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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.
Gear up and Make the Best Use of this initiative.
Do remember that, “the difference between Ordinary and EXTRA-Ordinary is PRACTICE!!”
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Consider the following statements with respect to ‘Virtual digital assets’
Choose the correct answer using the code given below
Solution (b)
Statement Analysis:
| Statement 1 | Statement 2 | Statement 3 |
| Correct | Incorrect | Correct |
| ‘Virtual Digital Asset’ refers to any information, code, number, or token (not being Indian currency or foreign currency) generated through cryptographic means or otherwise and can be called by whatever name. | It is defined under Income Tax Act but regulated under Prevention of Money Laundering Act | The definition of VDA also specifically includes a non-fungible token, i.e., NFT, or any other token of similar nature, by whatever name is called. |
Context – The Finance Ministry’s March 7 notification placed all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act (PMLA)
Solution (b)
Statement Analysis:
| Statement 1 | Statement 2 | Statement 3 |
| Correct | Incorrect | Correct |
| ‘Virtual Digital Asset’ refers to any information, code, number, or token (not being Indian currency or foreign currency) generated through cryptographic means or otherwise and can be called by whatever name. | It is defined under Income Tax Act but regulated under Prevention of Money Laundering Act | The definition of VDA also specifically includes a non-fungible token, i.e., NFT, or any other token of similar nature, by whatever name is called. |
Context – The Finance Ministry’s March 7 notification placed all transactions involving virtual digital assets under the purview of the Prevention of Money Laundering Act (PMLA)
‘Safe harbor clause’ seen in news is used in the context of
Solution (c)
Safe harbor as prescribed under Section 79 of the IT Act, 2000 – is legal immunity that online intermediaries enjoy against content posted by users on their platforms. This is available as long as these platforms abide by certain due diligence requirements, such as censoring content when asked by the government or courts. It is a crucial tenet for ensuring free speech on the Internet since platforms only have to act on speech that is deemed illegal.
Context – There is an ongoing debate whether the new Digital India bill must incorporate this provision.
Solution (c)
Safe harbor as prescribed under Section 79 of the IT Act, 2000 – is legal immunity that online intermediaries enjoy against content posted by users on their platforms. This is available as long as these platforms abide by certain due diligence requirements, such as censoring content when asked by the government or courts. It is a crucial tenet for ensuring free speech on the Internet since platforms only have to act on speech that is deemed illegal.
Context – There is an ongoing debate whether the new Digital India bill must incorporate this provision.
With reference to ‘MSME Competitive (LEAN) Scheme’, consider the following statements
Choose the correct answer using the code given below
Solution (d)
Statement Analysis:
| Statement 1 | Statement 2 | Statement 3 |
| Correct | Incorrect | Correct |
| Through the LEAN journey, MSMEs can reduce wastages substantially, increase productivity, improve quality, work safely, expanding their markets, and finally becoming competitive and profitable. Under the scheme, MSMEs will implement LEAN manufacturing tools like 5S, Kaizen, KANBAN, Visual workplace, Poka Yoka etc under the able guidance of trained and competent LEAN Consultants to attain LEAN levels like Basic, Intermediate and Advanced. | The government will contribute 90% of implementation cost for handholding and consultancy fees. There will be an additional contribution of 5% for the MSMEs which are part of SFURTI clusters, owned by Women/SC/ST and located in Northeast region. | NPC has been appointed as one of the Implementing Agency which will assist Ministry of MSME in the implementation of MSME Competitive (Lean) Scheme. |
Context – Union Minister for MSME launched the MSME Competitive (LEAN) Scheme recently
Solution (d)
Statement Analysis:
| Statement 1 | Statement 2 | Statement 3 |
| Correct | Incorrect | Correct |
