Which of the following statements based on the Union List entries is/are correct?
1.The Parliament has exclusive power to legislate on lotteries conducted by both the Central and State governments.
2.Matters related to the incorporation and regulation of cooperative societies are included in the Union List.
3. The Reserve Bank of India, foreign exchange, and currency are all under the legislative domain of the Union.
4.Parliament can make laws regarding corporations whose activities are not limited to one State, excluding universities.
Show answer & explanation
Correct answer: A
Explanation
Answer: Only 1, 3, and 4
Explanation: The correct statements are based on the Union List under the Seventh Schedule of the Constitution of India.
Statement 1 is correct because lotteries organized by both the Union and States fall under Union List entry, giving Parliament exclusive legislative power.
Statement 2 is incorrect because incorporation and regulation of cooperative societies fall under State or Concurrent jurisdiction after constitutional amendments, not exclusively the Union List.
Statement 3 is correct as currency, foreign exchange, and the Reserve Bank of India are under Union control.
Statement 4 is correct because Parliament can legislate on corporations whose operations are not limited to one state, excluding universities.
Additional Key Facts
The Union List contains subjects of national importance like defence, foreign affairs, and banking.
The Concurrent List allows both Centre and States to legislate.
State List includes local governance subjects.
RBI regulates monetary policy and currency management in India.
Seventh Schedule defines the distribution of legislative powers.
Potential Exam-Oriented Questions & Answers
Question: What type of subjects are included in the Union List?
Answer: Subjects of national importance like defence and foreign affairs
Question: Who has the exclusive power to legislate on Union List subjects?
Answer: Parliament