[MISSION 2022] INSIGHTS CURRENT AFFAIRS ( 13 October 2021) REVISION THROUGH MCQS – INSIGHTSIAS

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Puucho CURRENT Affairs RTM – 2020

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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.

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Question 1 of 10

1 points
Consider the following statements:
1. 1. The Reserve Bank of India Act, 1934 requires the National Financial Reporting Authority (NFRA) to have a chairperson who will be appointed by the Central Government.
  2. NFRA can investigate professional misconduct committed by members of the Institute of Chartered Accountants of India (ICAI) for prescribed class of body corporate or persons.
Which of the statements given above is/are correct?
Question 2 of 10

1 points
With reference to Right to Information Act, 2005, consider the following statements:
1. 1. It sets out the rules and procedures regarding citizen’s right to information.
  2. It replaced the former Freedom of Information Act, 2002.
  3. It was enacted in order to consolidate the fundamental right in the Indian constitution ‘freedom of speech’.
Which of the statements given above is/are correct?
Correct

Ans: (d)

Explanation:
- It sets out the rules and procedures regarding citizens’ right to information.
- It replaced the former Freedom of Information Act, 2002.
- This act was enacted in order to consolidate the fundamental right in the Indian constitution ‘freedom of speech’. Since RTI is implicit in the Right to Freedom of Speech and Expression under Article 19 of the Indian Constitution, it is an implied fundamental right.
Refer: https://www.insightsonindia.com/2021/10/13/pending-rti-pleas/
Incorrect

Ans: (d)

Explanation:
- It sets out the rules and procedures regarding citizens’ right to information.
- It replaced the former Freedom of Information Act, 2002.
- This act was enacted in order to consolidate the fundamental right in the Indian constitution ‘freedom of speech’. Since RTI is implicit in the Right to Freedom of Speech and Expression under Article 19 of the Indian Constitution, it is an implied fundamental right.
Refer: https://www.insightsonindia.com/2021/10/13/pending-rti-pleas/
Question 3 of 10

1 points
Consider the following statements about International Energy Agency (IEA):
1. 1. It was established in the framework of Organization of the Petroleum Exporting Countries (OPEC) in 1974 in the wake of the 1973 oil crisis.
  2. It is best known for the publication of its annual World Energy Outlook.
Which of the statements given above is/are correct?
Question 4 of 10

1 points
Consider the following statements about Anti-corruption Working Group (ACWG):
1. 1. It was established by G20 Leaders at the Pittsburgh Summit in 2009.
  2. It sets international standards that aim to prevent all illegal activities and the harm they cause to society.
Which of the statements given above is/are correct?
Correct

Ans: (d)

Explanation:
- Established by G20 Leaders at the Toronto Summit in 2010.
- Responsible for updating and implementing the G20 Anti-corruption Action Plan.
- Reports to G20 Leaders.
- It cooperates closely with and supports the work of relevant international organizations, including the Organization of Economic Cooperation and Development, the United Nations, the World Bank, the International Monetary Fund and the Financial Action Task Force.
Refer: https://www.insightsonindia.com/2021/10/13/the-anti-corruption-working-group-2/
Incorrect

Ans: (d)

Explanation:
- Established by G20 Leaders at the Toronto Summit in 2010.
- Responsible for updating and implementing the G20 Anti-corruption Action Plan.
- Reports to G20 Leaders.
- It cooperates closely with and supports the work of relevant international organizations, including the Organization of Economic Cooperation and Development, the United Nations, the World Bank, the International Monetary Fund and the Financial Action Task Force.
Refer: https://www.insightsonindia.com/2021/10/13/the-anti-corruption-working-group-2/
Question 5 of 10

1 points
Consider the following statements about the G20:
1. 1. It is the international forum that brings together the world’s major economies.
  2. A “Troika”, represented by the country that holds the Presidency, its predecessor and its successor, works to ensure continuity within the G20.
  3. Its agenda and activities are established by the rotating Presidencies, in cooperation with the membership.
Which of the statements given above is/are correct?
Correct

Ans: (d)

Explanation:
- S1: The G20 is the international forum that brings together the world’s major economies. Its members account for more than 80% of world GDP, 75% of global trade and 60% of the population of the planet.
- S2 and S3: The G20 does not have a permanent secretariat: its agenda and activities are established by the rotating Presidencies, in cooperation with the membership.
  - A “Troika”, represented by the country that holds the Presidency, its predecessor and its successor, works to ensure continuity within the G20.
  - The Troika countries are currently Saudi Arabia, Italy and Indonesia.
Refer: https://www.insightsonindia.com/2021/10/13/the-anti-corruption-working-group-2/
Incorrect

Ans: (d)

Explanation:
- S1: The G20 is the international forum that brings together the world’s major economies. Its members account for more than 80% of world GDP, 75% of global trade and 60% of the population of the planet.
- S2 and S3: The G20 does not have a permanent secretariat: its agenda and activities are established by the rotating Presidencies, in cooperation with the membership.
  - A “Troika”, represented by the country that holds the Presidency, its predecessor and its successor, works to ensure continuity within the G20.
  - The Troika countries are currently Saudi Arabia, Italy and Indonesia.
Refer: https://www.insightsonindia.com/2021/10/13/the-anti-corruption-working-group-2/
Question 6 of 10

1 points
Consider the following statements:
1. 1. Input Tax Credit is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale.
  2. A business under composition scheme can avail the input tax credit.
Which of the statements given above is/are not correct?
Correct

Ans: (b)

Explanation: here the directive word is not correct!!