| Through the LEAN journey, MSMEs can reduce wastages substantially, increase productivity, improve quality, work safely, expanding their markets, and finally becoming competitive and profitable. Under the scheme, MSMEs will implement LEAN manufacturing tools like 5S, Kaizen, KANBAN, Visual workplace, Poka Yoka etc under the able guidance of trained and competent LEAN Consultants to attain LEAN levels like Basic, Intermediate and Advanced. | The government will contribute 90% of implementation cost for handholding and consultancy fees. There will be an additional contribution of 5% for the MSMEs which are part of SFURTI clusters, owned by Women/SC/ST and located in Northeast region. | NPC has been appointed as one of the Implementing Agency which will assist Ministry of MSME in the implementation of MSME Competitive (Lean) Scheme. |
Context – Union Minister for MSME launched the MSME Competitive (LEAN) Scheme recently
Consider the following statements about ‘Subhash Chandra Bose Aapda Prabandhan Puraskar’
Select the correct statement(s)
Solution (a)
Statement Analysis:
| Statement 1 | Statement 2 |
| Correct | Incorrect |
| It is an award to recognize and honour the invaluable contribution and selfless service rendered by individuals and organizations in India in the field of disaster management. The award carries a cash prize of Rs. 51 lakh and a certificate in the case of an institution and Rs. 5 lakh and a certificate in the case of an individual. | Only Indian nationals and Indian institutions are eligible to apply for the award. Institutions, voluntary organisations, corporate entities, academic/research institutions, response/ uniformed forces or any other institution may apply as an institution for the award. The candidate for the award must have worked in the area of Disaster Management like Prevention, Mitigation, Preparedness, Rescue, Response, Relief, Rehabilitation, Research/ Innovations or Early Warning related work in India. |
Context – Prime Minister felicitated awardees of the Subhash Chandra Bose Aapda Prabandhan Puraskar recently
Solution (a)
Statement Analysis:
| Statement 1 | Statement 2 |
| Correct | Incorrect |
| It is an award to recognize and honour the invaluable contribution and selfless service rendered by individuals and organizations in India in the field of disaster management. The award carries a cash prize of Rs. 51 lakh and a certificate in the case of an institution and Rs. 5 lakh and a certificate in the case of an individual. | Only Indian nationals and Indian institutions are eligible to apply for the award. Institutions, voluntary organisations, corporate entities, academic/research institutions, response/ uniformed forces or any other institution may apply as an institution for the award. The candidate for the award must have worked in the area of Disaster Management like Prevention, Mitigation, Preparedness, Rescue, Response, Relief, Rehabilitation, Research/ Innovations or Early Warning related work in India. |
Context – Prime Minister felicitated awardees of the Subhash Chandra Bose Aapda Prabandhan Puraskar recently
Consider the following statements about ‘National Assessment and Accreditation Council (NAAC)’
Select the correct statement(s)
Solution (d)
Statement Analysis:
| Statement 1 | Statement 2 |
| Incorrect | Incorrect |
| The National Assessment and Accreditation Council (NAAC) is a government organisation in India that assesses and accredits Higher Education Institutions (HEIs). It is an autonomous body funded by the University Grants Commission and headquartered in Bangalore. | NAAC grades institutes on an eight-grade ladder. The ratings of institutions range from A++ to C. If an institution is graded D, it means it is not accredited. At present, the Assessment and Accreditation by NAAC is done on a voluntary basis. |
Context – A recent report by the office of the Comptroller and Auditor General (CAG) pointed out glaring discrepancies in the assessment and accreditation of higher education institutions by the National Assessment and Accreditation Council (NAAC).
Solution (d)
Statement Analysis:
| Statement 1 | Statement 2 |
| Incorrect | Incorrect |
| The National Assessment and Accreditation Council (NAAC) is a government organisation in India that assesses and accredits Higher Education Institutions (HEIs). It is an autonomous body funded by the University Grants Commission and headquartered in Bangalore. | NAAC grades institutes on an eight-grade ladder. The ratings of institutions range from A++ to C. If an institution is graded D, it means it is not accredited. At present, the Assessment and Accreditation by NAAC is done on a voluntary basis. |
Context – A recent report by the office of the Comptroller and Auditor General (CAG) pointed out glaring discrepancies in the assessment and accreditation of higher education institutions by the National Assessment and Accreditation Council (NAAC).
