself had denied them — reinforcing LARR’s principle that compensation shouldn’t depend on which law acquired the land.

Section 24 makes an award lapse if it was made 5 or more years before LARR’s commencement, with compensation unpaid or possession not taken — one of the Act’s most litigated provisions.

LARR requires 80% landowner consent for private projects, and 70% consent for PPP projects, along with a mandatory Social Impact Assessment.

LARR sets compensation at up to 4 times market value in rural areas, and up to 2 times in urban areas.

LARR replaced the colonial-era Land Acquisition Act, 1894, which was criticised for weak compensation and no rehabilitation duty.

Bidders’ last date to submit further queries by email is 20 August 2026, following the pre-bid conference held on 29 July 2026.

The pre-bid conference for the 10 GWh ACC Grid-Scale Stationary Storage tender was held on 29 July 2026 at India Habitat Centre, New Delhi, with over 30 prospective bidders attending.

Sugar dealers must declare their stocks and update them weekly through the Department of Food and Public Distribution’s online portal, foodstock.dfpd.gov.in.

The stock holding limits on sugar dealers run from 1 August 2026 to 30 November 2026, aimed at curbing hoarding and stabilising prices.

AT&C stands for Aggregate Technical and Commercial losses. The draft National Electricity Policy 2026 asks states to cut technical losses and theft and to collect dues on time. It asks states to aim for single-digit AT&C losses.

In the Rajya Sabha reply of 10 August 2026, rural supply rose from 12.5 hours in FY14 to 22.6 hours in FY26. Urban supply rose from 22.1 to 23.4 hours.

RDSS pays for loss-reduction works and smart metering for distribution companies. Works worth Rs 1.53 lakh crore and Rs 1.31 lakh crore have been sanctioned for the two.