QUIZ – 2016: Insights Current Affairs Quiz, 29 November 2016

Solution: c.

All statements are correct.

• The Taxation Laws (Second Amendment) Bill, 2016 seeks to amend two acts: the Income Tax Act, 1961 and Finance Act, 2016.
• The Bill proposes to introduce the Pradhan Mantri Garib Kalyan Yojana, 2016. Under the scheme, taxpayers may declare undisclosed income possessed in the form of cash or deposited in banks, post offices or Reserve Bank of India before a notified date.  In such cases, taxes and penalties will be levied.
• The cess will be known as the Pradhan Mantri Garib Kalyan Cess, and will be used for welfare of economically weaker sections.
• Further, the taxpayer has to deposit 25% of the undisclosed income into the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The deposit will not earn any interest. This deposit may be withdrawn only after four years from the date of deposit.

Primary Source: http://www.prsindia.org/billtrack/the-taxation-laws-second-amendment-bill-2016-4482/

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Improvisation: http://www.thehindu.com/business/Economy/Tax-defaulters-get-another-chance/article16715094.ece

Solution: a.

The Vietnam War, also known as the Second Indochina War, and known in Vietnam as Resistance War Against America or simply the American War, was a war that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975.

Improvisation: http://www.thehindu.com/news/international/Fidel’s-frontline-visit-cemented-hero-status-in-Vietnam/article16716839.ece

Solution: a.

The countries with a large ageing population are most preferred for fully-automated farming. This question is an improvisation over yesterday’s question on robot-farming (Q6, Click HERE). Japan, Germany, Italy and Greece are among the most rapidly ageing countries in the world. You can remember this, as it would be helpful in answer-writing.

Solution: d.

If you have read the NCERTs, you would know about hyperinflation in Germany post-World War I. If you have been following international news recently, Zimbabwe “launched its own money for the first time since its currency was abandoned seven years ago amid rampant inflation”.

• Called the ‘bond note’, which is worth one US dollar – the country’s main currency since 2009 – is raising fears of a return to the ill-fated local dollar.
• The government has issued the bond note to tackle a worsening cash shortage. It hopes the cash substitute, which is legal tender in Zimbabwe but is not valid outside the country, will halt the flow of US dollars going overseas.
• And in the run-up to the notes’ release, Zimbabweans queued for hours to withdraw their US dollars amid fears the bond notes would not be able to keep parity.
• 2008, 2009: An egg cost 50 billion Zimbabwean dollars; A loaf of bread cost the same as 12 brand new cars would have cost ten years previously; Inflation rates reached 231,000,000%;
• Hyperinflation “quickly leads to a complete loss of confidence in the domestic currency and people start opting for other forms of money, as for example physical assets, gold and foreign currency.”

Chapter – ‘Inflation and Business Cycle’, Indian Economy by Ramesh Singh;

Improvisation: http://www.bbc.com/news/business-38128236

Solution: b.

• “With Express Wifi, we’re working with carriers, internet service providers, and local entrepreneurs to help expand connectivity to underserved locations around the world. We’re currently live in India, and are expanding to other regions soon.”
• “Express Wifi empowers local entrepreneurs to help provide quality internet access to their neighbours and make a steady income. Working with local internet service providers or mobile operators, they’re able to use software provided by Facebook to connect their communities.”
• Facebook has launched a scheme to bring internet access to underserved locations in India. Express Wi-fi offers software to local entrepreneurs to allow them to work with service providers and share their internet connection with the public for a fee.

https://info.internet.org/en/story/expresswifi/

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http://www.bbc.com/news/technology-38132564