Categories: Current Affairs Quiz

Daily Current Affairs Quiz: October 17, 2023

Q1. Consider the following statements about the Electoral Bond Scheme
1. Only the political parties recognized by the Election Commission shall be eligible to receive the Electoral Bonds.
2. The bonds shall be valid for fifteen calendar days from the date of issue.
3. The Reserve Bank Of India (RBI) is the authorized issuer.
4. It can be purchased digitally or through cheques by Indian citizens or entities established in India.

How many of the statements given above are/are not correct?
A. Only one
B. Only two
C. Only three
D. All four

Show solution

Solution: Option B.)

Ans. 1 Option B is correct Explanation
 The electoral bonds system was introduced in 2017 by way of a Finance bill and was implemented in 2018.
 They serve as a means for individuals and entities to make donations to registered political parties while maintaining donor anonymity.
 State Bank of India (SBI) is the authorized issuer and the bonds are issued through designated SBI branches. Hence, statement 3 is incorrect.
 Can be purchased digitally or through cheques by Indian citizens or entities established in India. Hence, statement 4 is
correct.
 Payable to the bearer on demand and interest-free.
 Valid for 15 calendar days from the date of issue. Hence, statement 2 is correct.
 Eligibility: Political parties registered under Section 29A of the Representation of the People Act, 1951 and securing not less than 1% of the votes polled in the last general election to the House of the People or the Legislative Assembly. Hence, statement 1 is incorrect.
 Political parties are obligated to explain the utilization of the funds received.

Q2. Consider the following statements about the Special Marriage Act:

1. The applicability of the Act extends to people of all faiths, including Hindus, Muslims, Sikhs, Christians,
Sikhs, Jains, and Buddhists, across India.
2. customary restrictions such as parties not being within degrees of a prohibited relationship still apply to
couples under SMA.

Which of the statements given above is/are incorrect?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2

Show solution

Solution: Option D.)

Ans. 2 Option D is the correct Explanation
 Who can get married under the Special Marriage Act?
 The applicability of the Act extends to the people of all faiths, including Hindus, Muslims, Sikhs, Christians, Sikhs, Jains, and Buddhists, across India. Hence, statement 1 is correct.
 Some customary restrictions such as parties not being within degrees of a prohibited relationship still apply to couples under SMA. Hence, statement 2 is correct

Q3. With reference to the Tilapia fish, consider the following statements

1. It is a native fish of the Asian continent.
2. It can survive in water with low oxygen levels.
3. It is known as “aquatic chicken” due to its quick growth and low maintenance cultivation.

How many of the statements given above is/are correct?
A. Only one
B. Only two
C. All three
D. None

Show solution

Solution: Option B.)

Ans. 3 Option B is correct Explanation
 Tilapia is a common name used for certain species of fish belonging to the family Cichlidae.
 These are freshwater species native to Africa. Hence, statement 1 is incorrect.
 It has emerged to be one of the most productive and internationally traded food fish in the world.
 Their commercial advantages include resistance to disease and a diet of readily abundant algae and zooplankton.
 They are called “aquatic chickens” due to their quick growth and low-maintenance cultivation. Hence, statement 3 is correct.
 Considered “a poor man’s fish”, Mozambique tilapia was introduced to Indian freshwater bodies in the 1950s and it is called “Jilabi” in Tamil.
 Capable of surviving in low-oxygen levels in water, the fish has turned invasive across the country. Hence, statement 2 is correct.

Q4. Which of the following can be considered as an effect of De-dollarization

1. a central bank shifting its reserves to other currencies
2. Countries conducting international trade in their own currency or other currency rather than relying on the
dollar as an intermediary.

Which of the statements given above is/are correct?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2

Show solution

Solution: Option C.)

Ans. 4 Option C is the correct Explanation
 It involves moving away from the U.S. dollar as a reserve currency or seeking ways to sidestep the dollar when conducting international business. Hence, statement 1 is correct.
 Examples include a central bank shifting its reserves to other currencies or countries conducting international trade in their own currency rather than relying on the dollar as an intermediary. Hence, statement 2 is correct.

Q5. Consider the following statements about Digital India BHASHINI

1. It is India’s Artificial Intelligence (AI) led language translation platform.
2. A Bhashini Platform will make Artificial Intelligence available to MSMEs (Medium, Small, and Micro Enterprises) in the public domain.
3. Bhashini Platform is a part of the National Language Translation Mission.

How many of the statements given above is/are incorrect?
A. Only one
B. Only two
C. All three
D. None

Show solution

Solution: Option D.)

