Current Affairs Quiz 31 July and 1 August

Current Affairs MCQs [ 31 July and 1 August 2017 ] PIB TheHindu IndianExpress & Other leading newspapers

Sumant Kumar, B.Tech NIT Allahabad sumant.magadh@gmail.com

Which of the following would constitute repression on the Liability side of banks, while discussing “Double Financial Repression”? A. SLR requirement B. Provision of 40% of Priority Sector Lending C. High Inflation and relative diminishing of household savings D. None of the above

Ans C sumant.magadh@gmail.com

Double Financial Repression is a phenomenon when the banks are faced with financial repression both on the asset and liability side. Repression on asset side: Repression on Liability side:

• Financial repression on asset side is due to SLR requirement (Statutory Liquidity Ratio) i.e. the amount of liquid assets which banks are required to hold in form of cash, government bonds and gold.

• Provision of 40% of Priority Sector Lending has led the allocation of cash to less than fully efficient ways.

• Financial repression on the liability side is the result of continued inflation since 2007. This has had a direct effect on real interest rates and hence reduction in household savings as people has to spend more on daily food items.

The ‘sandbox approach’ is most closely related to a) MPC(Monetary Policy Committee)’s stance on inflation b) Regulation in the context of innovation c) Target Olympic Podium Scheme d) Smart Cities Programme Solution: b.

‘Sandbox approach’? Regulators are exploring ways to apply innovation responsibly – ways to manage systemic risks that may arise from technological change. • the “sandbox”

o regulators adopted a flexible “test and learn” approach to foster innovation.

o The sandbox approach gives limited authorization for fintech startups to test new products and models with a small number of actual users in a simulated environment.

o This gives them more time to build and test business ideas, instead of spending time navigating complex financial services regulations.

Which of the following is/are changes envisaged by the Indian Institutes of Management (IIM) Bill, 2017? o They will be conferred with the

power to grant degrees o Each IIM’s Board of Governors will

appoint its Chairperson o It grants the Board of Governors

autonomy in determining faculty pay Select the correct answer using the code given below:

a) 1 and 2 only b) 2 only c) 1 and 3 only d) 1, 2 and 3 Solution: a.

• The Bill declares 20 existing IIMs as institutions of national importance and confers on them the power to grant degrees.

• Currently, the central government has a role in the functioning of IIMs which includes appointment of the Chairperson of their Boards, their Directors and pay to the Director.

o In contrast, the Bill extends greater autonomy to the Board in the performance of these functions.

o The Board will appoint its own Chairperson and also the Director of each IIM.

• Directors of IITs and AIIMS = are appointed by the Central Government.

• the Board having the autonomy to determine faculty pay. = Not in the Bill. :P

The slogan ‘Quit India’ was coined by a) M.A. Ansari b) P. Tyagaraja Chetti c) Yusuf Meher Ali d) Mahatma Gandhi e)Bhagat Singh Solution: c.

“My dear countrymen, the month of August is the month of Revolution. We have been hearing this as a natural fact right from our childhood and the reason is, the Non-Cooperation Movement was launched on the 1st of August 1920; the Quit India Movement, which is also known as ‘Agast Kranti’ began on the 9th of August 1942; and on 15th August 1947 India became independent. This year, we are going to observe the 75th Anniversary of the Quit India Movement. The slogan, ‘Quit India’ was coined by Dr. Yusuf Meher Ali..”

With reference to the Quit India Movement, consider the following statements: A. Failure of Cripps Mission B. Popular discontent C. Rejection of Gandhi's Eleven- point

demand by Lord Irwin [issue of Jan 1930 - reason behind CDM]

D. Allied reverses and British withdrawal from South-East Asia and Burma

Which of the above was/were the reasons to launch Quit India Movement? (a) 1 and 2 only (b) 1, 2 and 4 only (c) 3 and 4 only (d) 1, 2, 3 and 4 Ans B

Gandhi’s 11-point demands were not put during Quit India Movement. • In January 1930, Gandhiji issued an eleven-point ultimatum

to Lord Irwin, combining some general and specific demands.

• With no positive response forthcoming from the Government on Gandhi's Eleven-point demands, the Congress Working Committee invested Gandhi with full powers to launch the Civil Disobedience Movement (CDM) at a time and place of his choice.

Reasons for launching Quit India Movement: A. Failure of Cripps Mission in April 1942 made clear

that Britain was determined to continue India's unwilling partnership in the War effort.

