Direction: Read the following passage carefully and answer the question that follows:

The emergence of paper money as currency marked a major change in the organisation of financial markets and transactions. Until this change came about, most forms of currency involved precious metals like gold and silver. The value of the coin was directly linked to the value of the gold or silver it contained. By contrast, the value of a paper currency note has no relationship to the value of the paper it is printed on or the cost of its printing. The idea behind paper money was that a medium or means for facilitating the exchange of goods and services need not itself be intrinsically valuable. As long as it represents values convincingly — i.e., as long as it inspires trust — almost anything can function as money. This idea was the foundation for the credit market and helped change the structure of banking and finance. These changes in turn produced further changes in the organisation of economic life.

Direction: In the following question, parts of a sentence have been jumbled. You are required to rearrange the jumbled parts of the sentence and mark your response accordingly by selecting the correct option.

Direction: In the following question, parts of a sentence have been jumbled. You are required to rearrange the jumbled parts of the sentence and mark your response accordingly by selecting the correct option.

Direction: In the following question, parts of a sentence have been jumbled. You are required to rearrange the jumbled parts of the sentence and mark your response accordingly by selecting the correct option.

Direction: Read the following passage carefully and answer the question that follows:

Seeking to move towards a cashless economy, the government has proposed income tax benefits for people making payments through credit or debit cards, besides doing away with transaction charges on the purchase of petrol, gas and rail tickets with plastic money. This is the first serious effort to tackle the predominance of cash in India’s economy. India is a hugely cash-dependent economy. The RBI and commercial banks annually spend around Rs 21,000 crore in currency operations costs while the citizens of Delhi alone spend Rs 9.1 crore and 60 lakh hours in collecting cash.

The scale of this burden is unique to India considering that it is among the most cash-intensive economies with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%). Moreover, cash transactions and black money are directly linked, since a cash trail is nigh impossible to track. As such, electronic transactions and the ease of audit they afford should make the government’s job much easier in terms of curbing illegal transactions.

What the switchover to payments by credit and debit cards means is that the payer must have money in the bank. This can be facilitated through a greater recourse to direct cash transfer of subsidies to banks. But, those who avail of this may not belong to the section that pays income tax. Given that less than three per cent of our population pays income tax, transactions by plastic cards may not amount to much. But, the scene is changing. For instance, payments by mobiles have grown from just 860 transactions in November 2010 to 4.4 million in August 2014. With the spread of Internet and expansion of e-commerce, online payments are fast catching on among the middle class. These are mostly cashless transactions. It is also necessary to remember that a move towards a cashless economy will eliminate the cost of printing and distributing cash. If to these expenses are added the cost of storage and maintaining the currencies in the over 60,000 ATMs, the outlay becomes prohibitive. The answer is a buoyant economy that will reduce the numbers of those who still regard cash as the only reliable legal tender.

Direction: Read the following passage carefully and answer the question that follows:

Seeking to move towards a cashless economy, the government has proposed income tax benefits for people making payments through credit or debit cards, besides doing away with transaction charges on the purchase of petrol, gas and rail tickets with plastic money. This is the first serious effort to tackle the predominance of cash in India’s economy. India is a hugely cash-dependent economy. The RBI and commercial banks annually spend around Rs 21,000 crore in currency operations costs while the citizens of Delhi alone spend Rs 9.1 crore and 60 lakh hours in collecting cash.

The scale of this burden is unique to India considering that it is among the most cash-intensive economies with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%). Moreover, cash transactions and black money are directly linked, since a cash trail is nigh impossible to track. As such, electronic transactions and the ease of audit they afford should make the government’s job much easier in terms of curbing illegal transactions.

What the switchover to payments by credit and debit cards means is that the payer must have money in the bank. This can be facilitated through a greater recourse to direct cash transfer of subsidies to banks. But, those who avail of this may not belong to the section that pays income tax. Given that less than three per cent of our population pays income tax, transactions by plastic cards may not amount to much. But, the scene is changing. For instance, payments by mobiles have grown from just 860 transactions in November 2010 to 4.4 million in August 2014. With the spread of Internet and expansion of e-commerce, online payments are fast catching on among the middle class. These are mostly cashless transactions. It is also necessary to remember that a move towards a cashless economy will eliminate the cost of printing and distributing cash. If to these expenses are added the cost of storage and maintaining the currencies in the over 60,000 ATMs, the outlay becomes prohibitive. The answer is a buoyant economy that will reduce the numbers of those who still regard cash as the only reliable legal tender.

Direction: Read the following passage carefully and answer the question that follows:

Seeking to move towards a cashless economy, the government has proposed income tax benefits for people making payments through credit or debit cards, besides doing away with transaction charges on the purchase of petrol, gas and rail tickets with plastic money. This is the first serious effort to tackle the predominance of cash in India’s economy. India is a hugely cash-dependent economy. The RBI and commercial banks annually spend around Rs 21,000 crore in currency operations costs while the citizens of Delhi alone spend Rs 9.1 crore and 60 lakh hours in collecting cash.

