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
Consider the following statements about Financial Stability and Development Council (FSDC)
- It is an apex statutory body constituted by the Government of India in 2000.
- Union Finance Minister is the chairperson of the council.
Choose the correct statements:
Correct
Solution (b)
Statement Analysis
Statement 1 Statement 2 Incorrect Correct · It is an apex-level body constituted by the Government of India (not a statutory body) in 2010. · It has been established under the Financial Stability Division of the Department of Economic Affairs (DEA), Ministry of Finance.
· Chairperson: The Union Finance Minister of India. The Chairperson may invite any person whose presence is deemed necessary for any of its meetings. Members:
· Governor Reserve Bank of India (RBl),
· Finance Secretary and/or Secretary, Department of Economic Affairs (DEA),
· Secretary, Department of Financial Services (DFS),
· Secretary, Ministry of Corporate Affairs,
· Secretary, Ministry of Electronics and Information Technology,
· Chief Economic Advisor, Ministry of Finance,
· Chairmans of regulatory bodies like Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA), Insolvency and Bankruptcy Board of India (IBBI).
· Secretary of the Council: Additional Secretary, DEA, Ministry of Finance.
Context: Recently, the 26th meeting of Financial Stability and Development Council (FSDC) was chaired by the Union Finance Minister.
Incorrect
Solution (b)
Statement Analysis
Statement 1 Statement 2 Incorrect Correct · It is an apex-level body constituted by the Government of India (not a statutory body) in 2010. · It has been established under the Financial Stability Division of the Department of Economic Affairs (DEA), Ministry of Finance.
· Chairperson: The Union Finance Minister of India. The Chairperson may invite any person whose presence is deemed necessary for any of its meetings. Members:
· Governor Reserve Bank of India (RBl),
· Finance Secretary and/or Secretary, Department of Economic Affairs (DEA),
· Secretary, Department of Financial Services (DFS),
· Secretary, Ministry of Corporate Affairs,
· Secretary, Ministry of Electronics and Information Technology,
· Chief Economic Advisor, Ministry of Finance,
· Chairmans of regulatory bodies like Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA), Insolvency and Bankruptcy Board of India (IBBI).
· Secretary of the Council: Additional Secretary, DEA, Ministry of Finance.
Context: Recently, the 26th meeting of Financial Stability and Development Council (FSDC) was chaired by the Union Finance Minister.
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Question 2 of 5
2. Question
Consider the following statements about Green Fins Hub
- It is the first-ever global marine tourism industry platform for diving and snorkelling operators worldwide.
- It was developed by The Reef-World Foundation in partnership with the International Organization for Sustainable Development.
- Operators will receive environmental scores based on a detailed online self-evaluation and progress made on their action plans.
Choose the incorrect statements:
Correct
Solution (c)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct · The Green Fins Hub is the first-ever global marine tourism industry platform for diving and snorkelling operators worldwide. · It was developed by The Reef-World Foundation in partnership with the United Nations Environment Programme (UNEP). · Throughout every year of membership, operators will receive environmental scores based on a detailed online self-evaluation and progress made on their action plans. · Green Fins Certified Members will continue to be assessed annually and trained in person at their operation.
· The assessment process will continue to be based on set criteria using a scoring system (0-330 point system, with a low score implying low impact of a business on coral reefs).
· There will be a minimum threshold (>200 of a maximum environmental impact score) for becoming a Green Fins Certified Member.
· A ranking of bronze, silver or gold certified members will be given according to performance.
Context: The UN Environmental Programme (UNEP), along with the Reef-World Foundation, launched the Green Fins Hub.
Incorrect
Solution (c)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct · The Green Fins Hub is the first-ever global marine tourism industry platform for diving and snorkelling operators worldwide. · It was developed by The Reef-World Foundation in partnership with the United Nations Environment Programme (UNEP). · Throughout every year of membership, operators will receive environmental scores based on a detailed online self-evaluation and progress made on their action plans. · Green Fins Certified Members will continue to be assessed annually and trained in person at their operation.
· The assessment process will continue to be based on set criteria using a scoring system (0-330 point system, with a low score implying low impact of a business on coral reefs).
· There will be a minimum threshold (>200 of a maximum environmental impact score) for becoming a Green Fins Certified Member.
· A ranking of bronze, silver or gold certified members will be given according to performance.
Context: The UN Environmental Programme (UNEP), along with the Reef-World Foundation, launched the Green Fins Hub.
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Question 3 of 5
3. Question
Consider the following statements about Development Financial Institution (DFI)
- The DFI status helps a financial institution access foreign funding, and loans easily and in higher quantum, as compared to a public financial institution (PFI).
- Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) were recently accorded DFI status.
- Unlike banks, DFIs do not accept deposits from people.
Choose the correct statements:
Correct
Solution (b)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct · The DFI status helps a financial institution (FI) access foreign funding, grants and loans easily and in higher quantum, as compared to a public financial institution (PFI) · The Union Ministry of Power has sought the status of Development Financial Institution (DFI) for the Power Finance Corporation (PFC) and Rural Electrification Corporation (subsidiary of PFC). · Unlike banks, DFIs do not accept deposits from people. · They source funds from the market, government, as well as multilateral institutions, and are often supported through government guarantees
Context: The Power Ministry has sought the DFI status for PFC from the Reserve Bank of India (RBI) under the National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021.
