UPSC MCQs Current Affairs Question Answer 1st Aug 19

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MCQ 1 1. External Commercial Borrowing(ECB) is a type of Foreign Direct Investment (FDI).

2. Only PSUs are allowed for ECB under FEMA regulations Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 1 1. External Commercial Borrowing(ECB) is a type of Foreign Direct Investment (FDI).

2. Only PSUs are allowed for ECB under FEMA regulations Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 2 1. Innovating for Clean Air (IfCA), an initiative that aims to provide a unique measurement system for air quality by integrating satellite and sensor data 2. The two-year US-India joint initiative is expected to provide stakeholders of the two countries opportunities to test interventions related to air quality and Electric Vehicle (EV) integration.

Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 2 1. Innovating for Clean Air (IfCA), an initiative that aims to provide a unique measurement system for air quality by integrating satellite and sensor data 2. The two-year US-India joint initiative is expected to provide stakeholders of the two countries opportunities to test interventions related to air quality and Electric Vehicle (EV) integration.

Choose correct

(A) Only 1 (B) Only 2 (C) Both (D) None

• Innovating for Clean Air (IfCA), an initiative that aims to provide a unique measurement system for air quality by integrating satellite and sensor data, and extending support to India’s transition to electric vehicles, was launched in Bangalore on Wednesday.

• The two-year UK-India joint initiative is expected to provide stakeholders of the two countries opportunities to test interventions related to air quality and Electric Vehicle (EV) integration.

• The programme is being led by Innovate UK, a wing of the UK Research and Innovation (UKRI), and is funded by the Newton Fund along with various partners from Karnataka and India.

• The key partners of the programme are the Indian Institute of Science (IISc), Enzen, Project Lithium, Confederation of Indian Industries, C40 Cities and Clean Air Platform. Other partners include Citizens for Sustainability, World Resources Institute, Indian Institute for Information Technology Bangalore (IIIT-B), Shakti Foundation, Shell Technology Centre, Global Business Inroads and India Smart Grid Forum.

• Commenting on the programme, UK Research and Innovation India (UKRI) Director Rebecca Fairbairn said, “UKRI has been working with India for over a decade, focusing on excellent research that makes a difference to society and to our economies but this is the first time the UK Catapult network, which drives innovation in highly targeted industries has been implemented here and it demonstrates the creativity possible through India-UK partnership.”

MCQ 3 Komodo National Park is located in A. Australia B. Japan C. Indonesia D. Caribbean island

MCQ 3 Komodo National Park is located in A. Australia B. Japan

C. Indonesia D. Caribbean island

MCQ 4 No. of core sector industries are A. 10 B. 9 C. 8 D. 7

MCQ 4 No. of core sector industries are A. 10 B. 9

C. 8 D. 7

MCQ 5 Equalization levy is A. A rebate in taxes to startups B. A tax given to govt by MNCs working in india C. A surcharge to balance the super rich and middle class citizens D. None

MCQ 5 Equalization levy is A. A rebate in taxes to startups B. A tax given to govt by MNCs working in india C. A surcharge to balance the super rich and middle class citizens

D. None

MCQ 6 1. Chit funds required to be registered under the RBI Act 2. There is no existing act for governance of chit funds in india Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 6 1. Chit funds required to be registered under the RBI Act 2. There is no existing act for governance of chit funds in india Choose correct (A) Only 1 (B) Only 2 (C) Both

(D)None

• A chit fund is a type of rotating savings and credit association system practiced in India. Chit fund schemes may be organized by financial institutions, or informally among friends, relatives, or neighbours. In some variations of chit funds, the savings are for a specific purpose. • Chit funds are often microfinance organizations

Explanation • A chit fund comprises a group of members, called subscribers. An organizer, a company or a trusted relative or neighbor, brings the group together and administers the activities of the group. For their efforts, the organizer is either compensated each month or at withdrawal time.

(The fee may be omitted in informal situations.)

• The fund starts at an announced date and continues for the number of months equal to the number of subscribers. Each month, the subscribers put in their monthly installments into the pot. Then, an open auction is conducted to determine the lowest sum a subscriber is willing to take that month. For example, if the monthly installment is ₹1000 and there are 50 members, the pot in the first month will contain ₹50,000. If the auction determines a winner who is willing to accept ₹45,000 for that month, the surplus ₹5,000 is distributed to the other 49 members, after subtracting fees paid to the organizer. The subscriber who won the auction was able to access ₹45,000 in the first month and the others benefited in their share of the ₹5,000 surplus.

The process repeats, distributing the auction amount to one member each month. All of the other subscribers, including the ones who took their share in a previous month, continue paying the monthly installments.

• The system acts as a borrowing scheme, because subscribers are able to access large sums of money before they've paid the full amount. It also acts as a savings system, because each subscriber contributes every month and may retrieve a large sum in the future while receiving their share of the surpluses.

• Variations of the system omit the auction part, instead drawing a winner by picking a chit out of a box. (The term chit fund comes from such an arrangement.)

• Organised chit fund schemes are required to register with the Registrar of Firms, Societies and Chits. A chit fund company is a company that manages, conducts, or supervises such a chit fund, as defined in Section of the Chit Funds Act, 1982. According to Section 2(b) of the Chit Funds Act, 1982: • "Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount".

