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 with respect to ‘Interim Budget’
- Article 112 of the Indian Constitution provides for Interim Budget
- The government is not allowed to revise tax rates via an interim budget.
- Unlike the Union budget, the interim budget is not debated in the Lok Sabha before passage
How many of the statement(s) given above are correct
Correct
Solution (d)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Incorrect Incorrect Incorrect There is no constitutional provision for an interim budget. Hence, the Centre chooses to seek the Lower House’s approval for the funds required for the transition period (April – July) till the new government presents a full Budget— via the votes on account provision. In an interim budget, the Finance Minister presents the current state of the Indian economy, its fiscal status including India’s revised estimated growth in the next year. While the Centre has to desist from announcing any major scheme which could influence voters or present an Economic Survey, the government is allowed to revise tax rates via an interim budget. The interim budget too is presented to both Houses on February 1 by the Finance Minister, put to vote and then sent for Presidential approval. Like the Union budget, the interim budget too is debated in the Lok Sabha before passage and is valid for the entire year though it is merely a transition arrangement. Context – The Finance Minister Nirmala Sitharaman presented the Interim Union Budget for 2024-2025 in Parliament.
Incorrect
Solution (d)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Incorrect Incorrect Incorrect There is no constitutional provision for an interim budget. Hence, the Centre chooses to seek the Lower House’s approval for the funds required for the transition period (April – July) till the new government presents a full Budget— via the votes on account provision. In an interim budget, the Finance Minister presents the current state of the Indian economy, its fiscal status including India’s revised estimated growth in the next year. While the Centre has to desist from announcing any major scheme which could influence voters or present an Economic Survey, the government is allowed to revise tax rates via an interim budget. The interim budget too is presented to both Houses on February 1 by the Finance Minister, put to vote and then sent for Presidential approval. Like the Union budget, the interim budget too is debated in the Lok Sabha before passage and is valid for the entire year though it is merely a transition arrangement. Context – The Finance Minister Nirmala Sitharaman presented the Interim Union Budget for 2024-2025 in Parliament.
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Question 2 of 5
2. Question
With reference to ‘Payments Bank’, consider the following statements
- They are differentiated banks registered as a public limited company under the Companies Act 2013
- The minimum paid-up equity capital for payments banks shall be 10 crores
- It can accept demand deposits but cannot issue loans and credit cards
How many of the statement(s) given above are correct
Correct
Solution (b)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct They are differentiated, and not universal banks. These operate on a smaller scale. It is registered as a public limited company under the Companies Act 2013 and licensed under Section 22 of the Banking Regulation Act 1949. The minimum paid-up equity capital for payments banks shall be 100 crores. The minimum initial contribution of the promoter to the Payment Bank to the paid-up equity capital shall be at least 40% for the first five years from the commencement of its business. It can take deposits up to Rs. 2,00,000. It can accept demand deposits in the form of savings and current accounts. It cannot issue loans and credit cards. It cannot accept time deposits or NRI deposits. Context – The Reserve Bank of India (RBI) recently imposed restrictions on Paytm Payments Bank Ltd (PPBL), following a system audit report and subsequent compliance validation report of external auditors.
Incorrect
Solution (b)
Statement Analysis:
Statement 1 Statement 2 Statement 3 Correct Incorrect Correct They are differentiated, and not universal banks. These operate on a smaller scale. It is registered as a public limited company under the Companies Act 2013 and licensed under Section 22 of the Banking Regulation Act 1949. The minimum paid-up equity capital for payments banks shall be 100 crores. The minimum initial contribution of the promoter to the Payment Bank to the paid-up equity capital shall be at least 40% for the first five years from the commencement of its business. It can take deposits up to Rs. 2,00,000. It can accept demand deposits in the form of savings and current accounts. It cannot issue loans and credit cards. It cannot accept time deposits or NRI deposits. Context – The Reserve Bank of India (RBI) recently imposed restrictions on Paytm Payments Bank Ltd (PPBL), following a system audit report and subsequent compliance validation report of external auditors.
