The Constitution provides for grants-in-aid to the states from the Central resources besides tax sharing between centre and state. There are two types of grants-in-aid i.e., statutory grants and discretionary grants. ● Statement 1 is incorrect: Discretionary Grant: According to article 282 both Centre and the states can provide grants for any public purpose, even if it is not within their respective legislative competence. Under this provision, the Centre provides grants to the states. The Centre government is under no obligation to give these grants and the matter lies within its discretion. ● Statement 2 is correct and Statement 3 is incorrect: Statutory grant: According to Article 275 Parliament can give grants to states which are in need of financial assistance not to every state. It is also possible that different sums are given to different states. These sums are charged on consolidated funds of India. The statutory grants are given to the states on the recommendation of the Finance Commission.
Arrange the Following banks in ascending order in their respective establishment years.
(A) Corporation Bank (B) Punjab National Bank ...
Which of the following facilities is given to the individual to continue withdrawing money even if he/she has no enough funds in his/her account?
Which govt. body has authority to inspect state cooperative banks, central co-operative banks under B & A 1949 ?
What is Universal Banking?
Which of the following is true about the discounting of bill of banks?
I. Banks provide short-term finance by discounting bills, by making paymen...
The State Bank of India was founded in __________.
Which of the following banks built the National Stock Exchange of India (NSE)?
In which year the first Bank of India was established?
The other name for SWIFT code is
Exim Bank was established in the year
