Directions (1 – 10) : In the following passage, some of the words have been left out , each of which is indicated by a number. Find the suitable word from the options given against each number and fill up the blanks with appropriate words to make the paragraph meaningfully compete.
The government will not insist on Know Your Customer (KYC) guidelines on Kisan Vikas Patra (KVC), a post office savings instrument product that is being reintroduced after an over-two-year (1) but interest payments above the (2) threshold will be subject to tax deduction at source.
“There will be no KYC but interest payments would (3) TDS (tax deducted at source). Small savers, however, may be (4) as only interest out go above Rs1000 will be taxed.”
“In rural areas, where the unbanked population is still high, it will bring small savers into the organized (5) instead of chit funds and such schemes… The (6) of picking up the instrument from the nearest post office is huge,” said DK Pant, chief economist, India Ratings. Another official said proceeds from the instrument will not be handed out in cash, unlike in the past, but (7) to a post office savings account.
The popular Kisan Vikas Patra (KYC) was (8) out in 2011 over fears of money laundering, as anyone could invest in the savings instrument and no questions were asked about the source of income. The government is (9) it this year with the aim of (10) the savings of farmers into the formal channels. Kisan Vikas Patra was a very popular instrument among small savers.
1. (a) lapse
(b) hiatus
(c) juncture
(d) blank
2. (a) settled
(b) specific
(c) precise
(d) prescribed
3. (a) face
(b) feature
(c) count
(d) attract
4. (a) provided
(b) needed
(c) spared
(d) denied
5. (a) passages
(b) pathways
(c) avenues
(d) channels
6. (a) impediment
(b) convenience
(c) accessibility
(d) facility
7. (a) deported
(b) assigned
(c) transmitted
(d) transferred
8. (a) pulled
(b) taken
(c) phased
(d) ejected
9. (a) reintroducing
(b) reviving
(c) propelling
(d) throwing
10. (a) carrying
(b) delivering
(c) transferring
(d) bringing
Answers will be provided soon..
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