IASbaba Daily Prelims Quiz
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The Current Affairs questions are based on sources like ‘The Hindu’, ‘Indian Express’ and ‘PIB’, which are very important sources for UPSC Prelims Exam. The questions are focused on both the concepts and facts. The topics covered here are generally different from what is being covered under ‘Daily Current Affairs/Daily News Analysis (DNA) and Daily Static Quiz’ to avoid duplication. The questions would be published from Monday to Saturday before 2 PM. One should not spend more than 10 minutes on this initiative.
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Question 1 of 5
1. Question
The type of money market instrument issued against the funds deposited by an investor with a bank in a dematerialized form for a specific period of time is called as:
Correct
Q.1) Solution (a)
Certificate of Deposit is a type of money market instrument issued against the funds deposited by an investor with a bank in a dematerialized form for a specific period of time. It is regulated by RBI
A Certificate of Deposit in India can be issue by:
- All scheduled commercial banks excluding Regional Rural Banks (RRBs) and Local Area Banks (LABs)
- Select All India Financial Institutions permitted by RBI
- A commercial bank can issue Certificate of Deposit as per its own requirements. A financial institution can issue Certificate of Deposit within a limit prescribed by RBI. A thumb rule for FI is that CD together with other instruments, viz. term money, term deposits, commercial papers and inter-corporate deposits should not exceed 100 per cent of its net-owned funds, as per the latest audited balance sheet.
- Certificate of Deposit can be issued to individuals, corporations, companies, trusts, funds, associations etc. The No resident Indians are also eligible for CDs provided they don’t repatriate the funds.
- Minimum amount for Certificate of Deposit has been fixed at Rs. 1 Lakh, to be accepted from a single subscriber. Larger amounts have to be in the multiples of Rs. 1 Lakh.
- Certificates of Deposit are money market instruments and their maturity period is between seven days to one year for commercial banks. For Financial Institutions, the maturity is not less than a year and not more than three years.
Incorrect
Q.1) Solution (a)
Certificate of Deposit is a type of money market instrument issued against the funds deposited by an investor with a bank in a dematerialized form for a specific period of time. It is regulated by RBI
A Certificate of Deposit in India can be issue by:
- All scheduled commercial banks excluding Regional Rural Banks (RRBs) and Local Area Banks (LABs)
- Select All India Financial Institutions permitted by RBI
- A commercial bank can issue Certificate of Deposit as per its own requirements. A financial institution can issue Certificate of Deposit within a limit prescribed by RBI. A thumb rule for FI is that CD together with other instruments, viz. term money, term deposits, commercial papers and inter-corporate deposits should not exceed 100 per cent of its net-owned funds, as per the latest audited balance sheet.
- Certificate of Deposit can be issued to individuals, corporations, companies, trusts, funds, associations etc. The No resident Indians are also eligible for CDs provided they don’t repatriate the funds.
- Minimum amount for Certificate of Deposit has been fixed at Rs. 1 Lakh, to be accepted from a single subscriber. Larger amounts have to be in the multiples of Rs. 1 Lakh.
- Certificates of Deposit are money market instruments and their maturity period is between seven days to one year for commercial banks. For Financial Institutions, the maturity is not less than a year and not more than three years.
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Question 2 of 5
2. Question
With reference to the Rajya Sabha consider the following statements:
- President nominates members of the Rajya Sabha only from the field of art, literature, science and social service.
- Rajya Sabha is not subjected to Dissolution.
Which of the statements given above is/are correct?
Correct
Q.2) Solution (c)
- Rajya Sabha: Article 80 of the Constitution have provisions for members of the Rajya Sabha. Currently, it has 245 members, including 233 elected members and 12 nominated. As per the constitutional limit, the Upper House strength cannot exceed 250.
- Nominated members of the Rajya Sabha are nominated by the President of India in the field of art, literature, science and social service.
- The Vice-President is the ex-officio chairperson of the Rajya Sabha.
- The Deputy Chairman, who is elected from amongst the house’s members, takes care of the day-to-day matters of the house in the absence of the Chairman.
- Tenure of members: Every Rajya Sabha MP has a tenure of six years and elections to one-third seats are held every two years.
- Permanent house: The Rajya Sabha meets in continuous sessions, and unlike the Lok Sabha, is not subjected to dissolution. However, the Rajya Sabha, like the Lok Sabha can be prorogued by the President
- Process of election: Rajya Sabha members are elected indirectly by the people, that is, by the MLAs.
- Members of a state’s Legislative Assembly vote in the Rajya Sabha elections in proportional representation with the single transferable vote (STV) system. Each MLA’s vote is counted only once.
- To win a Rajya Sabha seat, a candidate should get a required number of votes. That number is found out using the below formula.
Required vote = Total number of votes / (Number of Rajya Sabha seats + 1 ) + 1.
Incorrect
Q.2) Solution (c)
- Rajya Sabha: Article 80 of the Constitution have provisions for members of the Rajya Sabha. Currently, it has 245 members, including 233 elected members and 12 nominated. As per the constitutional limit, the Upper House strength cannot exceed 250.
- Nominated members of the Rajya Sabha are nominated by the President of India in the field of art, literature, science and social service.
- The Vice-President is the ex-officio chairperson of the Rajya Sabha.
- The Deputy Chairman, who is elected from amongst the house’s members, takes care of the day-to-day matters of the house in the absence of the Chairman.
- Tenure of members: Every Rajya Sabha MP has a tenure of six years and elections to one-third seats are held every two years.
- Permanent house: The Rajya Sabha meets in continuous sessions, and unlike the Lok Sabha, is not subjected to dissolution. However, the Rajya Sabha, like the Lok Sabha can be prorogued by the President
- Process of election: Rajya Sabha members are elected indirectly by the people, that is, by the MLAs.