B. Popular discontent, a product of rising prices and war-time shortages was mounting

C. The news of Allied reverses and British withdrawals from South-East Asia and Burma affirmed an imminent British collapse

Quit India Movement was launched in response to- (a) Cabinet Mission Plan (b) Cripps Proposals (c) Simon Commission Report (d) Wavell Plan Ans B The Cripps Mission Proposal , which included terms like establishment of Dominion, establishment of a Constituent Assembly and right of the Provinces to make separate constitutions, These would be, however, granted after the cessation of the Second World War,So fail to satisfy Indian Nationalists.

Which one of the following observations is not true about the Quit India Movement of 1942? (a) It was a non-violent movement (b) It was led by Mahatma Gandhi (c) It was a spontaneous movement (d) It did not attract the labour class in general Ans B

Which of the following vaccines have been introduced in the Universal Immunisation Programme since 2014? A. Rotavirus Vaccine B. Measles-Rubella Vaccine C. Pneumococcal Conjugate Vaccine D. Inactivated Poliovirus Vaccine

Select the correct answer using the code given below: a) 1, 2 and 3 only b) 2 and 3 only c) 1 and 4 only d) 1, 2, 3 and 4 Solution: d

In the last two years, through the UIP, o Inactivated Polio Vaccine (IPV), o Rotavirus vaccine (RVV) against diarrhoea, and o the measles-rubella (MR) vaccine, to protect against both

measles and rubella have been introduced.

The latest weapon in the arsenal being introduced is pneumococcal conjugate vaccine (PCV). o This vaccine provides protection against one of the most

common causes of pneumonia—a bacterium called pneumococcus, which also causes other diseases such as ear infections, meningitis and blood infections, with some of these resulting in death or serious disabilities.

Universal Immunization Programme Ministry/Department : Ministry of Health & Family Welfare It is a free vaccination program launched by the Union Government in 1985 against vaccine preventable diseases Under the Universal Immunization Programme (UIP) 7 vaccines are administered. These vaccines are: o Diptheria, o Pertusis, o Tetanus (DPT),

5 new vaccines are added later: o Japanese Encephalitis (JE) (in endemic districts) o Rotavirus (Diarrhoea) o Rubella o Polio (injectable)

o Polio, o Measles, o Bacillus Calmette-Guerin (BCG) (TB), o Hepatitis B

o Pneumonia( Heamophilus Influenza Type B)and Pneumococcal diseases (Pneumococcal Pneumonia and Meningitis)

The program now consists of vaccination for 12 diseases.

Mission Indradhanush is the main programme under this. The Union Ministry of Health & Family Welfare will roll out measles-rubella (MR) vaccine in the Universal Immunisation Programme (UIP) in February 2017 Some earth station antennas/dishes don’t need to move once they have been properly aimed at a target satellite in the sky. This is because the satellite is placed in o Medium-Earth-Orbit (MEO) o Low-Earth-Orbit (LEO) o Polar orbit o Geostationary Orbit

And D

Consider the following statements regarding the National Human Rights Commission: o It is a constitutional body created after the enactment

of the Indian Constitution. o Its recommendations are just advisory and not

binding in nature. o It submits Annual report to the Central government

and to the concerned state governments. Which of the above statements is/are correct?

a) 2 and 3 Only b) 2 Only c) 1 and 3 Only d) 1 and 2 Only Ans: a) Explanation: It is a statutory body established in 1993.

Consider the following statements regarding National Immunization Technical Advisory Groups = NITAGs : o The Global Vaccine Action Plan calls

for all countries to establish or have access to NITAGs by 2020

o India is yet to formally establish a NITAG

Which of the statements given above is/are correct? a) 1 only b) 2 only c) Both 1 and 2

National Immunization Technical Advisory Groups (NITAGs). • National technical advisory bodies to guide

immunization policies

• The Global Vaccine Action Plan calls for all country to establish or have access to such a NITAG by 2020.

• India’s NTAGI :

• The National Technical Advisory Group on Immunisation (NTAGI) was established in August 2001 by the Department of Family Welfare.

d) Neither 1 nor 2 Solution: a.

With which (one) of the following countries does India maintain diplomatic relations? A. Taiwan B. North Korea C. Palestine

Select the correct answer using the code given below

a) 1 only b) 2 and 3 only c) 2 only d) None of the above

Solution: b • India-Taiwan:

o Over the last two decades, India-Taiwan relations have progressed considerably despite not having diplomatic status to their ties.

o Although because of the constraints of one-China policy the two sides do not have diplomatic ties, their bilateral working relations have always generated a political context.

• India-North Korea: Diplomatic relations between India and North Korea were established in 1973.

• India-Palestine: India was one of the first countries to recognise the State of Palestine in 1988.