Ans. 5 Option D is correct Explanation
 Digital India BHASHINI is India’s Artificial Intelligence (AI) led language translation platform. Hence, statement 1 is correct.
 A Bhashini Platform will make Artificial Intelligence (AI) and Natural Language Processing (NLP) resources available to MSMEs (Medium, Small, and Micro Enterprises), Startups, and Individual Innovators in the public domain. Hence,
statement 2 is correct.
 Bhashini Platform is a part of the National Language Translation Mission.
 The mission aims to ensure that as more Indians connect to the internet, they are able to access global content in their own languages. Hence, statement 3 is correct

Q6. Consider the following statements about Angel tax

1. It is income tax levied when an unlisted company issues shares to an investor at a price higher than its fair
market value.
2. the Finance Act 2023 proposed to extend angel tax even to non-resident investors

Which of the statements given above is/are correct?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2

Show solution

Solution: Option C.)

Ans. 6 Option C is the correct Explanation
 Angel tax – which is income tax at the rate of 30.6 percent – is levied when an unlisted company issues shares to an investor at a price higher than its fair market value. Hence, statement 1 is correct.
 However, the Finance Act 2023 proposed to extend angel tax even to non-resident investors from April 1. Hence, statement 2 is correct.

Q7. Consider the following statements about the Foreign Exchange Management Act, of 1999

1. Under this framework, all transactions involving foreign exchange have been classified either as capital or current
account transactions.
2. payment in connection with foreign trade, expenses in connection with foreign travel, education, etc come under current account transactions.

Which of the statements given above is/are correct?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2

Show solution

Solution: Option C.)

Ans. 7 Option C is correct Explanation
 The legal framework for the administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, of 1999.
 Under the FEMA, which came into force with effect from 1st June 2000, all transactions involving foreign exchange have been classified either as capital or current account transactions. Hence, statement 1 is correct.
 All transactions undertaken by a resident that do not alter his / her assets or liabilities, including contingent liabilities, outside India are current account transactions
 Example: payment in connection with foreign trade, expenses in connection with foreign travel, education etc. Hence, statement 2 is correct

Q8. Consider the following statements regarding NEFT

1. NEFT is a payment mode where the money is transferred from one bank account to the other in real-time, without any delay.
2. Money transfer made through NEFT does not require any additional transaction costs.

Which of the statements given above is/are not correct?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2

Show solution

Solution: Option A.)

Ans. 8 Option A is the correct Explanation
 NEFT, which stands for National Electronic Funds Transfer, is an electronic method of transferring money online.
 It enables transferring funds from the account maintained with any bank to any other bank branch, provided the transaction is attempted between the banks that participate in the NEFT payment system.
 Transactions made through NEFT do not take place in real time. Hence, statement 1 is incorrect.
 As per the Reserve Bank of India (RBI) guidelines, the payments made via NEFT are processed and settled half hourly batches.

Q9. Which of the following statements with respect to Environment Impact Assessment (EIA) is correct?

A. It is primarily a legal requirement in all the developing countries of the world.
B. Its primary purpose is to expedite the approval process for development projects.
C. It is conducted for industrial projects in a specified region only.
D. It aims to assess and mitigate the potential environmental impacts of a proposed project.

Show solution

Solution: Option D.)

Ans. 9 Option D is correct Explanation
 Environment Impact Assessment (EIA) is a tool to identify the environmental, social, and economic impacts of a project before it is implemented. Hence, Option D is correct.
 It compares various alternatives for the proposed project and predicts and analyses all possible environmental repercussions in various scenarios.
 It also helps decide appropriate mitigation strategies.
 However, it would deliver results only if it is designed to seek the most appropriate, relevant, and reliable information regarding the project.

Q10. Consider the following statements, with respect to the Medical Termination of Pregnancy Act, 2021

1. Both married and unmarried women are allowed for termination of pregnancy under the act.
2. The opinion of the Court is essential for a pregnancy to be terminated after 24 weeks in case of substantial fetal
abnormalities.

Which of the statements given above is/are correct?
A. Only 1
B. Only 2
C. Both 1 and 2
D. Neither 1 nor 2

Show solution

Solution: Option A.)

Ans. 10 Option A is the correct Explanation
 Under the Act, a pregnancy may be terminated up to 20 weeks by a married woman in the case of failure of a contraceptive method or device.
 It allows unmarried women to also terminate a pregnancy for this reason. Hence, statement 1 is correct.
 The opinion of one Registered Medical Practitioner (RMP) is needed for the termination of pregnancy up to 20 weeks of gestation.
 Opinion of two RMPs is needed for termination of pregnancy of 20-24 weeks of gestation.
 The opinion of the State-level medical board is essential for a pregnancy to be terminated after 24 weeks in case of substantial fetal abnormalities. Hence, statement 2 is incorrect.
 It also increases the upper gestation limit from 20 to 24 weeks for special categories of women.