• Though they are not required to be registered under the RBI Act, chit funds are regulated as Miscellaneous Non-Banking Companies (MNBCs).

• Their activities relating to soliciting deposits are governed by the Non-Banking Financial Companies and Miscellaneous Non-Banking Companies (Advertisement) Rules (1977) framed by the Government of India under Section 58A of the Companies Act 1956

• Chit funds in India are governed by the Chit Funds Act, 1982. Under this Act, the chit fund businesses can be registered and regulated only by the respective State Governments.

• Regulator of chit funds is the Registrar of Chits appointed by respective state governments under Section 61 of Chit Funds Act. • Powers of adjudication vest in the Registrar and the state government concerned is the Appellate authority. In case of failure of a chit fund business, the responsibility for winding up such a business also vests with the respective State Governments. Moreover, the Prize chits and money circulation schemes are illegal and are banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Powers of investigation under this Act are vested with the concerned state police authorities.

• Chit fund companies do operate in a legal framework under RBI guidelines. But there has not been a comprehensive, effective, regulatory mechanism to put the ongoing business in perspective.

That's why all shardha chit fund illegal money raising has been exposed. In India, non banking institutions do engage in such illegal measure very often.

MCQ 7 1. Inter-State River Water Disputes (Amendment) Bill, 2019 puts a time limit for the first time as 2 years as the maximum period within which river water disputes need to be resolved 2. Inter-State River Water Disputes come under original jurisdiction of supreme court Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 7 1. Inter-State River Water Disputes (Amendment) Bill, 2019 puts a time limit for the first time as 2 years as the maximum period within which river water disputes need to be resolved 2. Inter-State River Water Disputes come under original jurisdiction of supreme court Choose correct (A) Only 1 (B) Only 2 (C) Both

(D)None

• The Minister said though the original Inter-State River Water Disputes Act, enacted in 1956, was amended 17 years ago to make five years the maximum period within which river water disputes need to be resolved, the reality had been different.

• The new Bill proposes that the final award will be delivered in two years and whenever it gives the order, the verdict will be notified automatically.

• The new Bill provides for the constitution of a single tribunal with different Benches, and the setting of strict timelines for adjudication. A retired Supreme Court judge will head the tribunal and Benches will be formed as and when required.

The States can approach the tribunal for resolution of their disputes and once resolved, the Bench would wind up.

• Giving a background of the history of tribunals, the Minister said only four of the nine water tribunals could submit their report.

And these too came after a seven- to 28-year delay.

MCQ 8 1. A joint venture company namely Khanij Bidesh India Ltd. (KABIL) is to be set up with the merger of three Central Public Sector Enterprises 2. It is established to raise export of minerals from India Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 8 1. A joint venture company namely Khanij Bidesh India Ltd. (KABIL) is to be set up with the merger of three Central Public Sector Enterprises 2. It is established to raise export of minerals from India Choose correct (A) Only 1 (B) Only 2 (C) Both

(D)None

Ministry of Mines KABIL Set up to Ensure Supply of Critical Minerals A joint venture company namely Khanij Bidesh India Ltd. (KABIL) is to be set up with the participation of three Central Public Sector Enterprises namely, National Aluminium Company Ltd.(NALCO), Hindustan Copper Ltd.(HCL) and Mineral Exploration Company Ltd. (MECL).

The Minister of Coal, Mines and Parliamentary Affairs Shri Pralhad Joshi said that the objective of constituting KABIL is to ensure a consistent supply of critical and strategic minerals to Indian domestic market. While KABIL would ensure mineral security of the Nation, it would also help in realizing the overall objective of import substitution, he said.

• The sustained source of mineral and metal commodities is imperative for the transportation and manufacturing segment. Recalling the commitment at the UN Climate Change Conference, Pairs, 2015, where India has pledged to reduce greenhouse gas emissions and opting a greener mode of transportation, the Minister said that the Prime Minister has been emphasizing upon Electric Vehicle Mobility. Shri Joshi, said therefore it is important to ensure energy storage through batteries. Further segments like Aviation, Defence and Space Research also require minerals with lower weight and high mechanical strength. Among such twelve minerals identified as strategic minerals, which have meagre resource base, Lithium Cobalt are significant. • The KABIL would carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country’s requirement of these minerals. The sourcing of these minerals or metals is to done by creating trading opportunities, G2G collaborations with the producing countries or strategic acquisitions or investments in the exploration and mining assets of these minerals in the source countries. The new company will help in building partnerships with other mineral rich countries like Australia and those in Africa and South America, where Indian expertise in exploration and mineral processing will be mutually beneficial bringing about new economic opportunities. The equity participation between NALCO, HCL and MECL is in the ratio of 40:30:30

MCQ 9 1. Sea of galilee is the other name of Dead Sea 2. It is located between Jordan & Israel Choose correct (A) Only 1 (B) Only 2 (C) Both (D) None

MCQ 9 1. Sea of galilee is the other name of Dead Sea 2. It is located between Jordan & Israel Choose correct (A) Only 1 (B) Only 2 (C) Both

(D) None