What is Input Tax Credit (ITC)?
- It is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale.
- In simple terms, input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount.
- Exceptions: A business under composition scheme cannot avail of input tax credit. ITC cannot be claimed for personal use or for goods that are exempt.
Refer: https://www.insightsonindia.com/2021/10/13/what-is-input-tax-credit-itc-2/
Incorrect

Ans: (b)

Explanation: here the directive word is not correct!!

What is Input Tax Credit (ITC)?
- It is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale.
- In simple terms, input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount.
- Exceptions: A business under composition scheme cannot avail of input tax credit. ITC cannot be claimed for personal use or for goods that are exempt.
Refer: https://www.insightsonindia.com/2021/10/13/what-is-input-tax-credit-itc-2/
Question 7 of 10

1 points

Beijing Declaration was in news recently, is related to:
Question 8 of 10

1 points
Consider the following statements about Central Zoo Authority:
1. 1. It is the statutory regulatory body for zoos in India.
  2. It was established in 2006.
  3. It enforces minimum standards and norms for the upkeep and healthcare of animals in Indian zoos.
Which of the statements given above is/are correct?
Correct

Ans: (b)

Explanation:
- It is the statutory regulatory body for zoos in India. It was established in 1992.
- The main objective of the Authority is to complement and strengthen the national effort in conservation of the rich biodiversity of the country, particularly the fauna as per the National Zoo Policy, 1998.
- Important functions:
  - It enforces minimum standards and norms for the upkeep and healthcare of animals in Indian zoos.
  - Every zoo in the country is required to obtain recognition from CZA for its operation.
  - It can also de-recognise zoos.
Refer: facts for prelims: https://www.insightsonindia.com/2021/10/13/mission-2022-insights-daily-current-affairs-pib-summary-13-october-2021/
Incorrect

Ans: (b)

Explanation:
- It is the statutory regulatory body for zoos in India. It was established in 1992.
- The main objective of the Authority is to complement and strengthen the national effort in conservation of the rich biodiversity of the country, particularly the fauna as per the National Zoo Policy, 1998.
- Important functions:
  - It enforces minimum standards and norms for the upkeep and healthcare of animals in Indian zoos.
  - Every zoo in the country is required to obtain recognition from CZA for its operation.
  - It can also de-recognise zoos.
Refer: facts for prelims: https://www.insightsonindia.com/2021/10/13/mission-2022-insights-daily-current-affairs-pib-summary-13-october-2021/
Question 9 of 10

1 points
Consider the following statements:
1. 1. Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India.
  2. One of the tasks of PNGRB is to, ensure competitive markets for gas.
  3. Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity.
Which of the statements given above are correct?
Correct

Ans: (b)

Explanation:
- S1: PGNRB was constituted in 2006, and therefore S1 cannot be correct. A number of regulatory bodies have existed before.
- S2: The board has several functions such as to provide, by regulations, and enforce, retail service obligations for retail outlets and marketing service obligations for entities; monitor transportation rates and take corrective action to prevent restrictive trade practice by the entities etc. This clearly indicates that is ensures a competitive market for gas. See http://www.pngrb.gov.in/Functions-of-Board.html
- S3: This is correct. The Appellate Tribunal established under section 110 of the Electricity Act, 2003 (36 of 2003) shall be the Appellate Tribunal for PGNRB. See http://www.pngrb.gov.in/the-act.html#bm9
Refer: UPSC CSE 2019
Incorrect
Ans: (b)

Explanation:

S1: PGNRB was constituted in 2006, and therefore S1 cannot be correct. A number of regulatory bodies have existed before.

S2: The board has several functions such as to provide, by regulations, and enforce, retail service obligations for retail outlets and marketing service obligations for entities; monitor transportation rates and take corrective action to prevent restrictive trade practice by the entities etc. This clearly indicates that is ensures a competitive market for gas. See http://www.pngrb.gov.in/Functions-of-Board.html

S3: This is correct. The Appellate Tribunal established under section 110 of the Electricity Act, 2003 (36 of 2003) shall be the Appellate Tribunal for PGNRB. See http://www.pngrb.gov.in/the-act.html#bm9

Refer: UPSC CSE 2019
Question 10 of 10

1 points

In the context of any country, which one of the following would be considered as part of its social capital?
Correct

Ans: (d)

Explanation:
- Option A and D are examples of human capital and option B is physical capital.
- Straight from Wikipedia: “Social capital broadly refers to those factors of effectively functioning social groups that include such things as interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity.” Option D is the correct answer.
Refer: UPSC CSE 2019
Incorrect

Ans: (d)

Explanation:
- Option A and D are examples of human capital and option B is physical capital.
- Straight from Wikipedia: “Social capital broadly refers to those factors of effectively functioning social groups that include such things as interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity.” Option D is the correct answer.
Refer: UPSC CSE 2019

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Puucho CURRENT Affairs RTM – 2020

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