National Mission for Clean Ganga approves 7 projects National Mission for Clean Ganga (NMCG) A. NMCG is the implementation wing of National Council for Rejuvenation,

Protection and Management of River Ganga (referred as National Ganga Council). B. It was established in 2011 as a registered society under Societies Registration Act,

1860. C. In October 2016, National Ganga Council has replaced National Ganga River

Basin Authority(NGRBA) which was constituted under the provisions of the Environment (Protection) Act (EPA), 1986.

Select the correct answer using the code given below. (a) 1 only (b) 2 and 3 only (c) 1 and 2 only (d) 1, 2 and 3 Ans (d) 1, 2 and 3

Which of the following statements about “kaivalya” is correct? o A state of freedom from bondage

and attachment o Teachings of a religious head o Death by starvation o Practise of grant of revenue from

a territory in lieu of salary Ans A

Kaivalya is a state of solitude, aloneness, isolation and detachment. • It is a separation of purusha (Self or Soul)

from prakriti (primal matter).

• The state of kaivalya is the main goal of Raja yoga. It is a detachment and independence from relationships, egoism, attraction, aversion and the cycle of birth and death.

• One can achieve this state by performing austerities, yoga practice and discipline.

• One who achieves this state is called a Kevalin.

Government launches Jiyo Parsi Publicity Phase-2 in Mumbai Jiyo Parsi scheme o It is a Central Sector Scheme o It is for containing population

decline of Parsis in India. a) 1 only b) 2 only c) Both 1 and 2 d) Neither 1 nor 2 Solution: c.

Its main objective is to reverse the declining trend of Parsi population by adopting a scientific protocol and structured interventions.

It aims to stabilize and increase the population of Parsis in India.

It has two components: Medical Assistance and Advocacy (Counselling).

The first phase of the scheme was launched initiated in 2013.

Which of the following statements is/are provisions found in the Whistleblowers Protection (Amendment) Bill, 2015? o It prohibits disclosures to be made if they are

covered by the Official Secrets Act, 1923 o It prohibits the reporting of a corruption-

related disclosure if it falls under certain prohibited categories which are modelled on those under the RTI Act

Select the correct answer using the code given below: a) 1 only b) 2 only c) Both 1 and 2 d) Neither 1 nor 2 Solution: c.

• The amendment Bill seeks to remove immunity provided to whistle-blowers from prosecution under the draconian Official Secrets Act (OSA) for disclosures made under the WBP law.

• Offences under the OSA are punishable by imprisonment of up to 14 years.

• The amendment bill tries to bring the WBP act in line with the RTI Act.

• The RTI Act seeks to provide information to people, while the WBP Act provides a mechanism for disclosures to be made to competent authorities within the government to enable inquiry into allegations of corruption and provide protection to whistle-blowers.

Mindanao province, where IS-affiliated terror groups have established control, is in a) Philippines b) Myanmar c) Cambodia d) Indonesia e)Bangladesh Solution: a.

“India has decided to provide a financial assistance of $5,00,000 (₹3.2 crore) to the Philippines to aid its fight against the Islamic State (IS)-affiliated terror groups in the troubled Mindanao province. This is the first time India is sending aid to another nation to help it fight terrorism, thereby becoming an important marker in New Delhi’s attempts to burnish its credentials as an emerging security provider to the wider Asian region.”

The Supreme Court recently prohibited the use of five chemicals, labelled as toxic by the Central Pollution Control Board, in the manufacture of fire crackers. Which one of the following is NOT one of these chemicals? a) Lithium b) Lead c) Mercury d) Sulphur Solution: d. “A Bench of Justices Madan B. Lokur and Deepak Gupta recorded in its short order that, “that no firecrackers manufactured by the respondents shall contain antimony, lithium, mercury, arsenic and lead in any form whatsoever…”

Which of the following is/are geo-engineering approaches to tackling climate change? o Dumping iron solution into the oceans to

encourage plankton to bloom o Injection of sulphate aerosols into the

atmosphere o Thinning down cirrus clouds of the upper

troposphere Select the correct answer using the code given below:

a) 1 only b) 2 and 3 only c) 3 only d) 1, 2 and 3 Solution: d.

With reference to Cheiraoba festival, consider the following statements o It is celebrated all across the State of

Manipur o The unique ritual attached to the festival is

that most people climb on the nearest hill as they believe it will help them reach greater heights in their life Which of the above statement is correct?

o Only 1 o Only 2 o Both 1 and 2 o Neither 1 nor 2

Ans C

Cheiraoba: • an annual and religious festival

• The Meitei tribes are particular about celebrating this festival.

• They worship the deity called ‘Sidaba Mapu’.

• This is a major and sacred festival for the people of Manipur.

• On this day, the locals climb adjacent hill tops since they believe the act symbolizes rise of human civilization and help them in reaching the great heights in their life.

