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The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.
Q. Which of the following can be logically deduced from the above information?
  • a)
    Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.
  • b)
    The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.
  • c)
    Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.
  • d)
    The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.
  • e)
    All can be inferred
Correct answer is option 'B'. Can you explain this answer?
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The Reserve Bank of India (RBI) on Friday told the Supreme Court that...
We first make sure to read the statement carefully and then see what immediate inferences can be drawn based on our first reading. The next step is to look at the statements given in the options, analyze them and see if they seem relevant with respect to the information/data provided to us. From the statement, we can infer that RBI has told the Supreme Court that cryptocurrencies might pose as a threat and to focus on this grave issue a committee has been formed to deal with the matter.
(1) can be rejected as no information regarding the fact that some petitions or all, challenged the use of virtual currency is evident thus, it can be rejected.
(3) can be eliminated as exact details regarding the hearing on ‘May 17’ cannot be deduced as no information regarding it is stated in the given statement. Based on the similar grounds we can reject (4) also, as ‘three weeks’ time cannot be inferred. If it would have written ‘some weeks’ then it could have been a suitable deduction but also nothing has been mentioned about the role of ‘Federal bank’ thus, it is definitely not a deduction of the given statement.
(2) is the most promising deduction. It captures the general fact that the bench headed by the CJI has given time to the Center and the RBI for filling their responses. Moreover, we don’t have any option like ‘none can be deduced’. Therefore, option (B) is the only option choice that we have.
As all the other options except (2) are irrelevant with respect to the data provided in the statement. Thus, the correct answer is option (B).
Hence, the correct option is (B).
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Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.Banks will conduct special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account. Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI. To facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021, the RBI said.Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai. “It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS grids are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing,” said the regulator. Besides, it has asked the banks under the respective CTS grids to adhere to the instructions issued to them by the President of the respective CTS grid. Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearing house, with the relevant data. This eliminates the cost of movement of the physical cheques and reduces time for collection and clearance of cheques. All government transactions done by agency banks for 2020-21 must be accounted for within the same financial year, the RBI said. The central bank said all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021. “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2021. “Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions,” it said. With regard to reporting of central and state government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021, the RBI said.Find the relation between the given sentences.Statement I: RBI has decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021.Statement II: The RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account.

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The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer?
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The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer?.
Solutions for The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.
Here you can find the meaning of The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The Reserve Bank of India (RBI) on Friday told the Supreme Court that allowing dealings in cryptocurrencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting use of these virtual currencies. Cryptocurrencies are ‘a stateless digital currency’ in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, ‘rendering it immune from government interference’. A bench headed by Chief Justice was informed that a committee has been set up by the Centre to deal with the issues relating to cryptocurrencies and the matters required a final and early decision from the top court.Q. Which of the following can be logically deduced from the above information?a)Some petitions challenged the use of virtual currencies and alleged that they posed grave dangers to the traditional economy and they also sought framing of guidelines to regulate them.b)The bench granted time to the Centre and the RBI for filing responses and fixed the petitions for final hearing.c)Earlier, the apex court, on May 17, had transferred to itself the petitions pending in various high courts on virtual currencies and barred them from entertaining any plea in future relating to an RBI circular prohibiting dealings in such currencies.d)The federal bank and the central government sought three weeks time from the bench for filing their responses to a clutch of petitions on the issue.e)All can be inferredCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Banking Exams tests.
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