- Members of a state’s Legislative Assembly vote in the Rajya Sabha elections in proportional representation with the single transferable vote (STV) system. Each MLA’s vote is counted only once.
- To win a Rajya Sabha seat, a candidate should get a required number of votes. That number is found out using the below formula.
Required vote = Total number of votes / (Number of Rajya Sabha seats + 1 ) + 1.
-
Question 3 of 5
3. Question
In India if a species of Tiger is declared protected under Schedule I of the wildlife (protection) Act, 1972, what does it imply?
Correct
Q.3) Solution (a)
The wildlife (protection) Act, 1972 provides for the protection of wild animals, birds and plants and matters connected with them, with a view to ensure the ecological and environmental security of India.
It has six schedules which give varying degrees of protection
- Species listed in Schedule I and part II of Schedule II get absolute protection — offences under these are prescribed the highest penalties
- Species listed in Schedule III and Schedule IV are also protected, but the penalties are much lower
- Schedule V includes the animals which may be hunted
- The plants in Schedule VI are prohibited from cultivation and planting.
- Schedule I species will be endangered under this no Hunting is allowed, trading of that animal is completely prohibited
Some of the Examples of animals under Schedule I: Tiger, Blackbuck, Himalayan Brown Bear, Brow-Antlered Deer, Blue whale, Common Dolphin, Cheetah, Clouded Leopard, Hornbills, Indian Gazelle, and many others.
Incorrect
Q.3) Solution (a)
The wildlife (protection) Act, 1972 provides for the protection of wild animals, birds and plants and matters connected with them, with a view to ensure the ecological and environmental security of India.
It has six schedules which give varying degrees of protection
- Species listed in Schedule I and part II of Schedule II get absolute protection — offences under these are prescribed the highest penalties
- Species listed in Schedule III and Schedule IV are also protected, but the penalties are much lower
- Schedule V includes the animals which may be hunted
- The plants in Schedule VI are prohibited from cultivation and planting.
- Schedule I species will be endangered under this no Hunting is allowed, trading of that animal is completely prohibited
Some of the Examples of animals under Schedule I: Tiger, Blackbuck, Himalayan Brown Bear, Brow-Antlered Deer, Blue whale, Common Dolphin, Cheetah, Clouded Leopard, Hornbills, Indian Gazelle, and many others.
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Question 4 of 5
4. Question
Consider the following statements:
- Government of India set up Bureau of Energy Efficiency (BEE) under the provisions of the Energy Conservation Act, 2001.
- Star labeling program on electronic items is done by BEE.
Which of the statements given above is/are correct?
Correct
Q.4) Solution (c)
The Government of India set up Bureau of Energy Efficiency (BEE). on 1st March 2002 under the provisions of the Energy Conservation Act, 2001.
- The mission of the Bureau of Energy Efficiency is to assist in developing policies and strategies with a thrust on self-regulation and market principles, within the overall framework of the Energy Conservation Act, 2001 with the primary objective of reducing energy intensity of the Indian economy.
- The Standards & Labeling Programme is one of the major thrust areas of BEE.
- A key objective of this scheme is to provide the consumer an informed choice about the energy saving and thereby the cost saving potential of the relevant marketed product.
- The scheme targets display of energy performance labels on high energy end use equipment & appliances and lays down minimum energy performance standards.
- BEE coordinates with designated consumers, designated agencies and other organizations and recognize, identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act.
Incorrect
Q.4) Solution (c)
The Government of India set up Bureau of Energy Efficiency (BEE). on 1st March 2002 under the provisions of the Energy Conservation Act, 2001.
- The mission of the Bureau of Energy Efficiency is to assist in developing policies and strategies with a thrust on self-regulation and market principles, within the overall framework of the Energy Conservation Act, 2001 with the primary objective of reducing energy intensity of the Indian economy.
- The Standards & Labeling Programme is one of the major thrust areas of BEE.
- A key objective of this scheme is to provide the consumer an informed choice about the energy saving and thereby the cost saving potential of the relevant marketed product.
- The scheme targets display of energy performance labels on high energy end use equipment & appliances and lays down minimum energy performance standards.
- BEE coordinates with designated consumers, designated agencies and other organizations and recognize, identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act.
-
Question 5 of 5
5. Question
Consider the following statements:
- District Mineral Foundations (DMFs) was set up in all districts in the country
- Central government retains the power to prescribe the rates of contribution to DMF
- Contributions made to DMFs are collected by the central Governments.
Which of the above statements are correct?
Correct
Q.5) Solution (a)
Setting up of District Mineral Foundations (DMFs) in all districts in the country affected by mining related operations was mandated through the Mines and Minerals (Development & Regulation) Amendment Act, (MMDRA) 2015.
Every holder of a mining lease or a prospecting licence-cum-mining lease shall, in addition to the royalty, pay to the DMF of the respective concerned districts in which their mining operations are carried on.
DMF contributions do not exceed one-third of royalty and the Central Government retains the power to prescribe the rates of contribution, though DMF’s operation is under state governments.
The contributions made to DMFs are collected by the State Governments.
Incorrect
Q.5) Solution (a)
Setting up of District Mineral Foundations (DMFs) in all districts in the country affected by mining related operations was mandated through the Mines and Minerals (Development & Regulation) Amendment Act, (MMDRA) 2015.
Every holder of a mining lease or a prospecting licence-cum-mining lease shall, in addition to the royalty, pay to the DMF of the respective concerned districts in which their mining operations are carried on.
DMF contributions do not exceed one-third of royalty and the Central Government retains the power to prescribe the rates of contribution, though DMF’s operation is under state governments.
The contributions made to DMFs are collected by the State Governments.
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