UPSC Quiz – 2023 : IASbaba’s Daily Current Affairs Quiz 23nd March 2023

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 Prevention of Money Laundering Act (PMLA)

It empowers the Enforcement Directorate (ED) with powers to enter, search and seize the suspected property without judicial permission.
The PMLA deals with the confiscation of both movable and immovable property.
Virtual Digital Assets (VDA) are included under the ambit of PMLA.

Choose the incorrect statements:

a) 1, 2 and 3
b) 1 and 3
c) None
d) 1 only

Correct

Solution (c)

Statement Analysis

Statement 1

Statement 2

Statement 3

Correct

· The main focus of the PMLA is

· To prevent money-laundering

· To provide for confiscation of property derived from or involved in money-laundering

· It empowers the Enforcement Directorate (ED) with powers to enter, search and seize the suspected property without judicial permission.

Recent changes in the PMLA

Bringing five types of activities under PMLA

· Exchange between virtual digital assets (VDA) and fiat currencies

· Exchange between one or more forms of VDA

· Transfer of VDA

· Safekeeping or administration of VDA or instruments enabling control over them

· Participation in and provision of financial services related to an issuer’s offer and sale of a VDA.

Context: 1,064 prosecution complaints pending for completion of trial under PMLA.

Incorrect

Solution (c)

Statement Analysis

Statement 1

Statement 2

Statement 3

Correct

· The main focus of the PMLA is

· To prevent money-laundering

· To provide for confiscation of property derived from or involved in money-laundering

· It empowers the Enforcement Directorate (ED) with powers to enter, search and seize the suspected property without judicial permission.

Recent changes in the PMLA

Bringing five types of activities under PMLA

· Exchange between virtual digital assets (VDA) and fiat currencies

· Exchange between one or more forms of VDA

· Transfer of VDA

· Safekeeping or administration of VDA or instruments enabling control over them

· Participation in and provision of financial services related to an issuer’s offer and sale of a VDA.

Context: 1,064 prosecution complaints pending for completion of trial under PMLA.

Question 2 of 5

2. Question

Consider the following statements about Electoral Bonds

Electoral bonds are money instruments which can be bought by individuals from the State Bank of India (SBI).
Only the political parties which secured at least 10% of votes polled in the last General Election to the Lok Sabha are eligible to receive Electoral Bonds.

Choose the correct statements:

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Correct

Solution (a)

Statement Analysis

Option a

Correct

· Electoral bonds are money instruments which can be bought by companies and individuals from the State Bank of India (SBI)

· It is an anonymous donation to a political party.

· The bonds are sold in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore.

· It can be bought via cheque or digital mechanism.

· The bonds will likely be bearer bonds and the identity of the donor will not be known to the receiver.

· The party can convert these bonds back into money via their bank accounts.

· The donor can then give this bond to the parties of their choice.

· The political parties can choose to encash such bonds within 15 days of receiving them and fund their electoral expenses.

· Electoral bonds can be bought only during specific windows of time.

· Political party should have meet two criteria to receive electoral bonds that are

· Political parties should registered under Section 29A of the Representation of the People Act, 195

· Political party should secured not less than 1% of votes polled in the last general election to the Legislative Assembly of the State.

Context: The Supreme Court will hear on April 11 arguments on whether it should refer petitions challenging the electoral bonds scheme to a Constitution bench.