Arrange the following events in chronological order: o Formation of Muslim League o The First Partition of Bengal o Rowlatt Act evokes protests (Rowlatt

act satyagraha) o Home Rule League o Jallianwalla Bagh massacre; o 1-2-3-4-5 o 2-1-3-4-5 o 2-1-4-3-5 o 2-1-4-5-3

Ans C

The correct chronological order is 1905 – The First Partition of Bengal 1906 – Formation of Muslim League 1916 – Home Rule League 1918 – Rowlatt Act evokes protests (Rowlatt act satyagraha) 1919 – Jallianwalla Bagh massacre;

Consider the following statements about Banking Regulation (Amendment) Bill, 2017: o According to this the government shall

authorize the RBI to issue directions to banks in order to initiate insolvency resolution in case of a default.

The Banking Regulation (Amendment) Bill 2017 • will amend The Banking Regulation Act 1949,

• will give the government power to authorize the Reserve Bank of India to issue directions to banks in order to initiate insolvency resolution in case of a default.

o The Bill authorizes the RBI to refer NPA cases to the Insolvency and Bankruptcy Board. Options:

o 1 only o 2 only o Both 1 and 2 o Neither 1 nor 2

Ans C

• the government can also authorizes the RBI to issue directions to banks with regard to resolution of stressed assets and allow it to name one or more committees to provide them with advice in order to do so.

• will also give RBI the authority to refer NPA cases to the Insolvency and Bankruptcy Board.

Which of the following statement(s) about Pradhan Mantri Vaya Vandana yojana is /are not correct? A. It is a pension scheme exclusively for senior citizens aged 60 years and above B. It provides an assured return of 8% per annum payable monthly for 10 years C. It is exempted from goods and services (GST) tax D. All of the above is correct

Ans D Pradhan Mantri Vaya Vandana Yojana: • It is a pension scheme exclusively for senior citizens aged 60 years and above.

• Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.

• Pension (minimum: Rs.1000/ month; maximum: Rs.5000) will be payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly, quarterly, half-yearly, yearly as chosen by the pensioner at the time of purchase.

• It is exempted from goods and services (GST) tax.

• It will offer senior citizens more avenues to earn steady regular income at a time of falling interest rates.

• On survival of the pensioner to the end of the policy term of 10 years, the purchase price of the scheme along with the final pension instalment will be payable.

• The scheme allows for premature exit for the treatment of any critical terminal illness of self or spouse. On such premature exit, 98% of the purchase price would be refunded. On death of the pensioner during the policy term of 10 years, the purchase price should be paid to the beneficiary.

Consider the following statements about Special Drawing Rights (SDR): o SDR refers to an international type of

monetary reserve currency created by the World Bank in 1969.

o It consists of basket of national currencies, such as Japanese yen, U.S. dollars, Sterling, Euro and Renminbi. Which of the above statement(s) is/are correct?

o 1 only o 2 only o Both 1 and 2 o Neither 1 nor 2

Ans B

Special drawing rights (SDR) refer to an international type of monetary reserve currency created by the International Monetary Fund (IMF) in 1969

Which of the following are revenue receipts? o Disinvestment proceeds o Corporation tax o Excise duty o Profit and dividends

Select the correct answer using the code: o 1, 2, 3 and 4 o 2, 3 and 4 o 1, 3 and 4 o 3 and 4

Ans B Disinvestment proceeds falls under the category of capital receipt and not revenue receipts.

According to RBI, India’s foreign exchange (Forex) reserves have touched a record high of $386.539 billion in June 2017. Components of India’s Foreign Exchange Reserves include: o Foreign currency assets (FCAs), o Special Drawing Rights (SDRs), o Gold and, o RBI’s Reserve position with International

Monetary Fund (IMF). o All of the above.

Ans E

Tax Revenues • It is of the form direct

taxes or indirect taxes.

• Example of direct tax is Income Tax, Gift Tax, Wealth Tax and Property tax.

• Indirect tax is a tax collected by an intermediary (such as a retail store) from the person who bears the

Non-Tax Revenue • Money which the Government earns as “Dividends and

profits” from its profit making public enterprises (PSUs).

• Interest which the Government earns on the money lent by it to external or internal borrowers.

• The money which the government receives out of its fiscal services such as stamp printing, currency printing, medal printing etc.

• Money which the Government earns from its “General Services” such as power distribution, irrigation, banking services, insurance, and community services etc. which make the part of the Government business.

ultimate economic burden of the tax (such as the consumer).

• Money which the government accrues as fees, fines, penalties etc.

• Grants the Government of India receives from the external sources. In case of the state Governments, it may be the internal grant from the central Government.