Incorrect
Solution (b)
Statement Analysis
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct · The DFI status helps a financial institution (FI) access foreign funding, grants and loans easily and in higher quantum, as compared to a public financial institution (PFI) · The Union Ministry of Power has sought the status of Development Financial Institution (DFI) for the Power Finance Corporation (PFC) and Rural Electrification Corporation (subsidiary of PFC). · Unlike banks, DFIs do not accept deposits from people. · They source funds from the market, government, as well as multilateral institutions, and are often supported through government guarantees
Context: The Power Ministry has sought the DFI status for PFC from the Reserve Bank of India (RBI) under the National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021.
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Question 4 of 5
4. Question
Which of the below given pair is/are correctly matched?
Tribe State/UT Narikoravan Tamil Nadu Kadu Kuruba Kerala Hatti Himachal Pradesh Binjiha Madhya Pradesh Choose the correct code:
Correct
Solution (b)
Option b Correct Tribes in ST list · The Union Cabinet approved the addition of four tribes to the list of Scheduled Tribes, including those from Himachal Pradesh, Tamil Nadu and Chhattisgarh.
· The Hatti tribe in the Trans-Giri area of Sirmour district in Himachal Pradesh.
· The Narikoravan and Kurivikkaran hill tribes of Tamil Nadu .
· The Binjhia in Chhattisgarh, who were listed as ST in Jharkhand and Odisha but not in Chhattisgarh, were the communities newly added to the list.
· Cabinet approved a proposal to bring the Gond community residing in 13 districts of Uttar Pradesh, under the ST list from the Scheduled Caste list.
· This includes the five subcategories of the Gond community (Dhuria, Nayak, Ojha, Pathari, and Rajgond).
· The Cabinet approved ‘Betta-Kuruba’ as a synonym for the Kadu Kuruba tribe In Karnataka.
Context: The Union Cabinet approved the addition of four tribes to the list of Scheduled Tribes, including those from Himachal Pradesh, Tamil Nadu and Chhattisgarh.
Incorrect
Solution (b)
Option b Correct Tribes in ST list · The Union Cabinet approved the addition of four tribes to the list of Scheduled Tribes, including those from Himachal Pradesh, Tamil Nadu and Chhattisgarh.
· The Hatti tribe in the Trans-Giri area of Sirmour district in Himachal Pradesh.
· The Narikoravan and Kurivikkaran hill tribes of Tamil Nadu .
· The Binjhia in Chhattisgarh, who were listed as ST in Jharkhand and Odisha but not in Chhattisgarh, were the communities newly added to the list.
· Cabinet approved a proposal to bring the Gond community residing in 13 districts of Uttar Pradesh, under the ST list from the Scheduled Caste list.
· This includes the five subcategories of the Gond community (Dhuria, Nayak, Ojha, Pathari, and Rajgond).
· The Cabinet approved ‘Betta-Kuruba’ as a synonym for the Kadu Kuruba tribe In Karnataka.
Context: The Union Cabinet approved the addition of four tribes to the list of Scheduled Tribes, including those from Himachal Pradesh, Tamil Nadu and Chhattisgarh.
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Question 5 of 5
5. Question
The government has recently constituted an expert panel under the head of M Damodaran for which of the following purposes?
Correct
Solution (d)
Option d Correct Damodaran Committtee · The government has constituted an expert panel to suggest ways for scaling up of VC/PE investments.
· The six-member panel will be headed by former Securities and Exchange Board of India (SEBI) chairman M Damodaran.
· The committee will comprehensively study, using a systems approach, the end-to-end frictions and potential accelerants from regulatory policy.
· Suggestions on taxation to facilitate ease of investing, as well as to encourage investments in India.
· The panel will also review issues, compliances and suggest simplifications and changes for further accelerating the growth of alternative capital to participate in the VC/PE industry.
· The committee has also been asked to suggest measures to further accelerate investments into start-ups and sunrise sectors.
· And to suggest forward looking measures and future ready regulatory practices, in addition to studying and emulating global best practices.
Context: The government has constituted an expert committee to examine and suggest appropriate measures to address regulatory and other issues to enable scaling up investments by venture capital and private equity investment.
Incorrect
Solution (d)
Option d Correct Damodaran Committtee · The government has constituted an expert panel to suggest ways for scaling up of VC/PE investments.
· The six-member panel will be headed by former Securities and Exchange Board of India (SEBI) chairman M Damodaran.
· The committee will comprehensively study, using a systems approach, the end-to-end frictions and potential accelerants from regulatory policy.
· Suggestions on taxation to facilitate ease of investing, as well as to encourage investments in India.
· The panel will also review issues, compliances and suggest simplifications and changes for further accelerating the growth of alternative capital to participate in the VC/PE industry.
· The committee has also been asked to suggest measures to further accelerate investments into start-ups and sunrise sectors.
· And to suggest forward looking measures and future ready regulatory practices, in addition to studying and emulating global best practices.
Context: The government has constituted an expert committee to examine and suggest appropriate measures to address regulatory and other issues to enable scaling up investments by venture capital and private equity investment.
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