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Directions (Q. 1-10):
While one can debate the benefits and (1)[outgrowth] of demonetisation, harm to the RBI’s reputation – and therefore a decline in its credibility – belongs (2)[realistic] to the negative side of the ledger. So much so that last week the central bank’s employees, through their unions, wrote to Governor Urjit Patel to protect RBI’s autonomy. It is not just unions who (3)[were] worried. Former governors YV Reddy and BimalJalan have also expressed concern. Such concern stems (4)[on] the manner in which RBI appears to have (5)[go] ahead with the decision to ban high value notes without much discussion, within a day of the government having reportedly ‘advised’ it to do so, as well as the general veil of opacity over its deliberations. It has, for example, been remarkably silent (6)[in] the aftermath of demonetisation when it should have been in the driver’s seat. RBI is India’s most important regulator. Its job is to not just control inflation but also be the first line of defense against macroeconomic instability. This makes it (7)[optional] for both Patel and the Centre to heed warnings. Advanced countries have independent central banks; such separation of powers between monetary and fiscal authorities is what keeps (8)[few] economy stable. India needs strong not weak institutions, and RBI should not be treated as a wing of the finance ministry. RBI’s (9)[maturity] and responsibilities are in keeping with an emerging economy. Unlike central banks in developed markets, RBI’s functions span an even wider range. Consequently Patel needs to (10)[press] himself, and the government too needs to take certain measures to preserve RBI’s autonomy.
1). ?
Explanation:- ‘Ill effects’ means repercussions or bad effects.
2). ?
Explanation:- According to the meaning, ‘indisputably’ which means beyond doubts, is correct here.
3). ?
Explanation:- Here, talking about the present, so ‘are’ will come.
4). ?
Explanation:- The correct preposition will be ‘from’.
5). ?
Explanation:- ‘Gone’ will come because, when it will be combined with ‘ahead’ will make a phrase.
6). ?
Explanation:- Here, ‘during’ will come.
7). ?
Explanation:- ‘Imperative’ means compulsory.
8). ?
Explanation:- The correct word here will be ‘an’ which is an article and represents singular form.
9). ?
Explanation:- ‘Evolution means the start and development.
10). ?
Explanation:- ‘Assert’ here, means to put forward or take stand.

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