The scale of this burden is unique to India considering that it is among the most cash-intensive economies with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%). Moreover, cash transactions and black money are directly linked, since a cash trail is nigh impossible to track. As such, electronic transactions and the ease of audit they afford should make the government’s job much easier in terms of curbing illegal transactions.

What the switchover to payments by credit and debit cards means is that the payer must have money in the bank. This can be facilitated through a greater recourse to direct cash transfer of subsidies to banks. But, those who avail of this may not belong to the section that pays income tax. Given that less than three per cent of our population pays income tax, transactions by plastic cards may not amount to much. But, the scene is changing. For instance, payments by mobiles have grown from just 860 transactions in November 2010 to 4.4 million in August 2014. With the spread of Internet and expansion of e-commerce, online payments are fast catching on among the middle class. These are mostly cashless transactions. It is also necessary to remember that a move towards a cashless economy will eliminate the cost of printing and distributing cash. If to these expenses are added the cost of storage and maintaining the currencies in the over 60,000 ATMs, the outlay becomes prohibitive. The answer is a buoyant economy that will reduce the numbers of those who still regard cash as the only reliable legal tender.

Direction: Read the following passage carefully and answer the question that follows:

Seeking to move towards a cashless economy, the government has proposed income tax benefits for people making payments through credit or debit cards, besides doing away with transaction charges on the purchase of petrol, gas and rail tickets with plastic money. This is the first serious effort to tackle the predominance of cash in India’s economy. India is a hugely cash-dependent economy. The RBI and commercial banks annually spend around Rs 21,000 crore in currency operations costs while the citizens of Delhi alone spend Rs 9.1 crore and 60 lakh hours in collecting cash.

The scale of this burden is unique to India considering that it is among the most cash-intensive economies with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%). Moreover, cash transactions and black money are directly linked, since a cash trail is nigh impossible to track. As such, electronic transactions and the ease of audit they afford should make the government’s job much easier in terms of curbing illegal transactions.

What the switchover to payments by credit and debit cards means is that the payer must have money in the bank. This can be facilitated through a greater recourse to direct cash transfer of subsidies to banks. But, those who avail of this may not belong to the section that pays income tax. Given that less than three per cent of our population pays income tax, transactions by plastic cards may not amount to much. But, the scene is changing. For instance, payments by mobiles have grown from just 860 transactions in November 2010 to 4.4 million in August 2014. With the spread of Internet and expansion of e-commerce, online payments are fast catching on among the middle class. These are mostly cashless transactions. It is also necessary to remember that a move towards a cashless economy will eliminate the cost of printing and distributing cash. If to these expenses are added the cost of storage and maintaining the currencies in the over 60,000 ATMs, the outlay becomes prohibitive. The answer is a buoyant economy that will reduce the numbers of those who still regard cash as the only reliable legal tender.

Direction: Read the following passage carefully and answer the question that follows:

Seeking to move towards a cashless economy, the government has proposed income tax benefits for people making payments through credit or debit cards, besides doing away with transaction charges on the purchase of petrol, gas and rail tickets with plastic money. This is the first serious effort to tackle the predominance of cash in India’s economy. India is a hugely cash-dependent economy. The RBI and commercial banks annually spend around Rs 21,000 crore in currency operations costs while the citizens of Delhi alone spend Rs 9.1 crore and 60 lakh hours in collecting cash.

The scale of this burden is unique to India considering that it is among the most cash-intensive economies with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%). Moreover, cash transactions and black money are directly linked, since a cash trail is nigh impossible to track. As such, electronic transactions and the ease of audit they afford should make the government’s job much easier in terms of curbing illegal transactions.

What the switchover to payments by credit and debit cards means is that the payer must have money in the bank. This can be facilitated through a greater recourse to direct cash transfer of subsidies to banks. But, those who avail of this may not belong to the section that pays income tax. Given that less than three per cent of our population pays income tax, transactions by plastic cards may not amount to much. But, the scene is changing. For instance, payments by mobiles have grown from just 860 transactions in November 2010 to 4.4 million in August 2014. With the spread of Internet and expansion of e-commerce, online payments are fast catching on among the middle class. These are mostly cashless transactions. It is also necessary to remember that a move towards a cashless economy will eliminate the cost of printing and distributing cash. If to these expenses are added the cost of storage and maintaining the currencies in the over 60,000 ATMs, the outlay becomes prohibitive. The answer is a buoyant economy that will reduce the numbers of those who still regard cash as the only reliable legal tender.

Direction: In the following question, the given sentence has four parts marked P, Q, R, and S. Choose the part of the sentence with the error and mark it as your answer. If there is no error, mark 'No error (S)' as your answer.