OPSC OAS 2020 PrelimsPolityQuestion 12
Solved previous year question from the OPSC OAS/OCS 2020 Preliminary Examination (General Studies), with the official answer key and a detailed explanation.
Question
One of the following now is not a Department of Finance Ministry:
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Answer & Explanation
Correct answer: (D) Department of Banking Affairs
- Department of Economic Affairs– It is the nodal agency of the Union Government to formulate and monitor the country’s economic policies and programmes having an impact on domestic and international aspects of economic management. It comes under Finance Ministry
- Department of Expenditure– It is the nodal department for supervising the public financial management system in the Central Government and matters connected with state finances. It comes under Finance Ministry
- Department of Revenue -It exercises control in matters relating to all the direct and indirect Union Taxes through two the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). It comes under Finance Ministry
- Department of Banking Affairs– There is no such department. Banking affairs is handled by the Department of Economic Affairs only.
