Question
Consider the following statements in regards to the
Public Accounts Committee: I) Every member of Parliament elected serves on the committee for a year. II) The total strength of the Public Accounts Committee is 30 members. III) The head of the committee has been chosen from the opposition since 1967. Which of the following statements is/are incorrect?Solution
Members of the Public Accounts Committee serve for the following terms: Every member of Parliament elected in both the Lok Sabha and the Rajya Sabha serves on the committee for a year. After a year, a new election is held, and members are either replaced or re-elected. The total strength of the Public Accounts Committee is 22 members, which is 15 from the Lok Sabha and 7 from the Rajya Sabha. The members’ terms of office are one year. The Speaker of the Lok Sabha appoints the Chairman. The head of the committee has been chosen from the opposition since 1967. Its primary purpose is to review the audit report of the Comptroller and Auditor General (CAG) once it has been brought before Parliament.
Commercial banks create money in the following ways:
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