Which among the following is not correct ?

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Legislation on criminal law, barring exceptions, is a subject under the Concurrent List.

Bankruptcy and Insolvency are subjects under the Concurrent List.

Inter-State trade and commerce is a subject under the State List.

Banking is exclusively under the Union List.

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Answer is Wrong!

This question was previously asked in

UPSC CAPF – 2023

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Statement C is incorrect. Inter-State trade and commerce, including trade and commerce with foreign countries, is primarily a subject under the Union List (List I) in the Seventh Schedule of the Constitution of India (e.g., Entry 42: Inter-State trade and commerce; Entry 41: Trade and commerce with foreign countries, import and export across customs frontiers; Entry 43: Incorporation, regulation and winding up of trading corporations, including banking, insurance and financial corporations but not including co-operative societies). While States have legislative power over trade and commerce *within* the State (List II, Entry 26), the power over *inter-State* trade and commerce rests with the Union Parliament.

The Seventh Schedule divides legislative powers between the Union and States. Inter-State trade and commerce is assigned to the Union List to ensure uniformity and national economic integration.

Statement A is correct: Criminal law (except specific items in State/Union Lists) and Criminal Procedure are in the Concurrent List (List III). Statement B is correct: Bankruptcy and Insolvency are in the Concurrent List (List III). Statement D is correct: Banking is exclusively in the Union List (List I).

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