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
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Consider the following statements regarding Freedom of trade, commerce, and intercourse under the Indian Constitution:
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Article 301 guarantees freedom of trade, commerce, and intercourse throughout the territory of India, subject to reasonable restrictions.
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Article 304 empowers State Legislatures to impose restrictions on such freedom, but only with the prior sanction of the President.
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Article 303 prohibits both Parliament and State Legislatures from making any law that gives preference to one State over another in matters of trade and commerce.
Which of the above statements is/are correct?
Correct
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Solution: (d)
Explanation:
- Statement 1: Article 301 ensures freedom of trade, commerce, and intercourse throughout India, subject to exceptions in Articles 302–305. This statement is Correct
- Statement 2: Article 304(b) allows States to impose reasonable restrictions on trade and commerce in the public interest, but only with the President’s prior sanction. This statement is Correct
Statement 3: Article 303 prohibits discriminatory laws that give preference to one State over another in trade and commerce, except when Parliament makes such a law to deal with scarcity of goods in any part of India. This statement is Correct
Incorrect
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Solution: (d)
Explanation:
- Statement 1: Article 301 ensures freedom of trade, commerce, and intercourse throughout India, subject to exceptions in Articles 302–305. This statement is Correct
- Statement 2: Article 304(b) allows States to impose reasonable restrictions on trade and commerce in the public interest, but only with the President’s prior sanction. This statement is Correct
Statement 3: Article 303 prohibits discriminatory laws that give preference to one State over another in trade and commerce, except when Parliament makes such a law to deal with scarcity of goods in any part of India. This statement is Correct
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Question 2 of 5
2. Question
Agni-P (Agni-Prime), recently in news, is best described as:
Correct
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Solution: (c)
Explanation:
Agni-P is a two-stage solid-fuelled, canisterised missile with a range of 1,000–2,000 km, developed by DRDO. It is deployable via both road and rail mobile launchers, providing flexibility and enhanced survivability as part of India’s strategic forces.Incorrect
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Solution: (c)
Explanation:
Agni-P is a two-stage solid-fuelled, canisterised missile with a range of 1,000–2,000 km, developed by DRDO. It is deployable via both road and rail mobile launchers, providing flexibility and enhanced survivability as part of India’s strategic forces. -
Question 3 of 5
3. Question
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Consider the following statements:
Statement I: BRICS expansion is seen as a challenge to the dominance of Western-led institutions like the IMF and World Bank.
Statement II: The inclusion of major oil-producing countries in BRICS enhances the bloc’s ability to influence global financial flows through energy trade.
Statement III: With expansion, BRICS now accounts for a larger share of global GDP (PPP), surpassing that of the G7.
Which one of the following is correct in respect of the above statements?
Correct
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Solution: (b)
Explanation:
- Statement I: Expansion strengthens BRICS’ role as an alternative voice in global financial governance. This statement is Correct
- Statement II: Oil-rich members boost BRICS’ leverage in financial and energy markets, explaining Statement I. This statement is Correct
Statement III: Expanded BRICS represents a larger share of global GDP (PPP) than the G7, This statement is Correct, but it reflects economic weight, not directly institutional challenge.
Incorrect
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Solution: (b)
Explanation:
- Statement I: Expansion strengthens BRICS’ role as an alternative voice in global financial governance. This statement is Correct
- Statement II: Oil-rich members boost BRICS’ leverage in financial and energy markets, explaining Statement I. This statement is Correct
Statement III: Expanded BRICS represents a larger share of global GDP (PPP) than the G7, This statement is Correct, but it reflects economic weight, not directly institutional challenge.
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Question 4 of 5
4. Question
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With reference to India’s Liberalised Remittance Scheme (LRS), consider the following statements:
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A rise in outward remittances under LRS leads to a debit entry in India’s Balance of Payments (BoP) under the Current Account.
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If remittances are used for purchase of equity abroad, they affect India’s Capital Account in the BoP.
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The ceiling of USD 250,000 under LRS is per family per financial year, not per individual.
How many of the above statements are correct?
Correct
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Solution: (b)
Explanation:
- Statement 1: Payments for education, travel, and medical expenses are current account debit entries. This statement is Correct
- Statement 2: Investments in equity, debt, or property abroad are capital account transactions. This statement is Correct
Statement 3: The USD 250,000 ceiling is per individual per financial year, not per family. This statement is Incorrect
Incorrect
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Solution: (b)
Explanation:
- Statement 1: Payments for education, travel, and medical expenses are current account debit entries. This statement is Correct
- Statement 2: Investments in equity, debt, or property abroad are capital account transactions. This statement is Correct
Statement 3: The USD 250,000 ceiling is per individual per financial year, not per family. This statement is Incorrect
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Question 5 of 5
5. Question
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Consider the following statements regarding the Foreign Contribution (Regulation) Act (FCRA):
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Under FCRA rules, foreign contributions can only be received in a designated bank account at the State Bank of India’s New Delhi Main Branch.
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Political parties in India are allowed to receive foreign contributions, provided they declare the source to the Election Commission of India.
Which of the above statements is/are incorrect?
Correct
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Solution: (b)
Explanation:
- Statement 1: As per the 2020 amendments, all NGOs must open their primary FCRA account at SBI, New Delhi Main Branch to receive foreign funds. This statement is Correct
- Statement 2: Political parties and candidates for elections are prohibited from receiving foreign contributions under FCRA. This statement is Incorrect
Incorrect
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Solution: (b)
Explanation:
- Statement 1: As per the 2020 amendments, all NGOs must open their primary FCRA account at SBI, New Delhi Main Branch to receive foreign funds. This statement is Correct
- Statement 2: Political parties and candidates for elections are prohibited from receiving foreign contributions under FCRA. This statement is Incorrect
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