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Question 3 of 5
3. Question
‘Sphaerotheca varshaabhu’ which was discovered recently is a species of
Correct
Solution (a)
Sphaerotheca varshaabhu is a new frog species. Sphaerotheca Varshaabhu, meaning a genus of frog which welcomes rain, has been attributed to its behaviour of coming out of burrows during the early showers. It has adapted to its urban surroundings displaying behaviours and physical attributes that help it navigate challenges posed by urbanisation.
Context – Researchers from various national and international organisations have identified and documented a previously unknown species of frog which has been thriving amidst the urban landscape of Bengaluru.
Incorrect
Solution (a)
Sphaerotheca varshaabhu is a new frog species. Sphaerotheca Varshaabhu, meaning a genus of frog which welcomes rain, has been attributed to its behaviour of coming out of burrows during the early showers. It has adapted to its urban surroundings displaying behaviours and physical attributes that help it navigate challenges posed by urbanisation.
Context – Researchers from various national and international organisations have identified and documented a previously unknown species of frog which has been thriving amidst the urban landscape of Bengaluru.
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Question 4 of 5
4. Question
Consider the following statements about ‘Green Roofs’
Statement 1 – Green roofs last longer than conventional roofs, reduce energy costs with natural insulation and absorb stormwater
Statement 2 – Green roofs are ballasted roofs consisting of a waterproofing membrane, growing medium (soil), and vegetation (plants) overlying a traditional roof
Which one of the following is correct in respect of the above statements?
Correct
Solution (a)
Statement Analysis:
Statement 1 Statement 2 Correct Correct Green roofs, also known as ‘vegetated roofs’ or ‘living roofs’ — are ballasted roofs consisting of a waterproofing membrane, growing medium (soil), and vegetation (plants) overlying a traditional roof. The layers of green roof systems must, like any roof, accommodate drainage, and stormwater management, and protect the building from the elements with a waterproof membrane. Green roofs last longer than conventional roofs, reduce energy costs with natural insulation, create peaceful retreats for people and animals, and absorb stormwater, potentially lessening the need for complex and expensive drainage systems. Context – According to recent research, green roofs treated with mycorrhizal fungi foster a more diverse soil community that is more likely to support long-term green roof sustainability.
Incorrect
Solution (a)
Statement Analysis:
Statement 1 Statement 2 Correct Correct Green roofs, also known as ‘vegetated roofs’ or ‘living roofs’ — are ballasted roofs consisting of a waterproofing membrane, growing medium (soil), and vegetation (plants) overlying a traditional roof. The layers of green roof systems must, like any roof, accommodate drainage, and stormwater management, and protect the building from the elements with a waterproof membrane. Green roofs last longer than conventional roofs, reduce energy costs with natural insulation, create peaceful retreats for people and animals, and absorb stormwater, potentially lessening the need for complex and expensive drainage systems. Context – According to recent research, green roofs treated with mycorrhizal fungi foster a more diverse soil community that is more likely to support long-term green roof sustainability.
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Question 5 of 5
5. Question
Consider the following statements with respect to ‘Plastic Credit Bond (PCB)’
- Plastic Credit Bond is designed to finance plastics collection and recycling projects
- Repayments for these bonds are influenced by the sale of plastic and carbon offset credits
Select the correct statement(s)
Correct
Solution (c)
Statement Analysis:
Statement 1 Statement 2 Correct Correct Plastic Credit Bond is designed to combat waste, and finance plastics collection and recycling projects in Ghana and Indonesia. This initiative signals further growth in the nascent carbon credit market. Repayments are influenced by the sale of plastic and carbon offset credits. Investors receive their principal back at the end of the seven-year term, guaranteed by the World Bank, with a minimum interest payment of 1.75%. Context – The World Bank and Citi have collaborated to launch a $100 million bond aimed at addressing plastic waste.
Incorrect
Solution (c)
Statement Analysis:
Statement 1 Statement 2 Correct Correct Plastic Credit Bond is designed to combat waste, and finance plastics collection and recycling projects in Ghana and Indonesia. This initiative signals further growth in the nascent carbon credit market. Repayments are influenced by the sale of plastic and carbon offset credits. Investors receive their principal back at the end of the seven-year term, guaranteed by the World Bank, with a minimum interest payment of 1.75%. Context – The World Bank and Citi have collaborated to launch a $100 million bond aimed at addressing plastic waste.
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