[MISSION 2022] INSIGHTS CURRENT AFFAIRS ( 15 October 2021) REVISION THROUGH MCQS – INSIGHTSIAS

Ans: (d)

Explanation:

• The World Bank, in mid-September, announced that it was set to discontinue publishing its Doing Business report.
• Why?
  • This announcement came on the back of an independent investigation that, reportedly, found “data irregularities” that prevailed in the 2018 and 2020 reports.

Refer: https://www.insightsonindia.com/2021/10/15/world-bank-doing-business-report/

Ans: (d)

Explanation:

• A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different.
• It is also important to understand what a CBDC is not. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies that have mushroomed over the last decade. Private virtual currencies sit at substantial odds to the historical concept of money. They are not commodities or claims on commodities as they have no intrinsic value; some claims that they are akin to gold clearly seem opportunistic. Usually, certainly for the most popular ones now, they do not represent any person’s debt or liabilities. There is no ISSUER. They are not money (certainly not CURRENCY) as the word has come to be understood historically.

Refer: https://www.insightsonindia.com/2021/10/15/g7-guidelines-for-central-bank-digital-currencies/

Ans: (d)

Explanation:

• S1: The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. All G7 members are also members of OECD.
• S2: Its members are the world’s largest IMF advanced economies and wealthiest liberal democracies.
• S3: The G7 is not based on a treaty and has no permanent secretariat or office; its presidency rotates annually among the member states, with the presiding nation setting the group’s priorities, and hosting and organizing its summit.

Refer: https://www.insightsonindia.com/2021/10/15/g7-guidelines-for-central-bank-digital-currencies/

Ans: (a)

Explanation:

• S1: Single-use plastics, or disposable plastics, are used only once before they are thrown away or recycled. These items are things like plastic bags, straws, coffee stirrers, soda and water bottles and most food packaging.
• S2: The government has banned the manufacture, sale and use of identified single-use plastic items like plates, cups, straws, trays, and polystyrene from Jul 1, 2022. The government has notified Plastic Waste Management Amendment Rules, 2021, prohibiting identified single-use plastic items by 2022.

Refer: https://www.insightsonindia.com/2021/10/15/india-will-ban-single-use-plastics-next-year/

Ans: (c)

Explanation:

• Unlawful Activities (Prevention) Act is an Indian law aimed at prevention of unlawful activities associations in India. Its main objective was to make powers available for dealing with activities directed against the integrity and sovereignty of India.
• The National Integration Council appointed a Committee on National Integration and Regionalisation to look into, the aspect of putting reasonable restrictions in the interests of the sovereignty and integrity of India. The agenda of the NIC limited itself to communalism, casteism and regionalism and not terrorism.
• Pursuant to the acceptance of recommendations of the Committee, the Constitution (Sixteenth Amendment) Act, 1963 was enacted to impose, by law, reasonable restrictions in the interests of the sovereignty and integrity of India.

Refer: https://www.insightsonindia.com/2021/10/15/unlawful-activities-prevention-act-12/

Ans: (d)

Explanation:

• The University of Hong Kong has ordered the removal of the Tiananmen Square massacre statue (Pillar of Shame statue) that commemorates the protestors killed in China’s 1989 crackdown.
• The Pillar of Shame statue was made in remembrance of the June 4, 1989 Tiananmen Square Massacre, which is referred to as the June 4 incident by Chinese authorities.
• The statue shows 50 bodies — with anguish-ridden faces — piled up together commemorating unarmed student protestors who were killed as Chinese troops opened fire on them.

Refer: Facts for Prelims: https://www.insightsonindia.com/2021/10/15/mission-2022-insights-daily-current-affairs-pib-summary-15-october-2021/

Ans: (b)

Explanation:

• The Service Area Approach (SAA) was introduced in April 1989 in order to bring about an orderly and planned development of rural and semi- urban areas of the country. It was extended to all Indian scheduled commercial banks including Regional Rural Banks (RRBs).
• Under the SAA, all rural and semi-urban branches of banks were allocated specific villages, generally in geographical contiguous areas, the overall development and the credit needs of which were to be taken care of by the respective branches. See https://rbi.org.in/scripts/NotificationUser.aspx?Id=2044&Mode=0

Refer: UPSC CSE 2019

Ans: (b)

Explanation:

• Deposits are a liability on a commercial bank, since it must return its lenders the amount it owes them. Answer is B.
• Loans and Advances form assets of the bank. Also, Investments form the second largest component in the assets side of banks’ balance sheets after loans and advances as per a recent RBI report, see https://rbi.org.in/scripts/PublicationsView.aspx?Id=18743 (sec 2.4)
• So, the assets of the commercial bank in India are Cash in hand, Investments, Loans, Advances, Bills discounted and purchased, while the liabilities are Capital and Reserves, Deposits, Borrowings, and other liabilities.

Refer: UPSC CSE 2019