Consider the following statements International Monetary Fund (IMF):1. IMF review member’s quotas once in ten years.2. At present India’s quota is 4.75 percent.Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D

Notes:

Explanation: IMF reviews members’ quotas once in every five years—last done in December 2010—here, India consented for its quota increase.

After this India’s quota (together with its 3 constituency countries) has increased to 2.75 per cent (from 2.44 per cent) and it has become the 8th (from 11th) largest quota holding country among the 24 constituencies.
In absolute terms, India’s quota has increased to SDR 13,114.4 million (from SDR 5,821.5 million) which is an increase of approximately US $ 11.5 billion or Rs. 56,000crore).
While 25 per cent of the quota is to be paid in cash (i.e., in ‘Reserve’ currency), the balance 75 per cent can be paid in securities.

Source: TMH Ramesh Singh