[Mission 2024] Current Affairs Quiz , 15 April 2024

Correct

Ans: (d)

Explanation:

• In India, the disinvestment process is overseen by the Department of Investment and Public Asset Management (DIPAM), operating under the Ministry of Finance. DIPAM’s main goal is to manage the government’s investments in public sector enterprises and supervise the disinvestment of government equity in these enterprises. Additionally, in 2005, the government established the National Investment Fund (NIF) to serve as a channel for the proceeds generated from the disinvestment of Central Public Sector Enterprises. The creation of NIF aimed to ensure transparent and efficient utilization of these funds for various developmental purposes.

Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

Correct

Ans: (d)

Explanation:

• An Initial Public Offering (IPO) refers to the process by which a private company becomes a public company by offering its shares to the general public for the first time. This allows the company to raise capital from public investors. Option D correctly describes this process, making it the correct answer. The other options do not accurately describe what an IPO entails.

Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

Correct

Ans: (a)

Explanation:

• Key findings: The IMF warns of rising cyber threats endangering macro-financial stability, with extreme losses reaching $2.5 billion. Cyberattacks have nearly doubled since the pandemic, with financial firms, especially banks, facing the brunt.
• India ranks 10th in cybercrime, with advance fee payment frauds being the most common, according to the World Cybercrime Index developed by the University of Oxford and UNSW Canberra

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

Correct

Ans: (d)

Explanation:

• Released by Earth Action
• Key Findings: In 2024, it’s projected for September 5th globally and April 23rd in India. There has been over 7% rise in global plastic waste since 2021, with 12 countries responsible for 60% of mismanaged plastic waste, including China, India, and Russia.
• India is categorized as a Low-Waste-Producing Polluter with a high Mismanaged Waste Index (MWI)
• Plastic Overshoot Day (similar to Earth Overshoot Day) marks when global plastic waste surpasses the world’s capacity to manage it, leading to pollution.

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

Correct

Ans: (b)

Explanation:

• Global hepatitis report 2024
  • Released by WHO
  • India accounted for over 11% of the global burden of hepatitis B & C cases, ranking second after China.
  • Hepatitis is liver inflammation caused by various factors, such as drugs, alcohol, and autoimmune disorders. Symptoms can range from jaundice and fever to chronic illness. The five main strains are A, B, C, D, and E, with B and C leading to chronic disease, liver cirrhosis, cancer, and death. While a vaccine exists for type B, none is available for type C

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

Correct

Ans: (b)

Explanation:

• Context: India and Mauritius amended their double taxation avoidance agreement (DTAA) to include a principal purpose test (PPT) aimed at curbing tax avoidance.
  • However, the amended protocol has not been ratified or notified by the Income Tax Department.
  • There were concerns that investments through Mauritius might face increased scrutiny by tax authorities, potentially affecting past investments as well.
• Double taxation occurs when the same income is taxed twice in two different jurisdictions before it becomes net income.
  • To address this issue and encourage international economic activities, countries sign Double Taxation Avoidance Agreements (DTAAs).
  • These agreements establish agreed-upon tax rates and jurisdictions for specific types of income received by tax residents of one country from another country.
  • DTAA aims to prevent international double taxation and promote capital investment, trade, and economic activities between the signatory nations.
  • The agreements may cover various categories of income, depending on the types of businesses and holdings citizens have in each other’s countries.
• S1 is Correct: DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country.
• S3 is Correct: DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country.

Refer: https://www.insightsonindia.com/2024/04/13/india-mauritius-tax-treaty/

Correct

Ans: (b)

Explanation:

• Statements 1 and 2 are correct.
• About FSIB:
  • Constituted in 2022 under the Department of Financial Services (Ministry of Finance), by the Central Government replacing the Bank Board Bureau.
  • The Financial Services Institutions Bureau (FSIB) is an organization responsible for selecting directors for state-owned banks and financial institutions in India.
  • It acts as a head-hunter, identifying and recommending suitable candidates for leadership positions within the financial sector.

Refer: https://www.insightsonindia.com/2024/04/13/financial-services-institutions-bureau-fsib-2/

Correct

Ans: (c)

Explanation:

• Context: India’s share of Web3 developers globally has surged from 3% in 2018 to 12% in 2023, leading among emerging markets, states a report by Hashed Emergent.
• The ecosystem is young, with over 50% of developers joining in the past two years, and female participation has risen from 3% to 14% in five years. The country has a thriving Web3 sector with 1,000 startups and received $250 million in investment in 2023, mainly in finance, entertainment, and infrastructure subsectors.

Refer: https://www.insightsonindia.com/2024/04/13/web3/

Correct

Ans: (c)

Explanation:

• Context: A significant astronomical discovery regarding the brightest burst of light ever recorded, occurred in 2022.
• Researchers found that the burst originated from an exploding star, known as a supernova, located in a distant galaxy. However, the intensity of the burst surpassed expectations, leading to questions about its cause and implications. The burst’s extraordinary brightness, labelled as the “Brightest Of All Time” (B.O.A.T.), puzzled astronomers.
• What are Supernovas?
  • They are massive stellar explosions that occur at the end of a star’s life cycle. They produce and eject vast amounts of energy and material into space. These explosions are responsible for creating and dispersing heavy elements such as gold, platinum, lead, and uranium into the universe.
• Type II supernova
  • A Type II supernova results from the rapid collapse and violent explosion of a massive star. A star must have at least eight times, but no more than 40 to 50 times, the mass of the Sun to undergo this type of explosion.
  • Type II supernovae are distinguished from other types of supernovae by the presence of hydrogen in their spectra.
  • The primary source of energy that powers the explosion of a Type II supernova is nuclear fusion. As the star runs out of nuclear fuel, it can no longer maintain its core against gravitational collapse, leading to a rapid fusion reaction and subsequent explosion.

Refer: https://www.insightsonindia.com/2024/04/13/brightest-ever-cosmic-explosion/